GLG Life Tech Corporation Provides Update on Year End Filing Delay
April 13 2012 - 4:45PM
GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or the
"Company") announces the progress on the filing of its annual
financial statements, related management discussion and analysis,
Annual Information Form (and related Form 40-F in the United
States) and the CEO and CFO certifications (collectively, the
"Required Documents"), all relating to the period ended December
31, 2011.
The Company continues to actively work with its auditors to
complete the audit of its financial statements. The Company has
obtained and provided to its auditors additional third party
information identified by its auditors in the past two weeks,
however the process is continuing. The Company's management,
together with its audit committee continue to cooperate with its
auditors to provide the information as soon as possible, and
continues to work diligently towards filing the Required Documents
on or before April 30, 2012.
The Company confirms that it has been granted the previously
sought management cease trade order ("MCTO") from applicable
Canadian securities regulatory authorities. Until the Required
Documents are filed, the Company will satisfy the provisions of the
alternative information guidelines in accordance with National
Policy 12-203 – Cease Trade Orders for Continuous Disclosure
Defaults by issuing bi-weekly status reports in the form of news
releases.
The applicable Canadian securities regulatory authorities may
issue a general cease trade order against the Company for failure
to file the Required Documents within the prescribed time period or
sooner if GLG fails to file its default status reports during the
prescribed time limits.
There are no insolvency proceedings that GLG is subject to and
there is no other material information concerning the affairs of
the Company that has not been generally disclosed.
The GLG Life Tech Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7994
Forward-looking statements: This press release
contains certain information that may constitute "forward-looking
statements" and "forward looking information" (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. Such forward-looking statements include, without
limitation, statements evaluating the market, potential demand for
stevia and general economic conditions and discussing
future-oriented costs and expenditures. 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 which 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, 2010. In light of these factors, the forward-looking
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.
Financial outlook information contained in this press release
about prospective results of operations, capital expenditures or
financial position is based on assumptions about future events,
including economic conditions and proposed courses of action, based
on management's assessment of the relevant information as of the
date hereof. Such financial outlook information should not be
used for purposes other than those for which it is disclosed
herein.
CONTACT: Stuart Wooldridge, Investor Relations
Phone: +1 (604) 669-2602 ext. 104
Fax: +1 (604) 662-8858
Email: ir@glglifetech.com
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