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Weider Global Nutrition to Pursue Pending Lawsuit
2009-11-13 - Weider Global Nutrition




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 Weider(R) brand have been educating individuals around the world on all aspects of bodybuilding, fitness, health and wellness. Weider(R) has earned the trust of the health-conscious by placing quality and the efficacy of products above everything else. Today, the Weider(R) 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.

Related Articles :

  • GLG Life Tech Corporation Announces Executive Marketing and Sales Hires for the Growing Global Stevia Market (2009-10-14)
    GLG Life Tech Corporation has announced they have appointed Alan Martin and Jack Tokarczyk as Vice Presidents of Sales, and James E. Kempland as Vice President of Marketing. The new additions will focus on the development of rebiana high-grade stevia extract sales for the growing global market.
  • GLG Life Tech Corporation Announces Third Quarter 2009 Results (2009-10-30)
    GLG Life Tech Corporation has announced FY09 Q3 results reporting revenue of $14.8 million, an increase of 349% over revenue of $3.3 million for the comparable period in 2008, and EBITDA of $3.9 million or 26% of revenues versus a loss of ($0.1) for the comparable period in 2008.
  • GLG Life Tech Corporation Announces Receipt of Demand Letter (2009-11-05)
    GLG Life Tech Corporation has announced that it has received a demand letter from Weider Global Nutrition that states that WGN will commence, on November 4, 2009, legal proceedings in the Supreme Court of British Columbia against the Company.
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