VANCOUVER, British Columbia, Jan. 14 /PRNewswire/ -- GLG Life Tech Corporation (TSX: GLG) ("GLG" or the "Company"), a world leading producer of high quality stevia including the growth of stevia plant leaf and high purity extraction, announces that it has completed the upgrade of its 500 metric ton (MT) high grade stevia processing line to 500 metric tons of rebiana (Rebaudioside A 97) ("RA 97"). This line, located at the Company's Qingdao factory in China, was built to GMP standards and opened in May of 2008. The line was originally built to process up to 500 MT of Rebaudioside A to a purity level of 80% which would undergo further processing to reach RA 97. Recent modifications to the line using proprietary technology make it now capable of an output of 500 MT of rebiana which is 97% pure Rebaudioside A.
As previously disclosed in the Company's third quarter 2008 results, GLG deferred the construction of additional high grade stevia capacity to 2009 pending a review of the market opportunity for its products and evaluation of the optimal engineering design. The Company reports today that it has completed these assessments and provides an update on its current high grade stevia capacity and expansion plans for 2009.
GLG engineers have completed the design for an additional 2,000 MT capacity line of rebiana to be built before the end of 2009. To management's knowledge, this expansion when completed, would make GLG the world's largest vertically integrated producer of rebiana. GLG continues to ramp up production capacity in expectation of increases in market demand due to the recent issuance of a "No Objection" letter from the FDA for the use of rebiana as a general purpose sweetener in food and beverages.
GLG Chairman and CEO Dr. Luke Zhang stated, "Our team has done excellent work to upgrade our existing line to 500 metric tons of rebiana output. They have continued to innovate and improve our design and technology so that the lines built over the next 12 months will be even more efficient as we scale our rebiana business to meet growing customer demand."
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. GLG's advanced technology and extraction technique make it the world's leading producer of rebiana. Please visit http://www.glglifetech.com for further information.
Forward-looking statements: Certain statements in this press release constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements evaluating the market, the Company's anticipated production capacity, the potential demand for stevia and general economic conditions. 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, 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. Please refer to the heading "Risk Factors" in our Annual Information Form in respect of our year-ended December 31, 2007 and the risk factors in our Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2007 for a discussion of these and other factors underlying forward-looking statement, both of which are available on SEDAR at http://www.sedar.com under the Company's name. 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, except in accordance with applicable securities laws. 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.
|SOURCE GLG Life Tech Corporation|
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