VANCOUVER, BRITISH COLUMBIA, Nov 06 (MARKET WIRE) --
GLG Life Tech Corporation ("GLG" or the "Company") (TSX: GLG) announced
today that it has filed a registration statement in the United States
concurrently with a preliminary short form prospectus in all of the
provinces of Canada, except Quebec. This will constitute the Company's
initial public offering of common shares in the United States (the "U.S.
IPO"). The Company proposes to offer 3,625,000 common shares (the
"Offering"). In connection with its U.S. IPO, GLG has received
conditional approval to list its common shares on the NASDAQ Global
Market under the symbol "GLGL". Listing of the common shares on NASDAQ
will be subject to GLG fulfilling all applicable listing requirements.
The Offering will be conducted through a syndicate of underwriters led by
Canaccord Adams and GMP Securities L.P. and including Roth Capital
Partners, LLC, Desjardins Securities Inc., and Wellington West Capital
Markets Inc. (collectively, the "Underwriters"). GLG will agree to grant
the Underwriters an over-allotment option to purchase that number of
additional common shares of GLG equal to 15% of the common shares sold
pursuant to the Offering, exercisable at any time, in whole or in part,
up to 30 days from the closing of the Offering. The Offering will be
priced in the context of the market with the final terms of the Offering
to be determined at the time of pricing.
GLG expects to use the net proceeds from the Offering primarily for
expansion of the Company's stevia processing facilities through
registered capital payments to the Company's wholly-owned subsidiary
Qingdao Runhao Stevia High Tech Company Limited. The balance of the net
proceeds will be used for debt repayment, working capital requirements
and other general corporate purposes.
In connection with the Offering and U.S. IPO, the Company effected a
four-to-one (4:1) share consolidation of its common shares. The common
shares are expected to start trading on a post consolidated basis on
November 10, 2009. There will be no change in the name or trading symbol
of the Company.
The common shares of GLG will be registered in the United States pursuant
to a registration statement filed under a multi-jurisdictional disclosure
system permitted for certain Canadian companies filing registration
statements in the United States and are being offered by way of a short
form prospectus in all of the provinces of Canada, except Quebec.
The registration statement has been filed with the United States
Securities and Exchange Commission but has not yet become effective. The
common shares may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
common shares in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
The Offering is subject to certain customary conditions and regulatory
approvals, including the approval of the Toronto Stock Exchange, and in
connection with the Company's listing application in connection with the
U.S. IPO, to the approval of the NASDAQ. A copy of the registration
statement can be accessed through the SEC's website at www.sec.gov and a
copy of the preliminary short form prospectus is available online at
www.sedar.com, and written copies are available from Canaccord Adams
Inc., Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110.
Tel: 617-371-3900.
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high purity
stevia, an all natural, zero-calorie sweetener used in food and
beverages. The Company's 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.
For further information, please visit www.glglifetech.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, including statements regarding GLG's
planned U.S. IPO and public offering in Canada, planned listing on the
NASDAQ Global Market, the expected closing date and the anticipated use
of proceeds. These statements are based upon assumptions that the
Offering will be successfully completed on the terms described above, and
that the proceeds of the Offering can successfully be used as described
above. There can be no assurance that GLG will complete the proposed
Offering or that its common shares will be listed on the NASDAQ Global
Market. 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 under the heading
"Risk Factors" in the preliminary short form prospectus and the
registration statement on Form F-10, the Company's Annual Information
Form in respect of the year ended December 31, 2008 and the risk factors
in the Management's Discussion and Analysis for the year ended December
31, 2008. 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.
Contacts:
GLG Life Tech Corporation
Brian Meadows
Chief Financial Officer
+1 (604) 641-1368
+1 (604) 844-2830 (FAX)
ir@glglifetech.com
www.glglifetech.com
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