GLG Life Tech Corporation Announces Agreement Signed in China for AN0C Tax Incentives and Financing Support
June 28 2011 - 8:33AM
GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or
the "Company"), the vertically-integrated leader in the
agricultural and commercial development of high quality stevia and
all natural and zero calorie food and beverage products, announces
the signing of an agreement between GLG and its AN0C™ subsidiary
with the Fengyang County Government and the support of the Chuzhou
City Government of the Anhui province in China that strengthens its
consumer products business in China.
Under this agreement,
- GLG and its AN0C™ subsidiary agreed to register its
headquarters in the Xiaogang Village in Fengyang County which is
the birthplace of China agriculture reform and to set up its
marketing and sales operation center in Shanghai.
- The Fengyang government agreed to give the AN0C™ business
nationwide preferable tax treatment through its headquarters.
- The Fengyang government and the Chuzhou City Government also
agreed to proactively assist GLG's AN0C subsidiary to obtain a RMB
one billion credit line with interest rates discounted from market
rates from China financial institutions.
GLG and its AN0C™ subsidiary, together with the Fengyang County
Government and the Chuzhou City Government, recently held a signing
ceremony in AN0C Shanghai Office. The Mayor of Chuzhou City
Government, Mr. Jiang Shan, and the Mayor of Fengyang County
Government, Mr. Mi Demin, attended the ceremony. Canada's Deputy
Consul in Shanghai, Jordan Reeves, also attended the ceremony to
support this project representing the Canadian Federal Government.
There were also over twenty media reporters attending the
ceremony.
The Mayor of Chuzhou City Government, Mr. Jiang Shan, first
thanked Dr. Luke Zhang's continual efforts to develop local
agriculture that has increased the local farmers' standard of
living. He also stated the government will fully support the AN0C™
business and help GLG and AN0C™ deliver the important health
and social benefits from AN0C's products to the Chinese people.
Canada's Deputy Consul in Shanghai, Mr. Jordan Reeves, in his
speech at this event stated that GLG as a Canadian company has been
developed as a successful model for Canadian investments in China.
He also stated that he is also very proud that AN0C™ has chosen its
headquarters to be located in Xiaogang village.
GLG Chairman and CEO Dr. Luke Zhang stated, "I am very pleased
to announce this agreement which underscores the support GLG has
for its AN0C business in China. We have worked closely with
the Chuzhou City Government and the Fengyang County Government to
develop the AN0C business, which is a role model for how a rural
agriculturally based economy can build a value added industry
around an agriculture crop like stevia. We are creating jobs
in the Xiaogang region and bringing healthier food and beverages to
the Chinese consumer. The combination of the tax incentives
and line of credit support from the governments of Chuzhou and
Fengyang are clear indicators that AN0C™ is supporting important
policies in China. The line of credit is expected to provide
all foreseen financing requirements for the AN0C™ planned expansion
in China within the next two years of our operation."
About GLG Life Tech Corporation
GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) 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 make it a leading producer of high purity, great
tasting stevia extracts. For further information, please visit
www.glglifetech.com.
The GLG Life Tech Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7994
About AN0C™
AN0C focuses on the sale and distribution of all natural zero
calorie food and beverage products in China that are sweetened with
stevia provided by GLG Life Tech Corporation. GLG is a global
leader in the supply of high quality stevia extracts and holds an
80% controlling stake in AN0C with China and Healthy Foods Company
Limited (CAHFC) holding 20%. Dr. Luke Zhang, Chairman and CEO of
AN0C, is supported by an experienced team of senior executives
recruited from the beverage industry in China. For further
information, please visit www.an0c.com.
About Xioagang Village, Fengyang Country, Anhui
Province
In 1978, 18 farmers in Xiaogang village, in Anhui Province,
signed a secret agreement to divide communally owned farmland into
individual pieces called household contracts, thus inadvertently
lighting the torch for China's rural revolution. Today they are
considering pooling their farmland again to create an even more
efficient economy. For more information, please visit
http://www.china.org.cn/china/features/content_16955209.htm
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.
CONTACT: Sophia Luke
Vice President of Investor Relations
GLG Life Tech Corporation
+1 (604) 669-2602 Ext 104
ir@glglifetech.com
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