Penny Stock Stevia Corp. (OTCBB: STEV.OB), a farm management company focused on the economic development of stevia, the fastest growing product in the alternative sweetener sector, announced it has entered into an Equity Purchase Agreement of up to $20,000,000 of the Company’s registered common stock by Southridge Partners II, LP (“Southridge”), an institutional investor based in Ridgefield, Connecticut. This funding will enable the Company to further accelerate its commercial development of stevia and related markets.
Pursuant to the Agreement, the Company has the right, at its discretion, to sell to Southridge up to $20 million of its common stock from time to time over a 36-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the Agreement. Both parties have also entered into a Registration Rights Agreement under which, the Company agreed to file a registration statement with the Securities and Exchange Commission with respect to the Shares.
Mr. George Blankenbaker, Stevia Corp. President, comments, “This is an important milestone for Stevia Corp. to have accomplished. We have attracted and won the confidence of a forward-thinking institutional investor which says a lot about their conviction regarding our vision, management approach, and overall market demand. Having a flexible and low cost funding instrument in place allows us to efficiently accelerate our commercialization and acquisition strategies.”
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 filed with the Securities and Exchange Commission’s (“SEC”) EDGAR database.
For more information visit: www.steviacorp.us.
About Stevia Corp.
Stevia Corp. is a farm management company focused on best practice agronomic competency in order to deliver high value stevia through proprietary plant breeding, excellent agricultural methodologies and innovative post-harvest techniques. To date, the Company has acquired two grower supply contracts and three nursery fields in Vietnam.
Southridge is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies and seeks investments in emerging growth areas, domestically and in international markets. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom and Australia amongst other markets.
For more information visit: www.southridge.com.
About the Stevia Industry Sector
Within two years of the USA market opening, Nielsen-based retail consumption data indicated almost $1 billion of retail sales for the sector. Market research group, Mintel, has said it expects sales of stevia sweetened products to top $2 billion in 2011. In 2010, stevia products were launched across thirty-five countries and in 38 categories. Zenith International estimates worldwide sales of stevia extract reached 3,500 tons in 2010 with an overall market value of $285 million and forecasts the global market for stevia will reach 11,000 tons by 2014 requiring the tripling of stevia leaf production at the farm level to keep pace with consumer demand.
Press Release: Stevia Corp.
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