Business
Stevia Corp. Issues Shareholder Letter
Stevia Corp. Issues Shareholder Letter.
About this update from Stevia Corp.
[{"type":"text","content":"Letter Highlights Elimination of Toxic Debt, Decreased Payables, and Plans to Use Board Member and Practicing Neurologist Dr. Jerry Smartt Jr. in a More Active RoleNEW YORK, NY / ACCESSWIRE / September 30, 2021 / Stevia Corp. (OTC PINK:STEV) ("Stevia Corp" or the "Company"), a healthcare company focused on the commercial development of products that support a healthy lifestyle announced today that it has published a letter to shareholders from the Company's Chairman and President Kenneth Maciora.The letter is published in its entirety below:Dear Valued Shareholder:If you have been a shareholder of Stevia Corp. for many years, I thank you for your commitment to our business and we hope we can reward you this year. If you are a new shareholder, thank you for your decision to become a shareholder of Stevia Corp.Effective June 1, 2021, I became the Chairman and President of Stevia Corp. I have almost 35 years of experience in the financial services industry. With that experience comes knowledge and wisdom and I hope I can bestow that knowledge and wisdom onto the fortunes of Stevia Corp. both over the short and long term.My first priority was to restructure the debt of the company and especially the toxic debt. As part of this restructuring, it was important to preserve the equity for our shareholders. I immediately proposed to the debt holders an exchange of debt for restricted stock. After some negotiations, three debenture/note holders agreed to exchange and settle the debt for restricted stock. The principal amount of the debt was $1,500,000 plus accrued interest and the three note/debenture holders settled for 41,500,000 restricted shares. The sum of the principal and accrued interest exceeded $3 million. As a result of these debt settlements, the company has no toxic debt. For the purposes of this shareholder letter, toxic debt is debt that converts into equity typically at the option of the lender at prices which are a function of the stock price around the time period that the conversion takes place.Our second priority was to immediately begin work on filing the necessary disclosure documents and financial statements to become current in our public company reporting obligations. Although we are not a SEC reporting company, we had certain obligations under the new disclosure rules promulgated by the United...