Stevia Corp. Announces LOI With International Seafood Provider
Under the terms of the LOI, the parties intend to negotiate and enter into a definitive agreement whereby FISH will manage post-harvest facilities to process aquaculture seafood nourished with Stevia Corp.'s proprietary formulations supplemented with stevia
30 Mar 2012 --- Stevia Corp., a farm management company focused on the economic development of stevia, the fastest growing product in the alternative sweetener sector, wishes to advise of its recent entry into a Letter of Intent ("LOI") with Fish International Sourcing House Pte Ltd ("FISH"), a Singapore registered international seafood company with processing facilities and offices in China, Hong Kong, Indonesia and Thailand.
Backed by over 35 years of experience, FISH specializes in the manufacturing, distribution, import and export of high-quality deep frozen seafood products. FISH's main markets include China, the European Union, Middle-East, Russia and South-East Asia.
Under the terms of the LOI, the parties intend to negotiate and enter into a definitive agreement whereby FISH will manage post-harvest facilities to process aquaculture seafood nourished with Stevia Corp.'s proprietary formulations supplemented with stevia. As part of such agreement, FISH proposes to distribute minimum volumes of the processed seafood supplemented with stevia to its international customers. The seafood would include packaging highlighting and promoting the use of Stevia Corp.'s formulations and their application in sustainable aquaculture practices.
Over a billion human beings worldwide depend on seafood as their primary source of animal protein, particularly in coastal areas where reliance on fish is normally higher. Seafood contributes around 50% of total animal protein in much of Asia. The Asia-Pacific aquaculture industry had total revenue of $87 billion in 2010, representing a compound annual growth rate (CAGR) of 17% for the period spanning 2006-2010. Industry production volumes increased with a CAGR of 6.3% between 2006 and 2010, to reach a total of 47 million tons in 2010. The performance of the industry is forecast to drive the industry to a value of $135 billion by the end of 2015. (Source: Data Monitor)
Alvin Loy, FISH Managing Director, comments, "My family has been in the seafood business for over three decades and has seen the continuous decline of wild caught seafood. Our company's future growth requires us to embrace best practices in aquaculture to ensure a sustainable long-term supply and we have been in search of a credible partner who understands the importance of top quality aquaculture practices and food safety. We are very excited by the opportunity to collaborate with Stevia Corp. and their partners in order to introduce a stevia supplemented aquaculture seafood program to our international customers."
George Blankenbaker, Stevia Corp. President, comments, "Sustainable farming practices are a key principal of Stevia Corp.'s mission and by working in concert with partners like Tech-New Bio-Technology under our recent Cooperative Agreement, we are able to easily develop and manage sustainable programs for both agriculture and aquaculture. We are honored that FISH has indicated their desire to enter into a mutually beneficial growth proposition, which provides an excellent international platform to promote Stevia Corp.'s sustainable programs and formulations enhanced with stevia."
