GLG Life Tech Releases 1Q10 Financials

VANCOUVER, British ColumbiaGLG Life Tech Corp. (NASDAQ: GLG, TSX: GLG) was up significantly in revenue and EBITDA, according to the companys financial results for its first quarter of 2010 (1Q10), ended March 31, 2010. Revenue increased 174 percent to $8.2 million Canadian (US$7.9 million) from $3.0 million Canadian (US$2.9 million) in 1Q09, with the increase driven entirely from shipments of higher-value stevia extract. EBITDA also was up, hitting $3.5 million Canadian (US$3.4 million) compared to $0.3 million Canadian (US$0.29 million) in first quarter 2009. Gross profit was $3.3 million Canadian (US$3.2 million), an increase of 171 percent from 1Q09; gross profit margin was 40 percent in both quarters, although 1Q09 benefitted from deferred revenue from a 2009 customer order. The company has continued to improve its production costs and increase efficiencies.

During the first quarter, GLG Life Tech launched its Sweet Success^SM line of stevia extract blends, including several proprietary formulas. It also completed certification with SGS to bring its Rebpure RA97 refining facility into operation, adding 1,000 MT of RA 97 processing capacity. GLG and Weider Global Nutrition (WGN) also dismissed their pending lawsuits, and ended their joint venture, Sweet Naturals Corp.

Moving forward in 2010, the company expects to expand operations in several key markets. During the second quarter, it has already announced partnerships with Global AgriSystem Private Limited in India; Sugar Australia to extend its reach into the South Pacific; and Essentia Stevia to market GLGs stevia extracts throughout Latin America. GLG also noted China presents a key market opportunity for its high-grade stevia products, and is also pursuing sales, marketing and production opportunities in Japan, Europe, Mexico and the United States.