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Bob Flaherty Rides Again!
Welcome to our 46th Flaherty Financial Newsletter.
(Updated April 22, 2015)
Notice Regarding Forward-Looking Statements
This presentation contains a summary of statements from Bob Flaherty’s Financial News
Newsletter and includes certain forward-looking statements regarding Stevia First Corp.’s (the
“Company”) strategy and growth prospects as well as the drivers of the Company’s business which
are subject to risks and uncertainties. The forward-looking statements in this presentation are
subject to risks and uncertainties and include statements regarding our financial position, business
strategy, and other plans and objectives for future operations, as well as any other statements
which are not based on historical facts. Although we believe that these statements are based on
reasonable assumptions, they are subject to numerous factors, risks, and uncertainties that could
cause actual outcomes and result to be materially different from those projected. These factors,
risks, and uncertainties include the Company’s limited operating history and inability to predict
future operations with any certainty. Stevia First Corp. (OTCQB: STVF) as well as any divisions,
subsidiaries or affiliates does not undertake to update any forward-looking statements. This
presentation does not constitute an offer to sell or the solicitation of an offer to buy securities of
Stevia First Corp.
Reinventing Human Nutrition
Dedicated to providing healthy mainstream solutions to
the global diabetes and obesity epidemics.
OTCQB: STVF
When others were selling blindly, our late
contrarian friend Sir John Templeton used such
opportunities to find new bargains.
So in this issue we spotlight a rising star we like a
lot.
Stevia First Corp. is
developing a big idea!
I always enjoy writing about a new enterprise where Avtar
Dhillon serves as chairman. Besides naturally wanting to
make money, each new venture must be an effort to tackle a
serious unmet medical need whose solution would leave
mankind better off.
Immigrating at eight from India to Canada, Avtar
became a doctor and devoted himself strictly to
family practice for nine years. Then for three years he
tried part-time venture capital.
He learned that he was exceptionally good at
understanding what medical people were attempting
to do. He also enjoyed bringing them the missing
financial and managerial resources to realize their
goals…
…And Stevia First Corp.
was born…
Making its debut at a September Rodman &
Renshaw conference Stevia First Corp. (STVF-0.38)
was introduced to investors by its dynamic CEO,
Robert Brooke.
As a hedge fund analyst Brooke made over 50 direct healthcare
investments and had looked for a big idea to make his own
entrepreneurial mark.
He found it here in disruptive technology to help reduce our
daily sugar intake and the millions suffering from its related ills
like the epidemic of diabetes 2.
Look around you! Many people
are blowing up like balloons,
waddling as they walk. Did you
know almost 40% of the
American population is obese and
in danger of getting diabetes?
Did you know about 30% to 40% of American
healthcare spending goes to help address issues
closely tied to the excess consumption of sugar?
Worse, much of their sugar intake is involuntary.
The most visible culprits are the soft drink companies.
But we are clueless that harmful sugar is added as a
sweetener or preservative in many other food and
drink products we consume.
We are what we eat…
Our unhealthy food intake is killing many of us.
The public wants alternatives to sugar but is afraid
artificial sweeteners are not safe.
This dilemma has given all-natural, zero-calorie stevia
an opening in the more than $58 billion sweetener
market.
The World Health Organization estimates stevia
could capture as much as 20% to 30% of all dietary
sweeteners.
“Our time is now!” says Bob Brooke.
“After our recent stevia supply and distribution deal
with China-based Qualipride, we became much more
than a research and development biotechnology
agricultural business.”
“The next three to six months are going to be key."
The new deal should produce commercial sales this
quarter with the chance of positive cash flow within
12 months.
Combine this with their:
• Patent-pending enzyme enhancement process which doubles
stevia leaf yields
• Plans for integrated stevia production in California
• New bio-agricultural methods including an experiment to use
drones with LED spotlighting to lengthen daily growing hours.
• Research on next generation products which will be even sweeter
than the current most popular stevia product Reb A.
And Stevia First Corp. could turn into a very
important player.
OTCQB: STVF
Stevia First is poised to become a premier global
stevia supplier - and the only producer in North
America.
Anything can happen.
The highly competitive soft drink space is dominated
by huge powerful multinationals. Coca-Cola has
already launched successful reduced sugar products
using stevia.
Some strategic partnerships with Stevia First Corp.
could result.
So far, Stevia First's transition from R & D into going
commercial is ahead of schedule.
And the stock price is right..!
At $0.35 recently shares are down 34% from their 12
month high of $0.58 and 88% from the initial craze
when shares reached $3.28 in March 2012.
OTCQB: STVF
Yet the following CEO Presentation Profile shows that
Stevia First is a much bigger, better and stronger
company today than when its stock was so much
higher.
So join us for our initial story on Stevia First as it
transitions from a brilliant R & D concept into a viable
commercial company.
I believe Stevia First has all the elements to become
a big stock winner. Read along and see if you agree.
-RJF
Sweet Ideas at Stevia First!
CEO Bob Brooke is transitioning Stevia First to play an
important role in reducing harmful daily sugar intake
in the fight against the twin epidemics of obesity and
diabetes 2.
By Robert J. and Brian D. Flaherty
"The trend upon which we are capitalizing upon is
sugar reduction. This is something we are confident is
imminent and an undeniable trend."
Robert Brooke, CEO Stevia First Corp.
According to a comprehensive
Credit Suisse report Sugar at
a crossroads "...30% to 40% of
healthcare expenditures in
the USA go to help address
issues that are closely tied to
excess consumption of sugar."
Key conclusion:
"The most likely outcome over the next 5-10 years will
be a significant reduction in sugar consumption and a
marked increase in the role played by high-intensity
natural sweeteners in foods and beverages."
These have become poster boys for what is wrong
with our food intake. Global public health warnings
are everywhere.
In California for example ChooseHealthLA.com's
provocative poster asks, "You wouldn't eat 22 packs
of sugar. Why are you drinking them?"
That's a pretty big question.
The World Health Organization came out with
guidelines cutting daily sugar intake guidance to less
than a single 12-oz sugary drink each day or 5% of
your calories.
So that's the problem for the major beverage
makers.
But artificial sweeteners aren't safe or are only
somewhat safe.
So what to do?
The answer is stevia.
The all-natural, zero- calorie, high-intensity
sweetener used for hundreds of years in South
America.
That's why there is a major growth opportunity for
stevia as a safe, natural sweetener in soft drinks and
as a replacement of harmful sugar as a food
additive.
But for that food revolution to
happen on a massive scale the
supply of stevia must be increased
dramatically.
It must also be affordable and reliable. Also stevia's
quality and consistency must be kept up for the
sweet taste of success in current and next
generation products.
What we're aiming to do is to supply the
major customers of stevia today.
There have already been breakthrough
products with stevia. Coca-Cola Company's
Water Vitamin Zero scored over $100 million of
sales in its first year on the market.
Truvia, a table top sweetener from Cargill,
became the number two sugar substitute in
the U.S. in only its second year.
"These are now household names.
So stevia really works!
The major beverage makers like Coca-Cola and
others who use sweeteners need a more reliable
supply.
They need a larger supply with more capacity.
So this is our challenge to meet as a company.
…And we’re doing it..!
We’re pioneering an
enzyme enhancement
process which
doubles high purity
stevia end-product…
Using a process we developed internally, we have a
pilot production program and we are scaling it,
working to industrialize it to generate up to 200
metric tons annual per year.
Stevia Reb A extract sells for
$100,000 per metric ton or more.
By using drones shining LED light to lengthen the
growing day we have a unique application where if we
delay stevia plant flowering we can greatly increase
the amount of stevia in the leaf by three to five fold
from the same amount of acreage.
The company is aiming to lead, not follow.
OTCQB: STVF
Stevia First has patents or patent applications
related to production of stevia through
biosynthesis…
…And is developing novel agricultural production
methods using drone technology and LED
photoperiod interruption.
We are a very R & D invested business.
Now let's talk about our recent deal
with Qualipride.
It’s a global exclusive agreement with
China - based Qualipride, one of the
world’s major stevia suppliers.
We now have access to a supply chain
that rivals anyone within the industry
today.
And that gets us a LOT of attention.
Our agreement with Qualipride provide exclusive
terms for Stevia First to take over stevia distribution
business with access through partners to a supply
chain that can support more than 1,000 metric tons
of annual stevia production capacity of annual high-
purity Reb A.
That represents a big chunk of the stevia industry as it
exists today.
Their inventories may be more than 100 tons of high
purity stevia extract in stock and available
immediately…
…And as their exclusive distributor, we expect to see
margins from resale and with enough supply to
support our own needs.
Now with exclusive rights to modern stevia extraction
and refining technologies outside of China, Stevia First
plans to begin construction of the first vertically -
integrated North American stevia production facilities
in California's Central Valley
Controlling all aspects (Stevia seed, leaf, extract,
refining and sales) can secure us preferential pricing,
and guarantee to our customers delivery of stevia on
time at the right price year after year.
The Qualipride group has been doing this for over 15
years. Their supply chain works with family farms in
China. The first product we're rolling out is a high-
purity Reb A using our own enzyme enhancement.
The bigger picture is with very reasonable and
conservative assumptions for margins and sales we
could reach cash flow positive in 12 months even
while investing heavily in long term R & D.
This is a supply chain with a lot of room
for growth.
In March 2015, we also announced a technology
collaboration that aims to transform sugary beverage
consumption through bottling facilities in Mexico and
Latin America
(Mexico leads the world in sugar-sweetened beverage
consumption and type 2 diabetes is the leading cause
of mortality)
We recently added to our team process engineering
expertise that has been deeply integrated into Coca-
Cola’s supply chain of bottling facilities in Mexico for
more than 20 years.
In our U.S. expansion we are targeting a minimum
production of 200 metric tons of high purity stevia
from our California enzyme enhancement.
We could easily have access to 500 to 1,000 metric
tons of supply.
For comparison the leading stevia supplier, Malaysia-
based Purecircle (PURE.L), has a valuation of more
than US$1.0 billion with a fully invested supply chain
capable of delivering 2,800 metric tons of high purity
stevia which can support sales of $250 to $300 million
annual sales.
Our supply chain today rivals really anyone within
the industry.
It is only a matter of time before we start to deliver
on contracts and start to make our footprint.
How do we realize value for shareholders?
We keep our capital structure clean. We have about
72.9 million shares, no significant debt or preferred
stock or significant overhang.
OTCQB: STVF
In terms of cash we have a very modest ‘burn rate’
and we have always done a good job of striking
terms for any growth financing we do.
On Oct. 1 Stevia announced raising over $1.4 million
from existing institutional investors to keep up its
momentum.
We are a small company today. We are an ag-biotech
with a recent total stock market cap of around
$25 million.
We are working with identified demand from
companies like Coca-Cola, who spend by themselves
$6 billion a year on sweeteners.
Carve out a little bit of value for these guys
and we will get rewarded.
And that is just what we are
doing.
Truly, Reinventing Human Nutrition
Find out more at http://www.steviafirst.com
OTCQB: STVF
Disclaimer: This Flaherty Financial News Newsletter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected. We caution readers not to
place undue reliance on any forward-looking statements and to supplement this newsletter with specific company SEC filings and their own research. Please be aware that
there is risk in every company stock that you buy. Coverage or other mention of a stock or fund in this newsletter is neither an offer nor solicitation to buy or sell any
securities mentioned. We are not investment dealers or investor advisers registered with the SEC or State Security Authorities. We do not guarantee all the information in
this newsletter is correct or will be updated. Remember some errors are inevitable. Reproduction without written permission is forbidden.
Flaherty Financial News Inc. received $6,000 in cash from Stevia First Corp. for editorial writing and online distribution of this newsletter beyond our regular core readers.
Our own policy forbids editorial from buying or selling a featured stock until this issue is out at least ten business days after its issue date, which in this case would be April
27, 2015. In cases where a report or profile is subsidized, readers should consider such subsidized articles as paid advertorials and understand that sponsored material will
not be as objective as non-sponsored editorial. As Flaherty Financial News editor I always reserve "Final Copy Responsibility" on what to include and what to leave out of
every issue. The buck stops here. We have tried to be objective, but may have failed. We are not security analysts or stockbrokers engaged in buying or selling, but financial
journalists with all the many failings of that profession. You readers must decide the merits of each investment yourself and whether to invest. - Bob Flaherty, Editor
Flaherty Financial News Inc. (FFN) and its newsletters Flaherty Financial News and Flaherty Special Situations are not registered as broker dealers or investment advisers
with the U.S. Securities and Exchange Commission or any state securities authority. Our newsletters and their information and content providers make no representations
or warranties of any kind in connection with the subject matter, performance or suitability of the information contained in the publications for any purpose and are not
liable for the timeliness, accuracy or completeness of the information. The information is provided for general information purposes and is not a substitute for obtaining
professional advice from a qualified person or entity familiar with your personal circumstances. Please seek the help and advice of professionals as appropriate regarding
the evaluations of any specific security, report, opinion, advice or other content. FFN is not responsible for trades placed by recipients. All opinions expressed, information
and data provided are subject to change without notice. FFN, its officers and its employees may have positions in and may from time to time make purchases or sales of
the securities discussed or mentioned by FFN. (However, we will avoid front running and the buying or selling of any security about to be discussed until ten business days
after our particular report is released to the public.) FFN shall have no liability for any newsletter that is lost, intercepted or not received in a timely manner, or not received
at all, for any reason.-RJF

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Flaherty Report - Spotlight on a Rising Star

  • 1. Bob Flaherty Rides Again! Welcome to our 46th Flaherty Financial Newsletter. (Updated April 22, 2015)
  • 2. Notice Regarding Forward-Looking Statements This presentation contains a summary of statements from Bob Flaherty’s Financial News Newsletter and includes certain forward-looking statements regarding Stevia First Corp.’s (the “Company”) strategy and growth prospects as well as the drivers of the Company’s business which are subject to risks and uncertainties. The forward-looking statements in this presentation are subject to risks and uncertainties and include statements regarding our financial position, business strategy, and other plans and objectives for future operations, as well as any other statements which are not based on historical facts. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks, and uncertainties that could cause actual outcomes and result to be materially different from those projected. These factors, risks, and uncertainties include the Company’s limited operating history and inability to predict future operations with any certainty. Stevia First Corp. (OTCQB: STVF) as well as any divisions, subsidiaries or affiliates does not undertake to update any forward-looking statements. This presentation does not constitute an offer to sell or the solicitation of an offer to buy securities of Stevia First Corp.
  • 3. Reinventing Human Nutrition Dedicated to providing healthy mainstream solutions to the global diabetes and obesity epidemics. OTCQB: STVF
  • 4. When others were selling blindly, our late contrarian friend Sir John Templeton used such opportunities to find new bargains. So in this issue we spotlight a rising star we like a lot.
  • 5. Stevia First Corp. is developing a big idea!
  • 6. I always enjoy writing about a new enterprise where Avtar Dhillon serves as chairman. Besides naturally wanting to make money, each new venture must be an effort to tackle a serious unmet medical need whose solution would leave mankind better off.
  • 7. Immigrating at eight from India to Canada, Avtar became a doctor and devoted himself strictly to family practice for nine years. Then for three years he tried part-time venture capital.
  • 8. He learned that he was exceptionally good at understanding what medical people were attempting to do. He also enjoyed bringing them the missing financial and managerial resources to realize their goals…
  • 9. …And Stevia First Corp. was born…
  • 10. Making its debut at a September Rodman & Renshaw conference Stevia First Corp. (STVF-0.38) was introduced to investors by its dynamic CEO, Robert Brooke.
  • 11. As a hedge fund analyst Brooke made over 50 direct healthcare investments and had looked for a big idea to make his own entrepreneurial mark. He found it here in disruptive technology to help reduce our daily sugar intake and the millions suffering from its related ills like the epidemic of diabetes 2.
  • 12. Look around you! Many people are blowing up like balloons, waddling as they walk. Did you know almost 40% of the American population is obese and in danger of getting diabetes?
  • 13. Did you know about 30% to 40% of American healthcare spending goes to help address issues closely tied to the excess consumption of sugar? Worse, much of their sugar intake is involuntary.
  • 14. The most visible culprits are the soft drink companies. But we are clueless that harmful sugar is added as a sweetener or preservative in many other food and drink products we consume.
  • 15. We are what we eat… Our unhealthy food intake is killing many of us. The public wants alternatives to sugar but is afraid artificial sweeteners are not safe.
  • 16. This dilemma has given all-natural, zero-calorie stevia an opening in the more than $58 billion sweetener market.
  • 17. The World Health Organization estimates stevia could capture as much as 20% to 30% of all dietary sweeteners.
  • 18. “Our time is now!” says Bob Brooke. “After our recent stevia supply and distribution deal with China-based Qualipride, we became much more than a research and development biotechnology agricultural business.”
  • 19. “The next three to six months are going to be key."
  • 20. The new deal should produce commercial sales this quarter with the chance of positive cash flow within 12 months.
  • 21. Combine this with their: • Patent-pending enzyme enhancement process which doubles stevia leaf yields • Plans for integrated stevia production in California • New bio-agricultural methods including an experiment to use drones with LED spotlighting to lengthen daily growing hours. • Research on next generation products which will be even sweeter than the current most popular stevia product Reb A.
  • 22. And Stevia First Corp. could turn into a very important player. OTCQB: STVF
  • 23. Stevia First is poised to become a premier global stevia supplier - and the only producer in North America.
  • 24. Anything can happen. The highly competitive soft drink space is dominated by huge powerful multinationals. Coca-Cola has already launched successful reduced sugar products using stevia.
  • 25. Some strategic partnerships with Stevia First Corp. could result.
  • 26. So far, Stevia First's transition from R & D into going commercial is ahead of schedule.
  • 27. And the stock price is right..! At $0.35 recently shares are down 34% from their 12 month high of $0.58 and 88% from the initial craze when shares reached $3.28 in March 2012. OTCQB: STVF
  • 28. Yet the following CEO Presentation Profile shows that Stevia First is a much bigger, better and stronger company today than when its stock was so much higher.
  • 29. So join us for our initial story on Stevia First as it transitions from a brilliant R & D concept into a viable commercial company.
  • 30. I believe Stevia First has all the elements to become a big stock winner. Read along and see if you agree. -RJF
  • 31. Sweet Ideas at Stevia First! CEO Bob Brooke is transitioning Stevia First to play an important role in reducing harmful daily sugar intake in the fight against the twin epidemics of obesity and diabetes 2. By Robert J. and Brian D. Flaherty
  • 32. "The trend upon which we are capitalizing upon is sugar reduction. This is something we are confident is imminent and an undeniable trend." Robert Brooke, CEO Stevia First Corp.
  • 33. According to a comprehensive Credit Suisse report Sugar at a crossroads "...30% to 40% of healthcare expenditures in the USA go to help address issues that are closely tied to excess consumption of sugar."
  • 34. Key conclusion: "The most likely outcome over the next 5-10 years will be a significant reduction in sugar consumption and a marked increase in the role played by high-intensity natural sweeteners in foods and beverages."
  • 35. These have become poster boys for what is wrong with our food intake. Global public health warnings are everywhere.
  • 36. In California for example ChooseHealthLA.com's provocative poster asks, "You wouldn't eat 22 packs of sugar. Why are you drinking them?"
  • 37. That's a pretty big question.
  • 38. The World Health Organization came out with guidelines cutting daily sugar intake guidance to less than a single 12-oz sugary drink each day or 5% of your calories.
  • 39. So that's the problem for the major beverage makers.
  • 40. But artificial sweeteners aren't safe or are only somewhat safe. So what to do?
  • 41. The answer is stevia.
  • 42. The all-natural, zero- calorie, high-intensity sweetener used for hundreds of years in South America.
  • 43. That's why there is a major growth opportunity for stevia as a safe, natural sweetener in soft drinks and as a replacement of harmful sugar as a food additive.
  • 44. But for that food revolution to happen on a massive scale the supply of stevia must be increased dramatically.
  • 45. It must also be affordable and reliable. Also stevia's quality and consistency must be kept up for the sweet taste of success in current and next generation products.
  • 46. What we're aiming to do is to supply the major customers of stevia today.
  • 47. There have already been breakthrough products with stevia. Coca-Cola Company's Water Vitamin Zero scored over $100 million of sales in its first year on the market.
  • 48. Truvia, a table top sweetener from Cargill, became the number two sugar substitute in the U.S. in only its second year.
  • 49. "These are now household names. So stevia really works!
  • 50. The major beverage makers like Coca-Cola and others who use sweeteners need a more reliable supply. They need a larger supply with more capacity.
  • 51. So this is our challenge to meet as a company.
  • 53. We’re pioneering an enzyme enhancement process which doubles high purity stevia end-product…
  • 54. Using a process we developed internally, we have a pilot production program and we are scaling it, working to industrialize it to generate up to 200 metric tons annual per year.
  • 55. Stevia Reb A extract sells for $100,000 per metric ton or more.
  • 56. By using drones shining LED light to lengthen the growing day we have a unique application where if we delay stevia plant flowering we can greatly increase the amount of stevia in the leaf by three to five fold from the same amount of acreage.
  • 57. The company is aiming to lead, not follow. OTCQB: STVF
  • 58. Stevia First has patents or patent applications related to production of stevia through biosynthesis…
  • 59. …And is developing novel agricultural production methods using drone technology and LED photoperiod interruption.
  • 60. We are a very R & D invested business.
  • 61. Now let's talk about our recent deal with Qualipride.
  • 62. It’s a global exclusive agreement with China - based Qualipride, one of the world’s major stevia suppliers.
  • 63. We now have access to a supply chain that rivals anyone within the industry today.
  • 64. And that gets us a LOT of attention.
  • 65. Our agreement with Qualipride provide exclusive terms for Stevia First to take over stevia distribution business with access through partners to a supply chain that can support more than 1,000 metric tons of annual stevia production capacity of annual high- purity Reb A.
  • 66. That represents a big chunk of the stevia industry as it exists today.
  • 67. Their inventories may be more than 100 tons of high purity stevia extract in stock and available immediately…
  • 68. …And as their exclusive distributor, we expect to see margins from resale and with enough supply to support our own needs.
  • 69. Now with exclusive rights to modern stevia extraction and refining technologies outside of China, Stevia First plans to begin construction of the first vertically - integrated North American stevia production facilities in California's Central Valley
  • 70. Controlling all aspects (Stevia seed, leaf, extract, refining and sales) can secure us preferential pricing, and guarantee to our customers delivery of stevia on time at the right price year after year.
  • 71. The Qualipride group has been doing this for over 15 years. Their supply chain works with family farms in China. The first product we're rolling out is a high- purity Reb A using our own enzyme enhancement.
  • 72. The bigger picture is with very reasonable and conservative assumptions for margins and sales we could reach cash flow positive in 12 months even while investing heavily in long term R & D.
  • 73. This is a supply chain with a lot of room for growth.
  • 74. In March 2015, we also announced a technology collaboration that aims to transform sugary beverage consumption through bottling facilities in Mexico and Latin America (Mexico leads the world in sugar-sweetened beverage consumption and type 2 diabetes is the leading cause of mortality)
  • 75. We recently added to our team process engineering expertise that has been deeply integrated into Coca- Cola’s supply chain of bottling facilities in Mexico for more than 20 years.
  • 76. In our U.S. expansion we are targeting a minimum production of 200 metric tons of high purity stevia from our California enzyme enhancement. We could easily have access to 500 to 1,000 metric tons of supply.
  • 77. For comparison the leading stevia supplier, Malaysia- based Purecircle (PURE.L), has a valuation of more than US$1.0 billion with a fully invested supply chain capable of delivering 2,800 metric tons of high purity stevia which can support sales of $250 to $300 million annual sales.
  • 78. Our supply chain today rivals really anyone within the industry. It is only a matter of time before we start to deliver on contracts and start to make our footprint.
  • 79. How do we realize value for shareholders?
  • 80. We keep our capital structure clean. We have about 72.9 million shares, no significant debt or preferred stock or significant overhang. OTCQB: STVF
  • 81. In terms of cash we have a very modest ‘burn rate’ and we have always done a good job of striking terms for any growth financing we do. On Oct. 1 Stevia announced raising over $1.4 million from existing institutional investors to keep up its momentum.
  • 82. We are a small company today. We are an ag-biotech with a recent total stock market cap of around $25 million.
  • 83. We are working with identified demand from companies like Coca-Cola, who spend by themselves $6 billion a year on sweeteners.
  • 84. Carve out a little bit of value for these guys and we will get rewarded.
  • 85. And that is just what we are doing.
  • 86. Truly, Reinventing Human Nutrition Find out more at http://www.steviafirst.com OTCQB: STVF
  • 87. Disclaimer: This Flaherty Financial News Newsletter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected. We caution readers not to place undue reliance on any forward-looking statements and to supplement this newsletter with specific company SEC filings and their own research. Please be aware that there is risk in every company stock that you buy. Coverage or other mention of a stock or fund in this newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. We are not investment dealers or investor advisers registered with the SEC or State Security Authorities. We do not guarantee all the information in this newsletter is correct or will be updated. Remember some errors are inevitable. Reproduction without written permission is forbidden. Flaherty Financial News Inc. received $6,000 in cash from Stevia First Corp. for editorial writing and online distribution of this newsletter beyond our regular core readers. Our own policy forbids editorial from buying or selling a featured stock until this issue is out at least ten business days after its issue date, which in this case would be April 27, 2015. In cases where a report or profile is subsidized, readers should consider such subsidized articles as paid advertorials and understand that sponsored material will not be as objective as non-sponsored editorial. As Flaherty Financial News editor I always reserve "Final Copy Responsibility" on what to include and what to leave out of every issue. The buck stops here. We have tried to be objective, but may have failed. We are not security analysts or stockbrokers engaged in buying or selling, but financial journalists with all the many failings of that profession. You readers must decide the merits of each investment yourself and whether to invest. - Bob Flaherty, Editor Flaherty Financial News Inc. (FFN) and its newsletters Flaherty Financial News and Flaherty Special Situations are not registered as broker dealers or investment advisers with the U.S. Securities and Exchange Commission or any state securities authority. Our newsletters and their information and content providers make no representations or warranties of any kind in connection with the subject matter, performance or suitability of the information contained in the publications for any purpose and are not liable for the timeliness, accuracy or completeness of the information. The information is provided for general information purposes and is not a substitute for obtaining professional advice from a qualified person or entity familiar with your personal circumstances. Please seek the help and advice of professionals as appropriate regarding the evaluations of any specific security, report, opinion, advice or other content. FFN is not responsible for trades placed by recipients. All opinions expressed, information and data provided are subject to change without notice. FFN, its officers and its employees may have positions in and may from time to time make purchases or sales of the securities discussed or mentioned by FFN. (However, we will avoid front running and the buying or selling of any security about to be discussed until ten business days after our particular report is released to the public.) FFN shall have no liability for any newsletter that is lost, intercepted or not received in a timely manner, or not received at all, for any reason.-RJF