GLG Life Tech
29.03.2011 17:47
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VANCOUVER, B.C., March 29, 2011 (GLOBE NEWSWIRE) -- 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, is pleased to
announce an update on the progress of the development of the healthy sugar
market opportunity in China.
The Company is pleased to announce that Fengyang Xiaogangcun ?ongkang Foods
High Tech Co. Ltd (FXY) has started to develop the production capacity
necessary to support the supply of one million metric tons capacity of low
calorie sugar (LCS) for the Chinese sweetener market including the China Sugar
Reserve's requirements. FXY has recently started the construction of an
additional 10,000 metric tons LCS production facility in Xiaogang and this
facility is expected to be completed in September 2011.
The LCS formulation will be one third the calories or two-thirds calorie
reduction from regular sugar using GLG's BlendSure(TM) stevia extract product
and FXY has developed all required know how technologies and are in the process
of applying for a China patent for these technologies for the production of low
calorie sugar.
Dr. Luke Zhang, Chairman and CEO of GLG, said, 'We are very pleased with the
progress FXY has made in developing the low calorie sugar opportunity in China.
This product will further improve the development of healthier food and
beverages in China which is a key to combat the high rates of obesity and
diabetes in China. We are proud to see BlendSure selected as the high purity
stevia extract to be used for FXY's LCS product. The LCS product will also be
useful to China since it reduces the amount of sugar by two-thirds and
leverages the strength China has with the stevia crop. Stevia requires one
thirteenth the agriculture footprint and stevia farmers earn two to three times
the income growing stevia instead of other crops.'
Mr. Song Xiankun, Chairman and President of CAHFC, said, 'We are confident in
the progress we have made in advancing the low calorie sugar market opportunity
in China. This is a very large opportunity for FXY and GLG and one million
metric tons of LCS is equivalent to three million metric tons of refined sugar.
We are proud to be the market leaders of this innovative sweetener product
for the Chinese market. We believe that the success of LCS will be very
beneficial to China to promote the development of healthier food and beverage
products as well as help the country manage its current sugar shortage issue.
We are also very pleased to work with GLG on this new product as they are the
leaders in the stevia industry and we are confident they have the scale
necessary to support our LCS stevia extract needs - now and in the future.'
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 Fengyang Xiaogangcun ?ongkang Foods High Tech Co. Ltd
Fengyang Xiaogangcun ?ongkang Foods High Tech Co. Ltd (FXY) is a leading
consumer products manufacturer of high quality foods and beverages under the
brand names RebSugar, RebSucrose, and Zhao Guang. FXY will lead the Chinese
market in creating great tasting, zero or low calorie, all natural foods and
beverages for consumer to lead healthy and active lifestyles. FXY is a wholly
owned subsidiary of GLG's joint venture partner in AN0C(TM), China Agriculture
and Healthy Foods Company Limited.
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: Brian Meadows
Chief Financial Officer
GLG Life Tech Corporation
+1 (604) 844-2840
info@glglifetech.com
News Source: NASDAQ OMX
29.03.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: GLG Life Tech
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ISIN: CA3617932015
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DGAP-News: GLG Life Tech Corporation Announces Progress on the Development of the Healthy Sugar Market in China
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