Loading, Please Wait...
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 7, 2016) - 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 and MycoTechnology Inc. (MycoTech), are pleased to announce their commercial partnership agreement to incorporate MycoTech's certified USDA organic bitter blocking technology to improve the taste of stevia and monk fruit.
There is a major trend underway in which mass produced, low nutritional quality foods, loaded with added sugar, salt and fat are being replaced with healthy, natural, low and zero-calorie alternatives. The changing consumer landscape has food manufacturers looking for natural high intensity sweetener alternatives such as stevia and monk fruit. However, food manufacturers have struggled with stevia's after taste and astringent flavor profile. MycoTechnology has developed ClearTaste™, a USDA organic bitter blocking technology, derived from mushrooms, that removes the bitter metallic lingering aftertaste from stevia.
ClearTaste is a natural, GMO-free and chemical-free ingredient solution that works by harnessing the natural extracts found in gourmet mushrooms. The compounds are unique to fungi and are highly effective at improving the flavor profiles of stevia and monk fruit. GLG has validated the efficacy of MycoTech's innovative products and is impressed with ClearTaste and its applications.
Brian Meadows, President and CFO of GLG, stated, "We are excited to partner with MycoTech on their ClearTaste product and its application with our stevia and monk fruit extracts. We also look forward to working with MycoTech's ever expanding product line to improve the taste of other natural ingredients. GLG and MycoTech's combined strengths and competencies in zero-calorie natural sweeteners brings higher quality, better tasting natural sweeteners and flavor enhancer solutions to the global food and beverage industry. Our initial goal is to immediately commercialize MycoTech's innovative technology with GLG's stevia and monk fruit products. We expect to follow shortly thereafter this year with other solutions to improve the taste of natural ingredients that have aftertaste issues but offer important functionality."
"MycoTech is excited to be partnering with GLG to solve the challenge of the bitter aftertaste of stevia. Consumers are demanding natural alternatives to sugar that have zero calories without compromising on taste. Now they don't have to," said Alan Hahn CEO of MycoTech.
The initial term of the agreement is five years for which GLG would be MycoTechnology's preferred vendor of stevia and monk fruit products. GLG further enjoys certain exclusivities in the commercial agreement with MycoTechnology products and the agreement also allows GLG to work directly with MycoTech to produce new products using both companies' technology in return for purchase commitments with MycoTech.
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food and beverages. GLG's vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage industry, GLG has launched its Naturals+ product line, enabling it to supply a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
MycoTechnology, a food technology company founded in 2013 utilizes a mushroom-based food-processing platform to transform the flavor and value of agricultural products. The platform can be used to solve a variety of challenges faced by the food, beverage and flavor industries. MycoTechnology's understanding of these organisms gives them the ability to enhance foods in ways that have never been done before. For further information, please visit www.mycotechcorp.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2014. In light of these factors, the forward-looking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.