GLGL up 13% GLG Life Tech Corporation Responds to Unfounded Allegations
VANCOUVER, British Columbia, Oct 11, 2011 (GlobeNewswire via COMTEX) -- GLG Life Tech Corporation GLGL +15.00% CA:GLG +6.90% ("GLG" or the "Company"), the vertically-integrated leader in the agricultural and commercial development of high quality stevia and all-natural and zero-calorie food and beverage products, provides a response to various unfounded allegations in connection with the Company's global stevia business and AN0C joint venture operations.
The Company has become aware of certain allegations made against it in an article dated October 7, 2011 published on the GeoInvest website in the United States. Generally, the allegations claim that the Company's 2011 financial statements may have been misrepresented and that the Company failed to provide adequate disclosure surrounding its operational activities.
While the Company does not typically respond to rumors or allegations raised in the market, the Company believes it is appropriate to respond to these allegations. The Company unequivocally denies that the Company's previously filed financial statements were misrepresented and believes it has properly and accurately disclosed the nature of its business and operations. The article contains a number of allegations regarding specific operational matters that the Company believes are either wholly inaccurate or misleading.
As stated in the Company's press release issued October 6, 2011, the Company remains confident in its business strategy, its growth opportunities, its people and the progress it is making with both its global stevia business and the AN0C all-natural sweetened zero-calorie products in China.
