VANCOUVER, British Columbia, Sept. 30, 2014 (GLOBE NEWSWIRE) -- GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high-quality natural sweeteners, is pleased to announce that the Ontario Superior Court of Justice has ordered that the lone remaining shareholder lawsuit brought against GLG be discontinued. With the prior discontinuance of a similar action brought in the Supreme Court of British Columbia, the Ontario court's order brings an end to the Canadian shareholder lawsuits.
The plaintiffs in the Canadian lawsuits had filed for discontinuances following dismissal earlier this year of a shareholder lawsuit brought against GLG in the United States District Court ("District Court") for the Southern District of New York. That lawsuit was resolved upon the District Court's order granting GLG's motion to dismiss, in which the District Court reviewed the pleadings and concluded that the plaintiffs had not put forth any allegations sufficient to allow the suit to proceed. The order was not appealed and became final in March of this year.
From the outset of these lawsuits, the Company has viewed these suits as meritless, stood by its continuous public disclosure record, and vigorously defended itself against the allegations. Now, with the latest discontinuance, GLG is pleased to have had all litigation against it brought to a favorable end.
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. GLG'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 the finished product. GLG has similarly positioned itself, through parallel vertically integrated luo han guo operations, to be a leader in the supply of high-purity luo han guo extracts. Additionally, to further meet the varied needs of the food and beverage industry, GLG has launched its Naturals+ product line, enabling it to supply a host of complementary ingredients reliably sourced through its R8 supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. 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 that 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, 2013. 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.
CONTACT: For further information, please contact:
Simon Springett, Investor Relations
Phone: +1 (604) 669-2602 ext. 101
Fax: +1 (604) 662-8858
Email: ir@glglifetech.com
