Stevia Corp. signs second farm management agreement in Vietnam with Vinh-based Asia Stevia Investment Development Joint Stock Company
December 7, 2011
– Stevia Corp. (OTCBB: 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 advise that its entry into the Farm Management side of its business model has been met with rapid acceptance as the latest Farm Management Agreement has been entered into with its second Vietnam grower partner, Asia Stevia Investment Development Joint Stock Company (ASID), located in the city of Vinh, Vietnam.
Under the terms of the agreement, Stevia Corp. will supply stevia seedlings and additional input products and services utilizing the G-Farm* system and Stevia Corp. will also have rights to off-take the non-stevia crops produced by inter/multi-cropping as part of the G-Farm system. This agreement provides the second major customer to employ farm management services and technologies provided by Stevia Corp.
ASID is currently trial growing stevia under a supply agreement with Stevia Corp. in a number of provinces in North Central Vietnam including 10 districts of Nghe An province, 3 districts of Ha Tinh province and one location in Binh Thuan province.
Stevia Corp. expects to derive multiple benefits from the Agreement. Revenue will be generated from both the inputs and services Stevia Corp. will be providing as well as the non-stevia crops that are produced as part of the inter/multi-cropping. In addition, there will be a much greater chance of success when the local parties are committed to using the technologies and protocols that Stevia Corp. is developing with its technology partner Agro Genesis and considerable knowledge will also be gained from the initial farm trials conducted and will lay the foundation for large-scale commercialization.
As with the previously announced agreement in North Vietnam, ASID has dedicated 15 agronomy graduates to the project fieldwork to learn and implement the proprietary protocols under development by Stevia Corp. and its technology partner Agro Genesis.
Mr. George Blankenbaker, Stevia Corp. President, comments, "We are very pleased that our grower partners are dedicated to our program and willing to invest the necessary resources to make this a successful project for all parties. Not only do these agreements enable us to earn revenue from our technology developments, but they hold the key for us to systematically control the implementation of our technologies at the field level and ensure success when we scale our program on a commercial scale."
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.
*G-Farm Systems is a trademark of Agro Genesis Pte. Ltd.
About Stevia Corp. (OTCBB: 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.
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.