INDIANAPOLIS, IN--(Marketwired - Oct 15, 2013) - Stevia Corp. (
Taekyung Nongsan is a subsidiary of NongShim Holdings Co. Ltd., a South Korean conglomerate whose subsidiaries include NongShim Co., Ltd., South Korea's largest processed food manufacturer specializing in instant noodles and snacks. Taekyung Nongsan manufactures food ingredients, which include seasonings, extracts and flavors, spices, soups, sauces and more.
Under the terms of the MOU, the parties intend to negotiate and enter into a definitive agreement whereby Stevia Corp will grow and supply agri-crops under its Stevia Quality Mark program emphasizing sustainable agriculture practices. As part of the agreement, Taekyung Nongsan proposes an initial purchase order of 1,000 tons of crops, with a desire to enter into a long-term collaboration to meet the demand and quality standards of the Korean market including forming potential joint ventures and other business arrangements to develop post-harvest processing and manufacturing capabilities.
George Blankenbaker, Stevia Corp. President, comments, "We are honored by the opportunity to work with Taekyung Nongsan and the NongShim group and are proud that they have recognized Stevia Corp as a valuable partner to establish production in Vietnam. A lot of credit goes to our Vietnam team which has worked hard to establish Stevia Corp as a credible supplier and partner to international companies that want to source quality products from Vietnam and ensure that they meet international standards."
Mr. Blankenbaker concludes, "Many people believe Vietnam is the next Asian Tiger and with the rising production costs in China and other Asian countries, many international companies are now looking to Vietnam as the next low cost supplier. As international companies seek out potential local partners that have the ability to consistently produce high quality products that meet international standards, we believe there will be a growing opportunity for Stevia Corp to leverage its position to continue attracting an increasing demand of international buyers."
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 crops through proprietary plant breeding, excellent agricultural methodologies and innovative post-harvest techniques. 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. 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, entry into definitive agreement and potential joint ventures with Taekyung Nongsan, purchase order of 1,000 tons of crops, 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.