Vystar® Corporation Secures a $3M Credit Facility to Fund Growth Financing Supports Expected Inventory Requirements and Working Capital Needs
ATLANTA, March 15, 2011 /PRNewswire/ -- Vystar® Corporation (OTC Bulletin Board: VYST), the creator of Vytex® Natural Rubber Latex (NRL), a patented, all-natural raw material that significantly reduces antigenic proteins found in natural rubber latex, has secured $3 million in debt financing through Topping Lift Capital LLC. The use of proceeds from the transaction will be used for inventory and working capital purposes to fund expected Vytex NRL growth in 2011.
William R. Doyle, Chairman, President and Chief Executive Officer of Vystar, commented: "We have several agreements in place with latex companies committed to selling products using Vytex NRL, and it is imperative that we have a financing facility available to support expected inventory requirements and working capital needs. The debt facility through Topping Lift Capital will give us the ability to fund expected purchase orders from the agreements that we announced in 2010, and we will continue to announce updates as we move ahead."
Vystar's Chief Financial Officer, Jack Callicutt, stated: "With this new debt facility in place, Vystar is financially well positioned to capitalize on future sales growth opportunities. We have the strength to build sufficient inventory levels of Vytex NRL to meet future projected demand, and look forward to updating our shareholders as we continue to gain traction from our partners."
About Vystar Corporation
Based in Duluth, GA, Vystar ® Corporation (OTC Bulletin Board: VYST) is the exclusive creator of Vytex Natural Rubber Latex (Vytex NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of antigenic proteins found in natural rubber latex and can be used in over 40,000 products. Vytex NRL is a 100% renewable resource, environmentally safe, "green" and fully biodegradable. Vystar is working with manufacturers across a broad range of consumer and medical products to bring Vytex NRL to market in adhesives, balloons, surgical and exam gloves, other medical devices and natural rubber latex foam mattresses, pillows and sponges. For more information, visit www.vytex.com.
Forward-looking Statements: Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Vystar's filings with the Securities and Exchange Commission.
The Investor Relations Group
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IR: Adam Holdsworth
PR: Laura Colontrelle/Janet Vasquez
Jack Callicutt, Chief Financial Officer
SOURCE Vystar Corporation