ATLANTA, Oct. 28 /PRNewswire/ -- Vystar® Corporation (OTC Bulletin Board: VYST), the exclusive creator of Vytex® Natural Rubber Latex (NRL), a multi-patented, all-natural raw material that contains significantly reduced levels of the antigenic proteins found in natural rubber latex (NRL), has secured an initial three-year licensing agreement with KA Prevulcanised Latex Pvt. Limited (KAPVL) of Nagercoil, Tamil Nadu, India. KAPVL is part of the Ooppoottil Group, India's largest latex concentrate processor and the country's largest latex glove producer.
According to the terms of the agreement, KAPVL gains the exclusive rights to manufacture and sell Vytex NRL as their sole low protein natural rubber latex in six SAARC (South Asian Association for Regional Cooperation) countries: India, Sri Lanka, Pakistan, Bangladesh, Bhutan and Nepal. The initial agreement period is for three years and is tied to specific minimum sales volumes and quality standards to retain the license and territory exclusivity.
India is the second largest consumer of natural rubber behind China and its consumption of concentrated latex for the production of medical and consumer goods, Vystar's target markets, is expected to reach 130,000 metric tonnes in 2010.
Mr. Praveen Mathew, Director of KAPVL, said, "We are confident that our agreement with Vystar will work to the benefit of both companies. We at KAPVL have been impressed with the quality and versatility of Vytex, and we believe there is a significant market for Vytex NRL waiting to be tapped in a region with burgeoning growth."
William R. Doyle, President and CEO of Vystar Corporation, said, "This license Agreement allows Vystar access to a protected market where the duties for imported latex raw material hover around seventy percent. There is a large manufacturing base for latex products — including gloves, condoms, and foam — in India and its neighbors. India is a magnet for leading US and European manufacturers, and has recently been ranked ninth among all countries in industrial production worldwide and has surpassed the U.S. in latex consumption. Consequently, we have very positive expectations as KAPVL begins to immediately manufacture and sell Vytex in this part of the world."
About KA Prevulcanised Latex, Ltd.
KA Prevulcanised Latex Pvt. Ltd., headquartered in Nagercoil, Tamil Nadu, India, is part of Kurian Abraham Limited/Ooppoottil Group, and is India's largest latex concentrate processor and the country's largest latex glove producer. It has two latex manufacturing facilities in Nagercoil and one in Thodupuzha, Kerala and is fully integrated with rubber plantation holdings within the states of Tamil Nadu and Kerala. The company's latex, sold under the KA Latex brand not only has a significant share in the Indian market but is also exported to countries across the world such as the US, Europe, South America, Turkey and Sri Lanka.
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.
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.
SOURCE Vystar Corporation