GLG Life Tech Corporation Announces Delay in Filing Its Annual Financial Statements Tied to Progress in Debt Restructuring

VANCOUVER, BC / ACCESSWIRE / April 1, 2024 / GLG Life Tech Corporation (TSX:GLG) ("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, announces that, as a result of newly received Chinese court orders ("Court Orders") involving one of the Company's subsidiaries, the Company will not be able to file its 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 (collectively, the "Required Documents"), before the prescribed deadline of April 2, 2024.

As previously announced, the Company's Runyang Stevia High Tech Co., Ltd. ("Runyang") subsidiary has been in bankruptcy proceedings in China; these bankruptcy proceedings involving Runyang - whose production assets have for many years been idle - form part of the Company's overall debt restructuring plan. These proceedings have no adverse impact on the Company's production capabilities.

The Company, in late March and including March 31, 2024, received a series of late-coming updates - the Court Orders - from the Chinese court overseeing these proceedings. These Court Orders - effective at different dates within 2023 (ranging from February 2023 through November 2023) - separately serve to accept Runyang's bankruptcy application, to dispose of Runyang's assets, and most recently to both declare Runyang bankrupt and terminate the bankruptcy proceedings.

These Court Orders will have a significant effect on the Company's balance sheet dating back to the first quarter of 2023 and the net effect, as of the fourth quarter of 2023, is understood by the Company to remove approximately 33M RMB in assets and to effectively eliminate approximately 200M RMB in debt (including accrued interest) - an expected net improvement of approximately 168M RMB (or approximately CAD $31M at present exchange rates) to the Company's balance sheet. The Company is pleased to report this progress in its debt restructuring plans as part of its multi-year effort to bring about major improvements to the Company's balance sheet.