VANCOUVER, British Columbia, Sept. 16, 2010 (GLOBE NEWSWIRE) -- GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or the "Company"), a vertically-integrated leader in the agricultural and commercial development of high quality stevia, announces the signing of an exclusive five-year renewable supply agreement with Fengyang Xiaogangcun Yongkang Foods High Tech Co. Ltd. ("FXY") for GLG's full range of stevia extract products within China.
FXY is a privately held Chinese company based in the Xiaogang region in Anhui province. FXY produces consumer products including stevia and stevia/sugar tabletop sweeteners, reduced and zero calorie beverages and food products mainly for the Chinese market. FXY also has developed stevia/sugar blend products suitable for the China National Sugar Reserve.
Key highlights under the terms of this agreement include:
- Agreement describes that the two parties have entered into a long-term strategic relationship for the development and marketing of stevia within China
- Initial term of five years with an automatic renewal provision for another five years
- GLG will be the exclusive supplier of stevia extract products to FXY
- GLG will sell to FXY its full line of products within China including the BlendSure™ product line, PureSTV, Rebpure™, and Rebsweet™
- GLG has received an initial purchase order under this supply agreement for $US 12.6 million for delivery within 2010 fiscal year