GLG Life Tech Corporation Announces First Loan Under Previously Announced Government Financing Support Agreement
December 12 2011 - 5:30AM
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 that it has
received funds from the first loan under the previously announced
financing support agreement with Fengyang County Government in June
2011.
The first loan has been arranged with the Huishang Bank for RMB
17 million (approximately CAD 2.7 million). The Company plans
to arrange additional loans on an as-needed basis and has the
support of the Fengyang County Government under the June 2011
financing support agreement for credit facilities up to RMB one
billion (approximately CAD 160 million).
The Company's Chairman and CEO, Dr. Zhang, commented, "This
first RMB 17 million loan arranged with the support of the Fengyang
County Government is an important first milestone in accessing the
financing support in our June 2011 Agreement with the Fengyang
County Government and underscores the support GLG has for its AN0C™
and stevia businesses in China. The credit environment in
China has been extremely challenging for many companies in China
including GLG in 2011 and the support the Fengyang County
Government has given us are a key enabler with the banks we are in
talks with. GLG has the ability to talk with multiple banks in
China to arrange future loans under the financing support agreement
with Fengyang County and we will continue to look for the best
terms available to our company. We have worked closely with
the Chuzhou City Government and the Fengyang County Government to
develop both the AN0C and stevia 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."
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.
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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