GLG Life Tech Corporation Reports 2024 First Quarter Financial Results
GLG Life Tech (TSX:GLG) reported a 123% increase in Q1 2024 revenues to $3.5 million, largely due to increased international stevia sales. However, the company also reported a net loss of $4.4 million, a $1 million increase from Q1 2023. SG&A expenses were reduced by $0.2 million, contributing to a 99% rise in gross profit to $0.6 million. Critical developments include the transfer of their Runde facility to eliminate bank debt, which was approved by 99% of shareholders, and a delisting review by the TSX, citing financial and operational deficiencies. The company also faces a cease-trade order due to delays in filing 2023 financials. Despite improving cash flows and revenue growth, GLG warns of potential insolvency without new cash infusion and highlights competitive pricing pressures in the stevia and monk fruit markets.
GLG Life Tech (TSX:GLG) ha registrato un aumento del 123% dei ricavi nel Q1 2024, raggiungendo 3,5 milioni di dollari, principalmente grazie all'incremento delle vendite internazionali di stevia. Tuttavia, l'azienda ha anche riportato una perdita netta di 4,4 milioni di dollari, con un incremento di 1 milione rispetto al Q1 2023. Le spese SG&A sono state ridotte di 0,2 milioni, contribuendo a un aumento del 99% del profitto lordo, che ha raggiunto 0,6 milioni. Sviluppi critici includono il trasferimento del loro impianto di Runde per eliminare il debito bancario, approvato dal 99% degli azionisti, e una revisione per la revoca della quotazione da parte del TSX, citando carenze finanziarie e operative. L'azienda affronta anche un'ordinanza di cessazione delle operazioni a causa di ritardi nella presentazione dei dati finanziari del 2023. Nonostante il miglioramento dei flussi di cassa e la crescita dei ricavi, GLG avverte di un potenziale rischio di insolvenza senza un nuovo afflusso di liquidità e mette in evidenza le pressioni sui prezzi competitivi nei mercati della stevia e del frutto del monaco.
GLG Life Tech (TSX:GLG) reportó un aumento del 123% en los ingresos del primer trimestre de 2024, alcanzando 3,5 millones de dólares, principalmente debido al incremento en las ventas internacionales de stevia. Sin embargo, la empresa también reportó una pérdida neta de 4,4 millones de dólares, un aumento de 1 millón respecto al primer trimestre de 2023. Los gastos SG&A se redujeron en 0,2 millones, lo que contribuyó a un aumento del 99% en el beneficio bruto, que alcanzó 0,6 millones. Los desarrollos críticos incluyen la transferencia de su instalación de Runde para eliminar la deuda bancaria, la cual fue aprobada por el 99% de los accionistas, y una revisión de deslistado por parte de TSX, citando deficiencias financieras y operativas. La empresa también enfrenta una orden de cesación de operaciones debido a retrasos en la presentación de los estados financieros de 2023. A pesar de la mejora en los flujos de efectivo y el crecimiento de los ingresos, GLG advierte sobre un potencial riesgo de insolvencia sin un nuevo aporte de capital y destaca las presiones competitivas en los precios de los mercados de stevia y fruta del monje.
GLG Life Tech (TSX:GLG)는 2024년 1분기 매출이 350만 달러로 123% 증가했다고 보고했습니다. 이는 주로 국제 스테비아 판매 증가 때문입니다. 그러나 회사는 440만 달러의 순손실도 보고했으며, 이는 2023년 1분기보다 100만 달러 증가한 수치입니다. SG&A 비용은 20만 달러 감소하여 총 이익이 60만 달러로 99% 증가하는 데 기여했습니다. 중요한 개발 사항으로는 99%의 주주 승인을 얻은 은행 부채 청산을 위한 Runde 시설의 이전이 있으며, TSX는 재무 및 운영상의 결함을 이유로 상장 폐지 심사를 진행 중입니다. 회사는 또한 2023년 재무 보고서 제출 지연으로 인해 거래 중지 명령에 직면해 있습니다. 현금 흐름과 매출 성장 개선에도 불구하고 GLG는 새로운 자본 유입이 없으면 파산 위험이 있다고 경고하고 스테비아 및 몽크 과일 시장에서의 가격 경쟁 압박을 강조하고 있습니다.
GLG Life Tech (TSX:GLG) a annoncé une augmentation de 123 % de ses revenus au premier trimestre 2024, atteignant 3,5 millions de dollars, principalement en raison de l'augmentation des ventes internationales de stévia. Cependant, la société a également enregistré une perte nette de 4,4 millions de dollars, soit une augmentation d'un million par rapport au premier trimestre 2023. Les frais SG&A ont été réduits de 0,2 million, contribuant à une hausse de 99 % du bénéfice brut, qui s'élève à 0,6 million. Parmi les développements critiques, on trouve le transfert de leur installation de Runde pour éliminer la dette bancaire, qui a été approuvé par 99 % des actionnaires, ainsi qu'un examen du retrait de la cote par la TSX, citant des insuffisances financières et opérationnelles. L'entreprise fait également face à une ordonnance d'arrêt de négociation en raison de retards dans le dépôt des résultats financiers de 2023. Malgré l'amélioration des flux de trésorerie et la croissance des revenus, GLG met en garde contre un risque potentiel d'insolvabilité sans nouvel apport de capitaux et souligne la pression concurrentielle sur les prix sur les marchés de la stévia et du fruit du moine.
GLG Life Tech (TSX:GLG) meldete einen Anstieg der Einnahmen um 123 % im ersten Quartal 2024 auf 3,5 Millionen US-Dollar, hauptsächlich aufgrund steigender internationaler Stevia-Verkäufe. Das Unternehmen berichtete jedoch auch von einem Nettoverlust von 4,4 Millionen US-Dollar, was einen Anstieg von 1 Million im Vergleich zum ersten Quartal 2023 darstellt. Die SG&A-Ausgaben wurden um 0,2 Millionen reduziert, was zu einem Anstieg des Bruttogewinns um 99 % auf 0,6 Millionen beitrug. Zu den entscheidenden Entwicklungen gehört die Übertragung ihrer Runde-Anlage zur Tilgung von Bankverbindlichkeiten, die von 99 % der Aktionäre genehmigt wurde, sowie eine Überprüfung des Delistings durch die TSX aufgrund finanzieller und operationeller Mängel. Das Unternehmen sieht sich außerdem mit einer Handelsstopp-Anordnung aufgrund von Verzögerungen bei der Vorlage der Finanzzahlen 2023 konfrontiert. Trotz verbesserter Cashflows und Umsatzwachstums warnt GLG vor einer möglichen Insolvenzsituation ohne neue Kapitalzuflüsse und hebt den Preisdruck im Stevia- und Mönchsfrucht-Markt hervor.
- Revenue increased by 123% to $3.5 million.
- SG&A expenses reduced by $0.2 million.
- Gross profit increased by 99% to $0.6 million.
- Shareholders overwhelmingly approved the Runde facility transfer.
- Net loss increased by $1 million, totaling $4.4 million.
- TSX initiated a delisting review due to financial and operational deficiencies.
- Cease-trade order due to delays in filing 2023 financials.
- Potential insolvency without new cash infusion.
- Competitive pricing pressures in stevia and monk fruit markets.
VANCOUVER, BC / ACCESSWIRE / July 23, 2024 / GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high-quality zero-calorie natural sweeteners, announces financial results for the three months ended March 31, 2024. The complete set of financial statements and management discussion and analysis are available on SEDAR and on the Company's website at www.glglifetech.com.
FINANCIAL SUMMARY
The Company reported revenues of
The Company continues its efforts to closely manage its SG&A expenses, reducing SG&A by
For the three months ended March 31, 2024, the Company had a net loss attributable to the Company's shareholders from continuing operations of
CORPORATE DEVELOPMENTS
Subsidiary Transfer Agreement and Special Shareholder Meeting
On February 20, 2024, the Company announced that it had signed an agreement, which, once fully approved, would result in the transfer of its Qingdao Runde Biotechnology Company, Ltd. ("Runde") production facility to Fengyang Xiaogang Hongzhang Health Industrial Park Co. Ltd ("Xiaogang"). This transfer, at the time contingent on necessary shareholder approval, and still contingent on regulatory approval, would eliminate significant bank debt from GLG's balance sheet.
Under the terms of the agreement, for the sale price of one Chinese RMB, one hundred percent of the equity in Runde, currently held by the Company's Anhui Runhai Biotechnology Joint Stock Company, Ltd. ("Runhai") subsidiary, will be transferred to Xiaogang. Xiaogang will thereafter own Runde's tangible assets and will have sole liability for Runde's bank debts. The Company will retain its intellectual property rights, including its proprietary technology and know-how in agriculture and natural sweetener production.
Under supplemental agreements then expected to be signed by Runhai and Xiaogang in the coming weeks (and subsequently signed), Xiaogang will utilize Runde for the benefit of GLG and GLG's customers. Xiaogang will partner with Qingdao Honghongyuan Health Industry Technology Co., Ltd. ("HHY") - the operating entity previously formed to manage Runde's production operations - such that Runde's production continues unchanged under HHY's processes and management. Xiaogang, via HHY, will produce goods at Runde exclusively for GLG, except for domestic China sales. In this manner, GLG's customers will be able to rely on the same production expertise, processes, and highest quality standards remaining in place after this asset transfer becomes fully effective.
The agreement concerning Runde provides that the equity transfer will only become effective upon completion of the Company's regulatory obligations, including putting the agreement forth to the Company's shareholders for a shareholder vote and additional securities-/exchange-related obligations. This agreement was put to shareholder vote at a special shareholder meeting and approved by the shareholders with over
The Company continues to own and oversee its Runhai stevia and monk fruit manufacturing facility, located in Anhui province. The Company currently centers its stevia and monk fruit production operations at the Runde facility and plans to continue doing so, via Xiaogang and HHY, after the transaction is made fully effective, with the ability to later augment Runde's operations with production operations at Runhai.
Delisting Review
On April 3, 2024, the Company announced that the Toronto Stock Exchange had commenced a delisting review, effective April 2, 2024. The TSX is providing the Company a 120-day window in which to remedy several long-standing deficiencies, including the Company's financial condition and/or operating results and the Company's share price and market capitalization.
At the time of the announcement, the Company stated that it could not provide any assurance that it would be able to remedy the deficiencies identified by the TSX within the 120-day window or thereafter. Even if the Company were successful in its debt restructuring plans, there is no guarantee that this would be sufficient to address the TSX's financial concerns. Further, even if those concerns were adequately addressed, there is no guarantee that the Company's share price, trading activity, or market capitalization would improve sufficiently to avoid continued TSX concern in those areas.
The Company also confirmed that it has been in contact with the TSX Venture Exchange ("TSX-V") regarding an application for a listing on the TSX-V to maintain trading continuity in the event that the Company is delisted from the TSX. While the Company has been in discussions for a listing on the TSX-V, there is no guarantee that such a listing application will be successful, or that another market for the Company's securities will be available if the Company is delisted from the TSX.
Delay in Filing Financials and Cease Trade Order
As a result of the Company's failure to file its 2023 financials (consisting of annual financial statements, its management discussion and analysis relating to its annual financial statements, and its Annual Information Form and CEO and CFO certifications, all in respect of its year ended December 31, 2023) by March 31, 2024, the British Columbia Securities Commission ("BCSC") issued a failure-to-file cease trade order ("FFCTO"). The failure to file timely resulted from the late-coming court orders regarding Runyang's bankruptcy proceedings and the additional financial and audit work necessitated by those orders.
Final Disposition of Runyang Operations
In the course of the bankruptcy proceedings concerning Runyang, the Chinese court ultimately declared Runyang bankrupt, having liquidated all of its assets. In the fourth quarter of 2023, with Runyang's obligations thereby terminated, the Company realized a significant reduction in its liabilities, substantially outweighing the book value of the liquidated assets.
2024 AGM Voting Results
The Company held its Annual General Meeting on June 28, 2024. The shareholders voted in all four nominated directors, with favorable votes for each exceeding
Company Outlook
In recent quarters, management has placed, and continues to place, particular focus on mitigating the losses that the Company has suffered over the last several years and to ameliorate the Company's financial position. As a result of those sustained losses, the Company lacks the cash necessary to fully fund the business operations and its strategic product initiatives. The Company continues to manage its cash flows carefully to mitigate risk of insolvency. As a result of these efforts, management has been successful in improving the Company's cash flows. Nevertheless, without an infusion of cash in the months ahead, the Company may not be able to realize its strategic plans and could eventually cease to be a going concern.
To address that cash need, management previously negotiated revolving loan facilities with a third party for working capital purposes. In 2020, management also realized the sale of one of its two idle assets; the sale of the "Runhao" facility resulted in significant debt reduction. In 2023, the Company also realized significant debt reduction through the bankruptcy liquidation of its other long-idled asset, "Runyang".
A factor that continues to contribute to the Company's financial situation is the competitive price pressure in the stevia market over the last few years that has reduced mainstream "Reb A" products (such as Reb A 80 and Reb A 97) to the lowest price levels in years. Monk fruit prices have also become highly competitive in the marketplace. To maintain margins at sustainable levels, the Company focused on improving production efficiencies, and continues to strive for a mix of products that is weighted more heavily on higher margin, specialty products, and has focused more on higher margin direct sales.
The Company's focus on maintaining positive cash flow led the Company to take decisive steps in 2021, 2022 and 2023 to reduce its SG&A costs as well as its production costs. Both its North American operations and Chinese operations significantly reduced SG&A costs. For many years, the Company's production capacity had been far greater than its projected order levels, as it had then sought rapid increases in orders for Reb A products. The Company's aim has since been to "right-size" its Chinese operations - i.e., to optimize its staffing and production planning to meet the Company's projected production requirements while retaining the ability to accommodate growth in future order volumes - and management made significant progress in this area. These efforts have enabled the Company to sell its goods at more competitive and/or more profitable prices, although the competitive price pressures remain strong.
Revenue trends have been and remain encouraging, as Management's efforts to increase sales have brought increased revenues in the last two quarters (Q1 2024 and Q4 2023) relative to the several prior quarters. While the remainder of the year is impossible to predict with any reasonable certainty, Management currently expects 2024 full-year revenues to meaningfully exceed full-year 2023 revenues. This revenue growth is important to the Company's goals of maintaining positive cash flow and positive EBITDA.
Against this backdrop of sales growth, the Company faces significant regulatory hurdles. It is currently cease-traded, as a result of its delay in filing its 2023 full-year financials (since filed, on June 28, 2024), pursuant to a British Columbia Securities Commission order (the failure-to-file cease trade order or "FFCTO"). As a result of that filing delay, the Company was also delayed in filing its interim first quarter financials for 2024 (filed today). Further, the Company is under a delisting review initiated by the Toronto Stock Exchange ("TSE"), on the basis of the Company's share price and market capitalization remaining lower than the TSE's requirements, as well as the Company's sustained losses over the years and negative working capital situation.
As has been previously announced by the Company, the financial filing delays resulted from late-coming court orders in China related to proceedings concerning the Runyang; the court proceedings resulted in the disposal of the Runyang business, including elimination of significant debts previously carried by the Company, such debt elimination far greater than the carried value of the disposed assets. With today's filing of the Company's first quarter 2024 financials, Management has brought the Company current in its financial reporting requirements. Further, Management expects to timely file its second quarter 2024 financial reporting on or before the prescribed deadline of August 14, 2024. Accordingly, Management is seeking to have the FFCTO rescinded, but cannot at present provide a timeline or any measure of certainty in having the FFCTO rescinded in the near future.
Regarding the TSE's delisting review, the Company is nearing the end of that review period (which extends through August 1, 2024), which could give rise to a delisting thirty days after the end of the review period. While the Company has been successful in improving its working capital situation, Management cannot presently foresee a likelihood of the Company's share price and market capitalization gaining sufficiently to meet the TSE's requirements in the required timeframe. In the event of a delisting from the TSE, which Management understands could happen as soon as August 31, 2024, Management is pursuing its options to maintain trading continuity. While the Company has previously announced that it is applying for a listing on the TSX-V, there is no guarantee that such a listing application will be successful, or that another market for the Company's securities will be available if the Company is delisted from the TSX.
Although the regulatory hurdles are substantial, Management continues to have a positive outlook on the Company's revenue growth in at least the near term. As Management works to have the Company's stock trading again, Management continues to focus on that revenue growth, as well as on maintaining and improving margins and increase cash flows. Management also continues to work on the Company's negative working capital situation, and in particular, on options to restructure or otherwise resolve some or all of the remainder of the Company's long-standing bank debt.
SELECTED FINANCIALS
As noted above, the complete set of financial statements and management discussion and analysis for the three months ended March 31, 2024, are available on SEDAR and on the Company's website at www.glglifetech.com.
Results from Operations
The following results from operations have been derived from and should be read in conjunction with the Company's annual consolidated financial statements for 2023 and the condensed interim consolidated financial statements for the three-month period ended March 31, 2024.
In thousands Canadian $, except per share amounts |
| 3 Months Ended March 31 |
|
| % Change |
| ||||||
| 2024 |
|
| 2023-Restated |
|
|
|
| ||||
Results from Continuing Operations |
|
|
|
|
|
|
|
|
| |||
Revenue |
| $ | 3,457 |
|
| $ | 1,550 |
|
|
| 123 | % |
Cost of Sales |
| $ | (2,862 | ) |
| $ | (1,252 | ) |
|
| (129 | %) |
% of Revenue |
|
| (83 | %) |
|
| (81 | %) |
|
| (2 | %) |
Gross Profit |
| $ | 594 |
|
| $ | 299 |
|
|
| 99 | % |
% of Revenue |
|
| 17 | % |
|
| 19 | % |
|
| (2 | %) |
Expenses |
| $ | (528 | ) |
| $ | (754 | ) |
|
| (30 | %) |
% of Revenue |
|
| (15 | %) |
|
| (49 | %) |
|
| 34 | % |
Income/(Loss) from Operations |
| $ | 66 |
|
| $ | (455 | ) |
|
| 115 | % |
% of Revenue |
|
| 2 | % |
|
| (29 | %) |
|
| 31 | % |
Other Income/(Expenses) |
| $ | (4,471 | ) |
| $ | (2,933 | ) |
|
| (52 | %) |
% of Revenue |
|
| (129 | %) |
|
| (189 | %) |
|
| 60 | % |
Net Income/(Loss) |
| $ | (4,405 | ) |
| $ | (3,388 | ) |
|
| (30 | %) |
% of Revenue |
|
| (127 | %) |
|
| (219 | %) |
|
| 91 | % |
Net Income/(Loss) Attributable to GLG |
| $ | (4,397 | ) |
| $ | (3,382 | ) |
|
| (30 | %) |
% of Revenue |
|
| (127 | %) |
|
| (218 | %) |
|
| 91 | % |
Net Earnings/(Loss) Per Share Attributable to GLG |
| $ | (0.11 | ) |
| $ | (0.09 | ) |
|
| (30 | %) |
|
|
|
|
|
|
|
|
|
|
|
| |
Consolidated Results (Consolidating Continued and Discontinued Operations) |
|
|
| |||||||||
Net Income/(Loss) - Continuing Operations |
| $ | (4,405 | ) |
| $ | (3,388 | ) |
|
| (30 | %) |
Net Income/(Loss) - Discontinued Operations |
| $ | (2,620 | ) |
| $ | (10,865 | ) |
|
| 76 | % |
Net Income/(Loss) |
| $ | (7,025 | ) |
| $ | (14,253 | ) |
|
| 51 | % |
Net Income/(Loss) Attributable to GLG |
| $ | (6,988 | ) |
| $ | (14,122 | ) |
|
| 51 | % |
Net Earnings/(Loss) Per Share Attributable to GLG |
| $ | (0.18 | ) |
| $ | (0.37 | ) |
|
| 51 | % |
Other Comprehensive Income/(Loss) |
| $ | (326 | ) |
| $ | 47 |
|
|
| (794 | %) |
Comprehensive Net Income/(Loss) |
| $ | (7,351 | ) |
| $ | (14,207 | ) |
|
| 48 | % |
Comprehensive Net Income/(Loss) Attributable to GLG |
| $ | (7,304 | ) |
| $ | (14,074 | ) |
|
| 48 | % |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue
Revenue for the three months ended March 31, 2024, increased by
Cost of Sales
For the three months ended March 31, 2024, the cost of sales increased to
Gross Profit (Loss)
Gross profit for the three months ended March 31, 2024, increased by
Selling, General and Administration Expenses
Selling, General and Administration ("SG&A") expenses include sales, marketing, general and administration costs ("G&A"), stock-based compensation, and depreciation and amortization expenses on G&A fixed assets. A breakdown of SG&A expenses into these components is presented below:
In thousands Canadian $ |
| 3 Months Ended March 31 |
|
| % Change |
| ||||||
| 2024 |
|
| 2023-Restated |
|
|
|
| ||||
Results from Continuing Operations |
|
|
|
|
|
|
|
|
| |||
G&A Expenses |
| $ | 515 |
|
| $ | 641 |
|
|
| (20 | %) |
Depreciation Expenses |
| $ | 13 |
|
| $ | 113 |
|
|
| (88 | %) |
Total |
| $ | 528 |
|
| $ | 754 |
|
|
| (30 | %) |
|
|
|
|
|
|
|
|
|
|
|
| |
G&A expenses for the three months ended March 31, 2024, decreased by
Net Loss Attributable to the Company
In thousands Canadian $ |
| 3 Months Ended March 31 |
|
| % Change |
| ||||||
| 2024 |
|
| 2023-Restated |
|
|
|
| ||||
Net Income/(Loss) - Continuing Operations |
|
|
|
|
|
|
|
|
| |||
Net Income/(Loss) |
| $ | (4,405 | ) |
| $ | (3,388 | ) |
|
| (30 | %) |
% of Revenue |
|
| (127 | %) |
|
| (219 | %) |
|
| 91 | % |
Net Income/(Loss) Attributable to NCI |
| $ | (7 | ) |
| $ | (6 | ) |
|
| (17 | %) |
Net Income/(Loss) Attributable to GLG |
| $ | (4,397 | ) |
| $ | (3,382 | ) |
|
| (30 | %) |
% of Revenue |
|
| (127 | %) |
|
| (218 | %) |
|
| 91 | % |
Net Earnings/(Loss) Per Share Attributable to GLG |
| $ | (0.11 | ) |
| $ | (0.09 | ) |
|
| (30 | %) |
|
|
|
|
|
|
|
|
|
|
|
| |
For the three months ended March 31, 2024, the Company had net loss attributable to the Company from continuing operations of
Quarterly Basic and Diluted Loss per Share
The basic and diluted loss per share from continuing operations was
Additional Information
Additional information relating to the Company, including our Annual Information Form, is available on SEDAR (www.sedar.com). Additional information relating to the Company is also available on our website (www.glglifetech.com).
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
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 and beverages. 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 industry, GLG, through its Naturals+ product line, supplies 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 for the financial year ended December 31, 2023. 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
View the original press release on accesswire.com
FAQ
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