Mr. Simon Springett reports
GLG LIFE TECH CORPORATION ANNOUNCES DELAY IN FILING YEAR-END FILINGS
GLG Life Tech Corp. intends to delay the filing of its annual financial statements, its management's discussion and analysis relating to its annual financial statements, its annual information form, and chief executive officer and chief financial officer certifications, all in respect of its year ended Dec. 31, 2019, beyond the prescribed deadline of March 30, 2020.
COVID-19 in China has impacted the efforts of the company's management to complete the required documents. The Chinese-government-mandated temporary shutdown of businesses, including the company's manufacturing subsidiaries, and mandatory travel restrictions and quarantine periods, has resulted in a delay in the company's efforts to complete the required documents. These nationwide shutdowns impacted the ability of the company to obtain audit evidence, primarily from third parties that were also subject to the shutdowns, required by the company's auditor to complete the audit.
With the company's recent resumption of operations in China, the company's management, together with its audit committee, has been co-operating and will continue to co-operate with its auditor to provide all necessary information and complete the required documents as soon as possible. The company expects that the required documents will be filed on or before May 14, 2020. The company is relying on the exemption provided in BCI 51-515 (Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by other Canadian Securities Administrators)) for this delay in filing the required documents, which provides a 45-day extension for periodic filings normally required to be made by issuers.
The company affirms that management and other insiders are subject to a trading blackout policy of the company that reflects the principles in Section 9 of National Policy 11-207. The company also affirms that there have been no material business developments since the date of the company's most recent filing of the company's interim financial reports, other than matters previously disclosed by the company.
About GLG Life Tech Corp.
GLG Life Tech is a global leader in the supply of high-purity zero-calorie natural sweeteners, including stevia and monk fruit extracts, used in food and beverages. GLG's vertically integrated operations, which incorporate the company's fairness to farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains, including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing, and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage industry, GLG, through its Naturals+ product line, supplies a host of complementary ingredients reliably sourced through its supplier network in China.
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