GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or the "Company") announces the progress on the filing of its annual financial statements, related management discussion and analysis, Annual Information Form (and related Form 40-F in the United States) and the CEO and CFO certifications (collectively, the "Required Documents"), all relating to the period ended December 31, 2011.
The Company continues to actively work with its auditors to complete the audit of its financial statements. The Company has obtained and provided to its auditors additional third party information identified by its auditors in the past two weeks, however the process is continuing. The Company's management, together with its audit committee continue to cooperate with its auditors to provide the information as soon as possible, and continues to work diligently towards filing the Required Documents on or before April 30, 2012.
The Company confirms that it has been granted the previously sought management cease trade order ("MCTO") from applicable Canadian securities regulatory authorities. Until the Required Documents are filed, the Company will satisfy the provisions of the alternative information guidelines in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults by issuing bi-weekly status reports in the form of news releases.
The applicable Canadian securities regulatory authorities may issue a general cease trade order against the Company for failure to file the Required Documents within the prescribed time period or sooner if GLG fails to file its default status reports during the prescribed time limits.
There are no insolvency proceedings that GLG is subject to and there is no other material information concerning the affairs of the Company that has not been generally disclosed.