Key Developments: GLG Life Tech Corp (GLG.TO)
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2 May 2012
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Latest Key Developments (Source: Significant Developments)
GLG Life Tech Corp Announces Letter of Intent Signed With China National Cereals, Oils, and Foodstuff Corporation to Develop Healthy Stevia Sweetened Products for China Market
GLG Life Tech Corp announced the signing of a Letter of Intent (LOI) with COFCO Nutrition and Health Research Institute Co Ltd. (COFCO NHRI), a 100% owned subsidiary of China National Cereals, Oils, and Foodstuff Corporation (COFCO), for a strategic collaboration for the Chinese market. The LOI focuses on the two party's cooperation on the research and development of food and beverage products and on the development, marketing and sale of stevia extracts and formulated products to promote the development of the stevia industry, nutrition, and the healthy food industry in China. Under the LOI terms, COFCO NHRI shall preferentially use the materials, products, and technologies provided by GLG. The parties shall work together to develop the strategies and promotions and industrialization of stevia in the process of developing health food and functional food. The Company expects that additional agreements will result of this framework agreement and the LOI specifically provides for future agreements for major developments that are to occur. The LOI specifies that COFCO NHRI is responsible for introducing the related co-developed products to COFCO Innovation of Food (Beijing) Co., Ltd and the sales channel of COFCO. NHRI will also be responsible to bring the stevia products of GLG to China Mengniu Dairy Company Limited and to assist in the expansion of the distribution channel of GLG's products. Full Article
GLG Life Tech Corp Announces Planned Collaboration With China National Cereals, Oils, And Foodstuff Corporation
GLG Life Tech Corp announced that the development of a strategic collaboration with China National Cereals, Oils, and Foodstuff Corporation (COFCO) for the Chinese market. The two companies have been discussing a collaboration in stevia for the past number of months with a focus on developing products that will cater to promoting healthier food and beverage products and improving the social welfare of the Chinese people. The collaboration between the two companies will focus on three areas: healthier food and beverage products, technology & investments. GLG expects that an official Letter of Intent will be signed in the coming weeks between the two companies that will detail the three areas of collaboration. Full Article
GLG Life Tech Corp Announces Delay In Filing Year-End Financial Statements
GLG Life Tech Corp announced that it will delay the filing of its annual financial statements, its management discussion and analysis relating to its annual financial statements, its Annual Information Form and the CEO and CFO certifications (collectively, Required Documents) for the period ended December 31, 2012, beyond the prescribed deadline of April 2, 2013. The Company is working to obtain further audit evidence, primarily from third parties, required by its auditors in order to complete the audit as soon as possible. The Company expects that the Required Documents will be filed on or before April 30, 2013. There are no insolvency proceedings that GLG is subject to and there is no other material information concerning the affairs of the Company that has not been generally disclosed. Full Article
GLG Life Tech Corp Announces New Distribution Agreement for Middle East and Africa With Orkila Holding S.A.L.
GLG Life Tech Corp announced the signing of a Distribution Agreement with Orkila Holding S.A.L. for the distribution and marketing of GLG's stevia extract products throughout the Middle East and African markets. Full Article
GLG Life Tech Corporation Announces Change in Auditor and Intention to Delist From NASDAQ
GLG Life Tech Corporation announced that its former auditor, PricewaterhouseCoopers LLP (PwC), has resigned effective May 22, 2012, at the request of the Company, and Thomson Penner & Lo LLP (TPL) has been appointed as the successor auditor. In accordance with National Instrument 51-102, the Company has filed the attached Change of Auditor Notice on Sedar, together with letters from PwC and TPL, each confirming that it is in agreement with the statements contained in the notice, as applicable. Thomson Penner & Lo LLP were the Company's previous auditor from 2005 to 2008. The Company also announced its intention to delist its shares from the Nasdaq Global Select Market as soon as practicable. The Company's shares of common stock will continue to be listed on the Toronto Stock Exchange. Following its delisting from Nasdaq, the Company intends to voluntarily terminate its public reporting obligations under the U.S. Securities Exchange Act as soon as possible. Full Article
GLG Life Tech Corporation Announces Update On Delay In Filing Year-End Financial Statements
GLG Life Tech Corporation announced that a full cease trade order (CTO) has been imposed on the securities of the Company by the British Columbia Securities Commission resulting from the delay in filing its annual financial statements, its Annual Information Form (and related Form 40-F in the United States) and the CEO and CFO certifications (collectively, the Required Documents) for the period ended December 31, 2011. GLG continues to work to obtain further audit evidence as required by its auditors to complete the filing of its year end financial statements. KPMG has been engaged by the Company's Audit Committee to assist with third party audit evidence to properly conclude on certain third party transactions Full Article
GLG Life Tech Corporation Announces Update On Delay In Filing Year-End Financial Statements; Announces USD6.5 Million Financing
GLG Life Tech Corporation announced that it continues to work towards finalizing its annual financial statements, its management discussion and analysis relating to its annual financial statements, its Annual Information Form and the CEO and CFO certificationsfor the period ended December 31, 2011. The Company continues to work to obtain further audit evidence from third parties as required by its auditors. The Company's Audit Committee has engaged KPMG LLP in order to assist in the process. The Company's auditors have communicated to the Company that it has not uncovered any wrongdoing by the Company. The Company's management, together with its Audit Committee, will continue to cooperate with its auditors and KPMG LLP to provide any remaining information as soon as possible. Although the Company cannot provide a definitive date of completion of the audit, it anticipates completion of the audit process outlined above by the end of May, 2012. The Company has also arranged an interim unsecured credit facility from its Chairman and Chief Executive Officer, Dr. Luke Zhang, in an amount of up to USD6.5 million to be advanced to the Company and its subsidiaries in China. The facility will be for a three-year term and will bear interest at a rate ranging from 13% to 14.5% per annum. The Company intends to use the proceeds from the facility for general working capital purposes. Full Article
GLG Life Tech Corporation Announces Delay In Filing Year-End Financial Statements
GLG Life Tech Corporation announced that it will delay the filing of its annual financial statements, its management discussion and analysis relating to its annual financial statements, its Annual Information Form (and related Form 40-F in the United States) and the CEO and CFO certifications (collectively, the "Required Documents") for the period ended December 31, 2011, beyond the prescribed deadline of March 30, 2012. The Company is working to obtain further audit evidence, primarily from third parties, required by its auditors in order to complete the audit. The Company's management, together with its audit committee will continue to cooperate with its auditors to provide the information as soon as possible and the Company expects that the Required Documents will be filed on or before April 30, 2012. In the interim, the Company has applied to the applicable Canadian securities regulatory authorities for a management cease trade order ("MCTO"). There is no certainty that the MCTO will be granted. Until the Required Documents are filed, the Company intends to satisfy the provisions of the alternative information guidelines in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults by issuing bi-weekly status reports in the form of news releases so long as it remains in default of the filing requirements noted above. Full Article
Murray Frank LLP Files Class Action Against GLG Life Tech Ltd.
Murray Frank LLP announced that it has filed a class action complaint in the United States District Court for the Southern District of New York (Case No. 12 Civ. 0672) on behalf of all individuals and institutions who purchased securities of GLG Life Tech Corporation (“GLG Life Tech” or the “Company”) during the period between February 1, 2011 and November 13, 2011 (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). The Complaint alleges that throughout the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: the Company’s original equipment manufacturers were experiencing production issues that impacted the packaging and appearance quality of its products; consumers were responding poorly to the Company’s AN0C and stevia products; and/or the Company would not meet its earnings projections. Full Article
The Law Firm of Levi & Korsinsky Announces Investigation OF GLG Life Tech Ltd.
The Law Firm of Levi & Korsinsky announced that a class action lawsuit has commenced in the U.S. District Court for the Southern District of New York on behalf of investors who purchased GLG Life Tech Corporation (GLG or the Company) securities between February 1, 2011 and November 13, 2011 (the Class Period). The complaint alleges that defendants' positive statements about the Company were lacking in a reasonable basis of fact and thus were materially false and misleading. Throughout the Class Period, GLG issued positive statements regarding its business growth and development in relation to the sale of stevia and ANOC. The complaint alleges that defendants failed to inform investors of: the truth surrounding GLG’s production issues; the poor consumer response to the Company’s AN0C and stevia products; and that the Company would not meet its February 1, 2011 earnings projections. On October 6, 2011, the Company disclosed for the first time a negative business outlook associated with its stevia and AN0C products, causing GLG stock to drop 42% by the close of business. Subsequently, on November 14, 2011, GLG announced disappointing financial results for the fiscal quarter ending September 30, 2011 and refused to provide any further guidance on future performance. Full Article
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