GLG Signs Deal to Strengthen Consumer Business in China
GLG and its AN0C subsidiary together with the Fengyang County Government and the Chuzhou City Government recently held a signing ceremony in AN0C Shanghai Office.
6/29/2011 --- GLG Life Tech Corporation, the vertically-integrated leader in the agricultural and commercial development of high quality stevia and all natural and zero calorie food and beverage products, announces the signing of an agreement between GLG and its AN0C subsidiary with the Fengyang County Government and the support of the Chuzhou City Government of the Anhui province in China that strengthens its consumer products business in China.
Under this agreement,
• GLG and its AN0C subsidiary agreed to register its headquarters in the Xiaogang Village in Fengyang County which is the birthplace of China agriculture reform and to set up its marketing and sales operation center in Shanghai.
• The Fengyang government agreed to give the AN0CTM business nationwide preferable tax treatment through its headquarters.
• The Fengyang government and the Chuzhou City Government also agreed to proactively assist GLG’s AN0C subsidiary to obtain a RMB one billion credit line with interest rates discounted from market rates from China financial institutions.
GLG and its AN0C subsidiary together with the Fengyang County Government and the Chuzhou City Government recently held a signing ceremony in AN0C Shanghai Office. The Mayor of Chuzhou City Government Mr. Jiang Shan and the Mayor of Fengyang County Government Mr. Mi Demin attended the ceremony. Canada’s Deputy Consul in Shanghai Jordan Reeves also attended the ceremony to support this project representing the Canadian Federal Government. There were also over twenty media reporters attending the ceremony.
The Mayor of Chuzhou City Government Mr. Jiang Shan first thanked Dr. Luke Zhang’s continual efforts to develop local agriculture that has increased the local farmers’ standard of living. He also stated the government will fully support the AN0CTM business and help GLG and AN0CTM deliver the important health and social benefits from AN0C’s products to the Chinese people.
Canada’s Deputy Consul in Shanghai, Mr. Jordan Reeves in his speech at this event stated that GLG as a Canadian company has been developed as a successful model for Canadian investments in China. He also stated that he is also very proud that AN0CTM has chosen its headquarters to be located in Xiaogang village.
GLG Chairman and CEO Dr. Luke Zhang stated, “I am very pleased to announce this agreement which underscores the support GLG has for its AN0C business in China. We have worked closely with the Chuzhou City Government and the Fengyang County Government to develop the AN0C business, which is a role model for how a rural agriculturally based economy can build a value added industry around an agriculture crop like stevia. We are creating jobs in the Xiaogang region and bringing healthier food and beverages to the Chinese consumer. The combination of the tax incentives and line of credit support from the governments of Chuzhou and Fengyang are clear indicators that AN0CTM is supporting important policies in China. The line of credit is expected to provide all foreseen financing requirements for the AN0CTM planned expansion in China within the next two years of our operation.”
