GLG Life Tech Corp. has resumed trading on the TSX(GLG). After a lengthy regulatory review of the company, the only requirement from the regulators was increased write downs for the 2011 fiscal year as GLG changed accounting standards. Now the company can concentrate on the future. The stevia market is growing worldwide, and GLG are positioned to take full advantage.
Highlights of the company update delivered June 27 include:
- Stevia sales revenue increased by 23 percent to $21.7 million. Cash flow from operations is positive.
- All short-term loans with banks have been refinanced, inventories have been reduced to $29.9 million.
- Accounts Payable and Short Term Loans reduced by $21.6 million since December 2011.
GLG's new agreement with COFCO (China’s largest food company) provides the company with unparalleled opportunity to develop and distribute stevia products into the world’s largest consumer market, and one that is getting increasingly concerned about sugar’s negative effects. In parallel with this initiative, GLG's international sales are increasingly diversifying.