Stevia Corp. Expands Production Base Following Record Harvest
Stevia Corp., an international farm management company focused on the economic development of produc…Stevia Corp., an international farm management company focused on the economic development of products that support a healthy lifestyle, including stevia and hemp, is pleased to announce that following its record harvest detailed in its press release dated May 14, 2014, the Company is expanding its production base and has secured financing from an institutional investor to fund the planned expansion.
Stevia Corp's expansion plans will focus on developing a supply chain of higher value added products for the US market serving the healthy lifestyle sector resulting in both higher revenue and margins.
George Blankenbaker, Stevia Corp President, comments, "Our focus on the healthy lifestyle sector is resonating with US buyers and we expect to confirm our first orders in June. Although we expect to sell some products oriented to the retail market, we have had very positive responses from large volume commercial buyers seeking new supply chains for their growing markets and we expect the vast majority of our revenue to be produced from commercial orders."
Effective on May 16, 2014, the Company exercised its right to sell an Additional Senior Convertible Note to Nomis Bay Ltd., a Bermuda company with an initial principal amount of $600,000 for a purchase price of $600,000 as part of the definitive securities purchase agreement entered into with Nomis Bay on March 3, 2014 and disclosed in the Company's 8-K filing with the SEC.
The proceeds, net of certain fees and expenses, will be used for working capital to advance the Company's ability to execute its growth strategy and fund the production of the expected US orders.
Further details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934, as amended, filed with the Securities and Exchange Commission's EDGAR database.
