Weider Lawsuit Against GLG Life Tech
A joint venture was set up between GLG Life Tech Corporation (”GLG”) and Weider Global Nutrition (”Weider”), combining GLG’s knowledge of stevia and Weider’s expertise in marketing, sales and distribution of health and nutritional products. In their Shareholders’ Agreement, GLG and Weider stated their intention was to maximize stevia-based product sales through Sweet Naturals throughout the world. On October 14, 2009, however, GLG announced that it formed its own sales team for stevia-based products. On November 4, 2009, Weider filed a Statement of Claim against GLG with the Supreme Court of British Columbia in Canada, stating claims for breach of the Shareholders’ Agreement, misrepresentations by GLG and its Chairman/CEO, and for breach of fiduciary duties. The Statement of Claim is a public court record. Weider remains committed to supporting Sweet Naturals, which continues to market stevia-based products, and GLG has represented that it will continue to supply Sweet Naturals. Although Weider is hopeful it can resolve its dispute with GLG — and improve Sweet Naturals’ service to its customers — Weider intends to maintain the lawsuit to protect and enforce its interests.