Vancouver, B.C. - May 22, 2014 (Investorideas.com Newswire) GLG Life Tech Corporation (TSX: GLG) (OTC: GLGLF) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high quality natural sweeteners, announces that it has submitted a Generally Recognized as Safe ("GRAS") notification with the United States Food and Drug Administration ("FDA") for its Luo Han Guo (Monk Fruit) extract products.
This notification represents many months of work developing the products and all required documentation for the FDA-administered GRAS process, in order to demonstrate that GLG's Luo Han Guo extracts meet the FDA's criteria for safety. This process included in-depth consultations with GRAS Associates, LLC, who convened an independent panel of scientists to spearhead the safety assessment. The GRAS notification covers three distinct Luo Han Guo extracts, MV30, MV 50, and MV60, each containing a minimum level of mogroside V (30%, 50%, and 60%, respectively).
GLG has set up a vertically integrated supply chain, including agriculture and processing, for Luo Han Guo in China. GLG differentiates itself from other Luo Han Guo producers in three ways: (1) its competitive advantage in establishing agriculture systems in China, including the introduction of Good Agriculture Practices (GAP) by its Luo Han Guo farmers, superior Luo Han Guo seedlings and its proven methods to expand the amount of farming in other crops such as stevia; (2) its advanced processing and extraction technology, which will enable GLG to more efficiently and economically produce Luo Han Guo extracts and (3) its large industrial processing capacity, which well positions GLG for anticipated growth in the Luo Han Market driven by international food and beverage companies. GLG is expecting its first fruit to be harvested at the end of the third quarter and to commence processing in late 2014. GLG is currently working with a number of international customers interested in its Luo Han Guo products and expects initial sales to be finalized prior to the start of production.
Additionally, GLG has GRAS projects underway for two high-purity stevia products, high-purity rebaudioside C and rebaudioside D; notifications for these are expected to be released for review by the FDA in 2014 as well. GLG already has the largest number of stevia products certified under the GRAS process, including rebaudioside A products ranging from purities of 50 to 97%, high-purity stevioside (STV) and high-purity rebaudioside M. GLG is committed to ensuring that each of its naturally-sourced sweetener products is fully documented as compliant with the FDA GRAS process.
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.
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.
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