GLG Life Tech Corporation
TSX : GLG

GLG Life Tech Corporation

May 07, 2008 06:00 ET

GLG Life Tech Corporation and Weider Global Nutrition Sign Letter of Intent for Sale of Consumer Products

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2008) - GLG Life Tech Corporation ("GLG") (TSX:GLG) announced today that it has signed a Letter of Intent (LOI) with Weider Global Nutrition ("WGN") of Salt Lake City, Utah, to establish a joint venture agreement (Venture) dedicated to the sale of dietary and tabletop supplements containing various GLG stevia products.

"This Venture is another major milestone for GLG. Our company will work closely with WGN to develop high-quality stevia products directly for the consumer market. It is a perfect marriage of the manufacturing expertise of GLG and the sales and marketing expertise of WGN. The long-term commitment between GLG and WGN to our business provides yet another solid foundation for future growth," said Brian Palmieri, Chief Executive Officer of GLG.

Further to the news release dated March 14, 2008, which announced GLG's launch of its consumer products division, the Venture is expected to significantly advance this new initiative. Weider Global Nutrition currently has a presence in over 100 countries and will establish strong inroads for the Venture into mass markets. The Venture will also allow WGN to capitalize on existing markets where WGN is currently positioned that include companies in the grocery, mass market, drug store and specialty store sectors.

"With global obesity and health-conscious consumers in mind, we are pleased to bring GLG's high-grade stevia material to the market," stated Rick Blair, Chief Executive Officer of Weider Global Nutrition. "WGN will be using product provided by the Venture in as many products as possible. We have already acquired formulated material from GLG for sale to a major mass market retailer. In addition, our global network is well positioned to meet growing global demands and we are enthusiastic to be able to contribute in a significant way."

About GLG Life Tech Corporation

GLG Life Tech Corporation specializes in growing, refining, and producing high grade stevia extract, a natural, zero-calorie sweetener. With fully integrated stevia operations, GLG is the leading supplier of high quality stevia production in China. The Corporation is also engaged in the distribution of nutritional products in China and holds exclusive agreements with Weider Global Nutrition and Shandong Yong He Tang Health Products Chain Stores Ltd., whose franchise network includes over 1,400 locations. Please visit www.glglifetech.com for further information.

About Weider Global Nutrition

A heritage of international leadership for nearly 70 years, Joe Weider and the Weider® brand have been educating individuals around the world on all aspects of bodybuilding, fitness, health and wellness. Weider® has earned the trust of the health-conscious by placing quality and the efficacy of products above everything else. Today, the Weider® name is synonymous with health and fitness worldwide and includes quality brands, information, products and services sold in over 120 countries. Since 1936, the Weider brand has been displayed both in the US and throughout the world with association in magazines, nutritional supplements, sporting events, equipment, and brand licensing.

Forward-looking statements: Certain statements in this press release constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements evaluating the market and general economic conditions and discussing future-oriented costs, expenditures and other financial or operating performances. 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, 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. Please refer to the heading "Risk Factors" in our Annual Information Form in respect of our year-ended December 31, 2007 and the risk factors in our Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2007 for a discussion of these and other factors underlying forward-looking statement, both of which are available on SEDAR at www.sedar.com under the Company's names. 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.

Contact Information

  • GLG Life Tech Corporation
    Brian Palmieri
    Chief Executive Officer
    (604) 641-1368
    (604) 641-1214 (FAX)
    Email: ir@glglifetech.com
    Website: www.glglifetech.com
    or
    Weider Global Nutrition
    David Neeley
    Director of Finance and Operations
    (801) 887-5266
    (801) 606-5266 (FAX)
    Email: Davidn@weider.com