Weider Global Nutrition to Pursue Pending Lawsuit Against GLG Life Tech
SALT LAKE CITY, Nov. 12 GLG-Weider Sweet Naturals ("Sweet Naturals") is a joint venture 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.
About Weider Global Nutrition
A Heritage of International Leadership. For nearly 70 years, Joe Weider and the WeiderŽ brand have been educating individuals around the world on all aspects of bodybuilding, fitness, health and wellness. WeiderŽ has earned the trust of the health-conscious by placing quality and the efficacy of products above everything else. Today, the WeiderŽ name is synonymous with health and fitness worldwide and includes quality brands, information, products and services sold in over 120 countries. The Weider brand is one of the most recognized brands in the industry. Since 1936, the Weider brand has been displayed both in the US and throughout the world with association in magazines, nutritional supplements, sporting events, equipment, and brand licensing.
SOURCE Weider Global Nutrition
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