GLG Life Tech Corporation and Weider Global Nutrition LLC Announce the Settlement of Legal Proceedings
March 30 2010 - 9:00AM
Marketwired
GLG Life Tech Corporation ("GLG") (TSX: GLG)(NASDAQ: GLGL) and
Weider Global Nutrition LLC ("Weider") announce that the
proceedings commenced by Weider against GLG in the Supreme Court of
British Columbia will be dismissed by consent of the parties. The
dismissal is the result of Weider's offer to drop its claim against
GLG without any payment to Weider if GLG would drop its
counterclaim against Weider and agree to wind up GLG and Weider's
joint venture company, GLG Weider Sweet Naturals Corporation. GLG
will now be marketing all of its products itself. Weider will carry
on marketing activities in stevia related products independently.
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of
high purity stevia extracts, an all natural, zero-calorie sweetener
used in food and beverages. The Company's vertically integrated
operations cover each step in the stevia supply chain including
non-GMO stevia seed breeding, natural propagation, stevia leaf
growth and harvest, proprietary extraction and refining, marketing
and distribution of finished product. GLG's advanced technology,
extraction technique and premier, high quality product offerings
including Rebpure™, Rebsweet™, AnySweet™ and the Company's newest
line Sweet Success(SM), make it the leading producer of high
purity, great tasting stevia extracts.
Forward-looking statements: This press release contains certain
information that may constitute "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and United States securities laws. All statements relating
to plans, strategies, projections of results of specific activities
or investments, and other statements that are not descriptions of
historical facts may be forward-looking statements. Forward-looking
statements and information are inherently subject to risks and
uncertainties, and actual results could differ materially from
those currently anticipated due to a number of factors, which
include, but are not limited to, operational risks, the effects of
general economic conditions, changing foreign exchange rates and
actions by government authorities, uncertainties associated with
legal proceedings and negotiations, industry supply levels,
competitive pricing pressures and other risks and uncertainties
disclosed in the public documents filed by the Company with
Canadian and United States securities regulatory authorities.
Forward-looking statements and information may be identified by
terms such as "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project",
or similar terms or the negatives of these terms. Although we
believe that the expectations reflected in the forward-looking
statements and information are reasonable, we cannot guarantee
future results, levels of activity, performance, or achievements.
The Company's forward-looking statements and information reflect
the beliefs, opinions and projections on the date the statements
are made. The Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
Contacts: GLG Life Tech Corporation Brian Meadows Chief
Financial Officer +1 (604) 641-1368 +1 (604) 844-2830 (FAX)
ir@glglifetech.com www.glglifetech.com
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