GLG and ChemPoint in Stevia Agreement
October 27/Vancouver, B.C./News Bites Canadian Markets -- GLG Life Tech Corporation has partnered with ChemPoint.com Inc. for the marketing, sale and distribution of GLG's portfolio of high quality stevia extracts within the U.S. and Europe. ChemPoint will provide marketing, sales and order fulfillment, as well as technical support and expertise. The companies will jointly launch focused campaigns targeting key segments of the food and beverage industry immediately.
Key highlights under the terms of this agreement include:
* Three-year initial term with an automatic renewal provision for additional years subject to certain conditions.
* GLG to establish ChemPoint as the exclusive supplier of stevia extract products for the high value tier three and tier four customers in the U.S. and European food and beverage industry.
GLG chairman and CEO Dr. Luke Zhang stated, "ChemPoint's innovative technological approach to working with customers is impressive and demonstrates their commitment to effective, professional service. ChemPoint is able to deliver valuable technical solutions, strategic marketing, and customer support which will allow GLG to better service its customers."
"We welcome this opportunity to partner with GLG Life Tech, a true world-class organization," commented Joe Stanaway, vice president Marketing and Sales at ChemPoint. "Their dedication to quality from seed to formulation and commitment to providing a great tasting, high purity sweetener is unparalleled. The addition of GLG stevia to our food ingredient portfolio continues a commitment to offer our customers the best in innovative sweetener solutions."
From the November 15, 2010, Prepared Foods E-dition