Shares of GLG Life Tech Corp. resumed trading on the Toronto Stock Exchange on June 28 after the company on June 10 released financial results, which had been delayed. The stock was trading at C$0.45 per share on the afternoon of July 3.
The Manitoba Securities Commission, which had issued cease trade orders on July 9, 2012, issued revocation orders on June 17, 2013. The Ontario Securities Commission, which had issued cease trade orders on May 16, 2012, issued revocation orders on June 27, 2013.
Vancouver-based GLG Life Tech supplies stevia extracts for use as sweeteners in foods and beverages. The company in the fiscal year ended Dec. 31, 2012, had a net loss of C$34 million ($32.3 million), which compared with a net loss of C$176.9 million in 2011. Company sales of stevia in fiscal 2012 increased 23% to C$21.1 million ($20.1 million). In the first quarter ended March 31, 2013, stevia sales were C$3.2 million, a 263% increase from the same time period of the previous year. A first-quarter net loss of C$3.7 million was down from C$3.9 million in the same time period of the previous year.
On March 31, 2013, GLG Life Tech had assets of C$98.5 million, which compared with C$103 million on Dec. 31, 2013, and C$147.3 million on Dec. 31, 2011. Total liabilities on March 31, 2013, were C$93.1 million, which compared with C$95.4 million on Dec. 31, 2012, and C$103.4 million on Dec. 31, 2011.
According to GLG Life Tech, competitive conditions in the stevia industry have improved after problems from 2010-12. There are fewer problems with taste now as manufacturers are more experienced in the use of stevia. Also, inventory levels have reverted to normal amounts, and prices have stabilized.
