GLG Life Tech Corporation

GLG Life Tech Corporation

September 09, 2008 06:00 ET

GLG Life Tech Corporation and Weider Global Nutrition Sign Venture Agreement for Sale of Stevia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) - GLG Life Tech Corporation ("GLG") (TSX:GLG) announces that is has signed a definitive agreement (the "Agreement") to establish a business (the "Venture") with Weider Global Nutrition ("WGN") of Salt Lake City, Utah, dedicated to the sale of dietary and tabletop supplements containing various GLG stevia products. Key product offerings of the Venture will be high quality stevia extract including Rebpure, an industrial powder with 97% pure Rebaudioside A.

The Venture is to be named GLG Weider Sweet Naturals Corp. ("Sweet Naturals") and will combine GLG's intricate knowledge of stevia extraction and production of stevia products with the marketing, sales and distribution capabilities of WGN.

The GLG-Weider venture will support the strategies of both companies to bring steviato mass markets around the globe. It also reflects each company's commitment to leveraging the best resources through strong partnerships and key customers who are leading players in the food and beverage industry.

Brian Palmieri, Vice Chairman and President of GLG stated, "We are delighted to be working in partnership with Weider Global Nutrition and to have the opportunity through this venture to develop the stevia market as a team. We feel there is great potential for the use of stevia in many food, beverage and dietary supplement applications. Together our goal is to provide consumers a great tasting, natural and zero-calorie alternative to artificial sweeteners and calorie-laden sugar.

Further, it is our goal to build the market with experienced and strong partners. Following the recent signing of a long-term agreement with our existing strategic alliance partner in May of this year, we expect this venture with WGN to provide another avenue to generate key revenue and profitability growth as we continue to build capacity and expand our operations."

Rick Blair, Chief Executive Officer of Weider Global Nutrition stated, "We are very confident in the venture with GLG and are excited for the opportunity to work hand in hand to build this promising new market. Already we have been able to use GLG's high-quality stevia in our product lines in Canada and the United States in large retailers such as Wal-mart and Safeway. As a strong, healthy and unique product, we expect stevia to truly impact the food and beverage industry in a large way and look forward to playing a role alongside the world's leading stevia producer."

According to the Agreement, GLG will own a controlling interest of 55 percent of the Venture and WGN 45 percent, with GLG holding three positions on the board and WGN two. Dr. Luke Zhang is to be Chairman of the new company.

Key executives of the management team will be jointly nominated by GLG and WGN. The following appointments have been made: Rick Blair, President and CEO and Brian Palmieri, Chief Operating Officer. The Venture will commence operations immediately.

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 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 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)
    Weider Global Nutrition
    David Neeley
    Director of Finance and Operations
    (801) 887-5266
    (801) 606-5266 (FAX)