Stevia Corp. settles the principal amount of $ 1,250,000 of a senior toxic convertible debenture with an institutional investor for restricted shares

NEW YORK, NY / ACCESSWIRE / Aug 17, 2021 /Stevia Corp. (OTC PINK: STEV) (‘Stevia Corp’ or the ‘Company’), a farm management and healthcare company focused on the commercial development of products that support healthy lifestyles, announced today that it settled the principal amount of $ 1,250,000 from a toxic senior convertible debenture for 37,500,000 restricted shares. The company estimated that the principal amount, unpaid interest and late fees that were owed to the institutional investor exceeded $ 3,000,000. The settlement document does not contain any adjustments or typical adjustment conditions, and the settlement is firm pursuant to the issuance of 37,500,000 restricted shares.

The company also announced that it has settled a debenture in the principal amount of $ 150,000 for 2,500,000 restricted shares. The settlement document does not contain any adjustments or typical adjustment conditions, and the settlement is firm pursuant to the issuance of 2,500,000 restricted shares.

The company also announced that it had settled a promissory note in the principal amount of $ 100,000 for 1,500,000 restricted shares. The settlement document does not contain any adjustments or typical adjustment conditions, and the settlement is firm pursuant to the issuance of 1,500,000 restricted shares.

Stevia Corp. has two other debt documents that were entered into by the company over 6 years ago. A convertible promissory note, dated March 15, 2013, had a principal amount of $ 220,436.36. The note was convertible into common stock at 25 cents per share. The company attempted to reach the institutional note holder who does not appear to be in business. Accordingly, and due to the time elapsed between today’s date and maturity of the convertible promissory note, the Company will seek legal advice which, if issued, will allow it to write off the entire note and the unpaid interest. of the leaf balance. The company believes the legal opinion will be issued.

Finally, the company was a signatory of a convertible debenture dated February 7, 2014 with a capital amount of $ 80,000. The debenture was convertible into common stock at prices significantly higher than the current share price of Stevia Corp. at the closing price on August 16, 2021. Due to the time elapsed between the current date and the maturity date of the convertible debenture, the company will seek legal advice which, if issued, will allow it to cancel the convertible debenture. entire balance sheet note due to the expiration of the limitation period. As a result of conversations the Company has had with counsel for the debenture holder, the debenture holder appears to dispute that the limitation period expired on the $ 80,000 debenture.

Kenneth Maciora, president and chairman of Stevia Corp, said, “I would like to personally thank the institutional investor for working with our company to settle the debt. I think they saw our vision. I also want to thank the other 2 debt holders for being cooperative so that the business can move forward with virtually debt free to execute the business plan. We are confident that we will be able to receive legal advice to write off the convertible promissory note in the initial principal amount of $ 220,436.36. “

Maciora added, “This is a great day in Stevia Corp. history as the company remains super focused on increasing shareholder value.

Maciora concluded: “The elimination of toxic debt was an integral part of our original plan. As a financial services industry veteran with decades of experience, I know the burden that debt that converts to equity at variable prices can have on a small public business. We are delighted to be able to announce this news to shareholders !! “

About Stevia Corp.

Stevia Corp. is an agricultural management and healthcare company focused on the development of highly nutritional and high-value products through proprietary plant breeding, excellent agricultural methodologies and innovative post-harvest techniques. Stevia Corp was founded on the principle of implementing socially responsible, sustainable and quality agro-industrial solutions to maximize the long-term efficient production of nutritional crops.

Notice Regarding Forward-Looking Statements
This press 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. . The statements contained in this press release, which are not purely historical, are forward-looking statements and include statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in forward-looking statements due to many factors. These factors include, among others, the inherent uncertainties associated with new projects and companies in the development phase. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. While we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct.

Contact:

Kenneth maciora
President
Stevia Corp.
(917) 670-9541
sté[email protected]

THE SOURCE: Stevia Corp.

See the source version on accesswire.com:
https://www.accesswire.com/660080/Stevia-Corp-Settles-1250000-Principal-Amount-of-a-Toxic-Senior-Convertible-Debenture-with-Institutional-Investor-for-Restricted-Stock


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