Vancouver, B.C. November 9, 2017 – GLG Life Tech Corporation (TSX: GLG) (“GLG” or the “Company”), a global leader in the agricultural and commercial development of high-quality zerocalorie natural sweeteners, is pleased to announce today that it has completed the China Government approval of the Joint Stock Company status and formally registered the GLGcontrolled new subsidiary – Anhui Runhai Biotechnology Joint Stock Company Limited (“RHJS”). This milestone allows GLG’s RHJS to add new investors to its capital base including the conversion of the third-party debt into equity holders and the potential to add new China-based investors. This formal approval of the Joint Stock Company is critical to the second phase of debt restructure. The Company is also pleased to provide an update on the second phase debt restructure. The negotiations are going well for a draft agreement with all the lenders and the Company expects to reach a final agreement to convert all third-party debt into equity into GLG’s RHJS. The company plans to provide all necessary public disclosure once the final plan is agreed by all parties including GLG’s Board of Directors. In addition, the Company has been in discussions with other potential investors who have shown interest in investing in GLG’s RHJS. Potential investments by additional third parties in GLG’s subsidiary are expected to close in the first quarter of 2018. Dr. Luke Zhang, CEO and Chairman of GLG, commented: “We have made significant progress for our China operation from a wholly owned foreign enterprise (WOFE) into a Joint Stock Company. This approval by the Anhui Provincial Government marks many months of discussions and negotiations with various levels of Government and I am pleased to report to our shareholders that we believe that we are in the final stages of finalizing a deal with our lenders to convert all their debt and interest into equity in our Runhai Joint Stock Company. During this process we have demonstrated to our lenders and other potential investors the exciting opportunity that the stevia market represents and that GLG is well positioned within this market to gain good market share and continue to grow our sales. Our shareholders can be assured that the Company will work hard to complete the second phase of debt restructure and with it bring strong new shareholders in our Runhai subsidiary.”
For further information, please contact:
Brian Meadows, President
Phone: +1 (604) 285-2602 ext. 105
Fax: +1 (604) 285-2606
Email: [email protected]
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food and beverages. GLG’s vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage industry, GLG has launched its Naturals+ product line, enabling it to supply a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading “Risk Factors” in the Company’s Annual Information Form for the financial year ended December 31, 2016. In light of these factors, the forwardlooking events discussed in this press release might not occur. Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.