INDIANAPOLIS, IN--(Marketwire -07/26/12)- Stevia Corp. (STEV) ("Stevia Corp." or the "Company"), a farm management company focused on the economic development of stevia, the fastest growing product in the alternative sweetener sector, is pleased to announce its wholly owned subsidiary, Stevia Asia Limited's entry into a cooperative agreement with Technew Technologies for the provision of stevia formulations by their newly formed joint venture, Stevia Technew Limited, as part of an ongoing feed program serving the shrimp farming sector of Guangdong Province, China.
Technew Technologies and its affiliates own and operate 225 acres of prawn farms. The company also services over 200 aquaculture farms along with providing supervision and support to 10,000 acres of mixed aquaculture in the region. Stevia Corp., through its recently announced Hong Kong subsidiary, Stevia Technew Limited, now exclusively provides 100% of the proprietary stevia formulations used to fulfill its ongoing farm contract obligations including the supply of specialized feed products.
As a result of this agreement and based on current and pending supply orders, Stevia Corp. believes that it can attain a minimum estimated EBITDA* profit of USD 1 million for the current fiscal year of operation.
George Blankenbaker, Stevia Corp. President, comments, "We are pleased to report that this will mark the beginning of our commercialization and positive revenue phase well ahead of expectations. The cooperative agreement is essentially a blanket supply order for all our projected production for the year with the opportunity and potential to substantially outperform our current forecasts. We will also be generating revenues from our multi-crop scenarios that also use our stevia formulations in their production, which will be sold under our Stevia Quality Mark. We are extremely excited to achieve this milestone so early in our development and are optimistic at the growth and profit potential over the next year."
*EBITDA -- Earnings Before Interest, Tax, Depreciation and Amortization
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. (STEV)
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. For more information visit: www.steviacorp.us.
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. 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. For more information visit: www.steviacorp.us.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, minimum estimated EBITDA of $1,000,000 for the current fiscal year, revenue forecast, revenue sources, growth plans, business strategy, worldwide sales of stevia extract and sweetened products, growth of stevia leaf production and growth of the stevia global market. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.