GLG Life Tech Limited
CNQ : GLGT

GLG Life Tech Limited

June 24, 2005 14:31 ET

GLG Life Tech Completes Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 24, 2005) - GLG Life Tech Limited ("GLGT") (CNQ:GLGT), formerly Panoramic Mirrors Inc., reports that its acquisition of Grand Leaf International Ltd. ("GLI"), resulting in the reverse takeover of GLGT, has closed in escrow. The sole escrow condition is GLGT's listing on the CNQ, scheduled for June 28, 2005. In payment, GLGT has issued from treasury 79,661,000 shares to the former shareholders of GLI, approximately 83% of which will be subject to escrow restrictions.

Following the closing, the GLGT directors and officers are:

David M. Beasley - director

Iat Wai Chan - director and president

Brian A. Palmieri - director, chief executive officer and treasurer

Ron Paton - secretary

Jinduo Zhang - director

Yong Luke Zhang - director and chairman

GLGT also reports the grant of stock options for the purchase of 18,584,200 shares, exercisable for five years at $0.10 per share.

The securities described in this news release are subject to a hold period expiring on October 21, 2005.

Early Warning Reports

At the request of the indicated shareholders, GLGT also reports that:

Brian Palmieri has acquired ownership and control of 11,844,553 GLGT shares, and options to acquire an additional 2,940,000 GLGT shares, which in the aggregate represents approximately 15.4% of GLGT's issued shares assuming the exercise of the said stock options.

Luke Zhang has acquired ownership and control of 11,844,553 GLGT shares, and options to acquire an additional 2,940,000 GLGT shares, which in the aggregate represents approximately 15.4% of GLGT's issued shares assuming the exercise of the said stock options.

Skyland International Investments Ltd. ("SIIM") has acquired ownership and control of 38,928,664 GLGT shares representing approximately 41.9% of GLGT's issued shares.

Jinduo Zhang has acquired ownership and control of options entitling him to purchase, for five years, 3,000,000 GLGT shares at $0.10 each. In addition, he acquired control, by virtue of being the sole director of SIIM, of 38,982,664 GLGT shares owned by SIIM. In aggregate, these shares represent approximately 43.8% of GLGT's issued shares assuming the exercise of the said stock options.

All of the indicated shareholders have advised that they acquired their GLGT shares, at a deemed price of $0.075 in exchange for their GLI shares, for investment purposes and each has advised that it is their respective intention to individually evaluate the investment and to alter their shareholdings as their individual circumstances require. None of the indicated shareholders previously held any GLGT securities.

ON BEHALF OF THE BOARD

IAT WAI CHAN, PRESIDENT

GLG Life Tech is engaged in the distribution of various health and nutritional products which are sourced globally. The company's efforts are currently focused on China where it is the exclusive supplier of products for GLG Health Products Chain Store Limited. The company's subsidiary holds the exclusive right to distribute health and nutritional products under the name and image of Prof. Hong Zhao Guang, a recognized health expert in China.


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