GLG Life Tech Corporation Announces Letter of Intent Signed With China National Cereals, Oils, and Foodstuff Corporation ("COFCO") to Develop Healthy Stevia Sweetened Products for China Market VANCOUVER, British Columbia, June 12, 2013 (GLOBE NEWSWIRE) -- GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a vertically-integrated leader in the agricultural and commercial development of high quality stevia, announces 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. China has one of the largest populations of diabetics globally with approximately 90 million diagnosed, and approximately 200 million people are classified as obese. Both parties are focused on the health and social well-being of the Chinese people in the development of products sweetened with stevia for zero or low calories. In addition, the parties recognize the high agricultural value of stevia to China's farmers, and the continued requirement for China to import sweeteners. 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. The LOI also states that investment may occur under the right circumstances, including COFCO NHRI investment in GLG and other forms of investment. Dr. Luke Zhang, Chairman and CEO of GLG said, "We are very fortunate to have entered into this strategic cooperation with COFCO which is on the Fortune 500 list of global companies and is the largest food company in China. We share a common vision for the need for healthier food and beverages for the China market and stevia is the only scalable all natural zero calorie sweetener that can meet the scale requirements for the China market. We have had a lot of strategic discussions with COFCO Executive over the past several months and we have a good roadmap to begin execution of their ambitious vision to bring healthier food and beverages to the China market. We are truly excited to be the preferred stevia partner to COFCO and to be recognized as the leading vertically integrated player in the stevia industry." COFCO HNRI President Xiao Ming Hao stated, "GLG is a company in the global stevia industry which has developed its own intellectual property and vertically integrated supply chain covering from seed to shelf. This time, we will do collaborations using each party's strength; create new mechanisms for our mutual benefit. We plan to increase the health value of stevia from developments of technology, basic application, products and quality safety and to provide more health options for the Chinese diabetic and obese population." About GLG Life Tech Corporation GLG Life Tech Corporation 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. For further information, please visit www.glglifetech.com. About COFCO COFCO is China's largest integrated agricultural, cereals, oils and foodstuffs processing enterprise, has been among the Fortune 500 for 19 consecutive years and is ranked No. 1 among the Top 100 in China's food industry. Worldwide revenues were estimated to be $28 Billion in 2012, with over 60,000 employees worldwide. International partners include Coca-Cola Co. and Groupe Danone SA. About COFCO Nutrition and Health Research Institute Co. Ltd COFCO Nutrition and Health Research Institute Co., Ltd is the first domestic enterprise-led R&D center, focusing on the systematic research of nutritional requirement and metabolic mechanism for the better health and welfare of the Chinese people, mainly engaged in product development, technology development, product quality and safety, application research to improve the nutrition and health value of products, to provide nutrition healthy choice for every family. Forward-looking statements: This press release contains certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, statements evaluating the market, potential demand for stevia and general economic conditions and discussing future-oriented costs and expenditures. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2012. In light of these factors, the forward-looking events discussed in this press release might not occur. Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements. Financial outlook information contained in this press release about prospective results of operations, capital expenditures or financial position is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information as of the date hereof. Such financial outlook information should not be used for purposes other than those for which it is disclosed herein. CONTACT: Stuart Wooldridge Phone: +1 (604) 669-2602 ext 104 Email: email@example.com GLG Life Tech Logo
GLG Life Tech Corporation Announces Letter of Intent Signed With China National Cereals, Oils, and Foodstuff Corporation ("COFCO
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