GLG Life Tech Corporation Announces Delay in Filing Year-End Filings

VANCOUVER, BC / ACCESSWIRE / April 1, 2023 / 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, announced today that it intends to delay the filing of its annual financial statements, its management discussion and analysis relating to its annual financial statements, its Annual Information Form and CEO and CFO certifications, all in respect of its year ended December 31, 2022 (collectively, the "Required Documents"), beyond the prescribed deadline of March 31, 2023.

During its audit of the Company's annual consolidated financial statements, the Company's auditor, DNTW Toronto LLP, (the "Auditor") identified some unresolved differences before the filing deadline, including the need for certain bank loan confirmations. Given these outstanding items and the need for further audit procedures, the Company has determined that it is unable to complete the Required Documents and submit for timely filing on or before March 31, 2023. The Company is working diligently with the Auditor to resolve the outstanding items and continues to pursue the bank loan confirmations with an expectation of receiving them in the next few days. The Company is fully prepared to facilitate the completion of the audit of the annual consolidated financial statements by the Auditor. Management is confident that the outstanding issues can be resolved in the next few days with an aim of filing by or before April 7, 2023.

Further, with the timing of identification of these issues arising late in the audit process, Management attempted but was no longer able to apply timely for a Management Cease Trade Order pursuant to National Policy 12-203. The Company nevertheless affirms that management and other insiders are subject to a trading black-out policy of the Company that reflects the principles in section 9 of National Policy 11-207.

The Company affirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of its obligation to file the Required Documents. The Company affirms that there are no insolvency proceedings against it as of the date of this news release. The Company also affirms that there have been no material business developments since the date of the Company's most recent filing of its interim financial reports.