SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported) April 15, 1999
STEVIA COMPANY, INC.
(Exact name of Registrant as specified in its charter)
Illinois 0-11718 36-2967419
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification)
1940 E. Devon, Elk Grove Village, Illinois 60007
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(Address of principal executive offices)
Registrant's telephone number, including area code: (847) 593-0226
N/A
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(Former name or former address, if changed since last report)
Item 3. Bankruptcy or Receivership.
On November 17, 1998, Stevia Company, Inc. (the "Company")
voluntarily filed a Complaint for Judicial Dissolution under Section 5/12.50
of the Illinois Business Corporation Act of 1983 in the State of Illinois
Circuit Court for the County of Cook, County Department, Chancery Division.
The case was assigned to the Honorable Ellis Reid and designated as case
number 98 CH 15912.
On April 15, 1999, the Honorable Ellis E. Reid entered an Order
dissolving the Company and approving a Plan of Liquidation. Under the Plan
of
Liquidation, all of the non-affiliate creditors will be paid 100% of the
amount due, and affiliate creditors will be paid approximately 92% of the
amount due. The proceeds from the liquidation of the Company will be
insufficient to satisfy all of the creditors of the Company, and therefore
there will be no distributions to shareholders.
Item 7. Financial Statements Pro Forma and Exhibits Financial Information
(c) Exhibits
99.1 Press Release issued by the Company on April 15, 1999.
99.2 Court Order approving Dissolution of the Company and Plan of
Liquidation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by
the undersigned hereunto duly authorized.
STEVIA COMPANY, INC.
Date: April 20,1999 By: /s/ Fred K. Suzuki /s/
--------------------------
Fred K. Suzuki, President
By: /s/ Lauane C. Addis /s/
---------------------------
Lauane C. Addis,
Secretary
<PAGE>
EXHIBIT INDEX
Exhibit Sequential
Number Page Number
- -----------
- -----------------
99.1 Press Release issued by the Company on April 15, 1999 E-1
99.2 Court Order approving Dissolution of Company and Plan of E-2
Liquidation
PRESS RELEASE
For Immediate Release
Company Contact: Fred K. Suzuki
(847) 593-0226
STEVIA COMPANY, INC. SEEKS JUDICIAL DISSOLUTION
Elk Grove, Illinois (April 15, 1999) - Stevia Company, Inc.
(Unlisted) announced today that the Circuit Court of Cook County, County
Department, Chancery Division, entered an Order dissolving the Company and
approving the Company's Plan of Liquidation. Under the Company's Plan of
Liquidation, the creditors will be paid overall approximately 95% of the
amount due to them. There will be insufficient proceeds remaining to make
any
distributions to shareholders.
Lauane C. Addis, Receiver for the Company, said that "Liquidating
the Company at this time eliminates the risk of insolvency proceedings in the
future, and gives the Company the opportunity to pay a substantial portion of
its liabilities." The Company has incurred losses since its inception in
1976, and has not been able to obtain financing and commence proposed
commercial operations. "Incurring continuing losses is not in the best
interest of the Company's creditors or its shareholders," added Mr. Addis.
Stevia Company, Inc. was organized for the purpose of developing,
manufacturing and marketing natural sweeteners and other products derived
from
the Stevia Rebaudiana plant. One product, Rebaudioside A, is a sweetener,
225-450 times sweeter than sugar.
This Press Release contains forward-looking statements that involve
risks and uncertainties. Actual results, events and performance could differ
materially from those contemplated by these forward-looking statements.
Among
the factors that could cause actual results, events and performance to differ
materially are risks and uncertainties discussed in this Press Release and
those detailed from time to time in the Company's filing with the Securities
and Exchange Commission, including the Company's Annual Report on Form 10-K
for the fiscal year ending April 30, 1998, the Company's Quarterly Reports on
Form 10-Q for the quarterly periods ended July 31 and October 31, 1998, and
in
the Company's other public reports and statements.
E-1
IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS
COUNTY DEPARTMENT, CHANCERY DIVISION
IN RE: )
)
DISSOLUTION OF )
STEVIA COMPANY, INC. ) 98 CH 15912
)
ORDER
This matter came to be heard on the Motion of Stevia for approval
of
liquidation sale and dissolution. The Court orders as follows:
A. The Motion is granted
B. Stevia Company, Inc. shall be and hereby is dissolved
C. Stevia Company, Inc. shall be and hereby is authorized to
carry out the proposed liquidation as set forth in the Motion.
Atty. No. 55429 Clerk of the Circuit Court
Name Bruce de'Medici AURELIA PUCINSKI
Attorney for Stevia Co., Inc. ___________________
Address 53 W. Jackson, #304
City/Zip Chicago, IL 60604 ENTER: April 15, 1999
Telephone (312) 431-1670 Judge Ellis E. Reid #191
____________________
AURELIA PUCINSKI, CLERK OF THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS
E-2
