GLG Life Tech Corporation Announces Appointment of Edward Wang as CFO

Rhea-AI Summary

GLG Life Tech Corporation has appointed Edward Wang as Chief Financial Officer, effective immediately. Wang has been with the company since October 2019 and served as Acting CFO since June 2020. He has a strong background in financial management, having worked at Kraft Foods (China) and in the mining sector. His leadership has led to significant savings in Selling, General, and Administrative (SG&A) expenses. The Board expressed confidence in his ability to drive the company towards strong results and execute its strategic goals.

Positive

• Edward Wang appointed as CFO, bringing continuity and experience.
• Significant savings in SG&A expenses achieved under Wang's management.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 12, 2021 / GLG Life Tech Corporation (TSX:GLG)(OTC PINK:GLGLF) ("GLG" or the "Company"), a global and agricultural leader in the natural zero-calorie sweetener industry, committed to the sustainable development of high-quality zero-calorie natural sweeteners, is pleased to announce the appointment of Edward Wang as Chief Financial Officer, effective immediately.

Mr. Wang, who joined the Company in October 2019, has been serving as Acting Chief Financial Officer since June of 2020. He received his Bachelor of Arts in Accounting degree in 1992, Master of Business Administration in 2005, and earned his CPA, CGA in 2010. Prior to joining GLG, Mr. Wang worked in Kraft Foods (China) for eight years and the mining business in both China and Canada for ten years.

In view of Mr. Wang's efforts and results in overseeing the Company's financial reporting, cost controls, and financial management of both the Chinese and North American operations, the Board of Directors agreed that Mr. Wang was the right person to continue leading the Company's financial operations. Dr. Zhang expressed: "With Edward's performance since joining the Company - Edward has helped deliver significant savings in our SG&A and has managed the Company's financial reporting professionally and admirably - as a result I have full faith in him to continue driving us towards strong results, to execute on our strategy, and to help take GLG to the next level."

For further information, please contact:

Simon Springett, Investor Relations
Phone: +1 (604) 285-2602 ext. 101
Fax: +1 (604) 285-2606
Email: ir@glglifetech.com

About GLG Life Tech Corporation

GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food, beverages, and dietary supplements. GLG's vertically integrated operations, which incorporate our 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 and supplement industries, GLG's Naturals+ product line enables it to supply a host of complementary ingredients reliably sourced through its 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 published March 31, 2021. 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.

SOURCE: GLG Life Tech Corporation

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FAQ

What are Edward Wang's qualifications for the CFO role at GLG Life Tech?

Edward Wang holds a Bachelor of Arts in Accounting, an MBA, and is a CPA, CGA. He has extensive experience in financial management from prior roles at Kraft Foods and in the mining sector.

When did Edward Wang start working at GLG Life Tech?

Edward Wang joined GLG Life Tech in October 2019.

What impact might Edward Wang's appointment have on GLG Life Tech's financial performance?

His proven track record in cost control and financial reporting may lead to improved financial performance and operational efficiency.

What role did Edward Wang play before being appointed CFO at GLG Life Tech?

Before his appointment, Edward Wang served as the Acting Chief Financial Officer since June 2020.