ATLANTA, June 30 /PRNewswire/ -- Vystar Corporation today announced that Kildare Capital, a registered broker-dealer near Philadelphia, will provide investment banking services for the company.
Vystar Corporation is the exclusive creator of the innovative technology to produce Vytex(TM) Natural Rubber Latex (NRL). This patented technology reduces antigenic protein in natural latex products to virtually undetectable levels. Latex allergy has become an increasing concern, particularly in the healthcare industry where workers have prolonged and/or repeated contact with latex. It is estimated that as many as 17 percent of healthcare workers and three percent of the general population could have an allergic reaction to the protein in natural rubber latex. Vytex NRL reduces the levels of such proteins while maintaining the superior product qualities, like barrier protection, strength and durability, fit and comfort, positive environmental impact, and cost, in the vast array of everyday products made with natural rubber latex.
According to William Doyle, Vystar's Chief Executive Officer, the agreement with Kildare Capital is an important step in Vystar's journey to becoming a publicly traded company, and in achieving its goal of making Vytex NRL the standard source of latex and latex substitutes. "It is virtually unprecedented that an organization with the stature of Kildare Capital would come on as an investment banker for Vystar in our pre-revenue phase and prior to an initial public listing. They were attracted to our great progress towards commercializing Vytex NRL and the excellent test results achieved to date."
In the past six months, Vystar:
-- Signed a definitive toll manufacturing agreement with Revertex Malaysia, the world's largest producer of prevulcanized natural rubber lattices and postvulcanized latex compounds as well as the sole producer of evaporated natural rubber lattices;
-- Was added to Universal Capital Management's portfolio of companies for management and strategic growth resources;
-- Contracted with a U.S. manufacturer of condoms and straight-dipped gloves to develop products manufactured with Vytex NRL and in turn complete the biocompatibility tests for 510(k) submission to the U.S. Food and Drug Administration;
-- Signed almost 20 sampling agreements and evaluations with major manufacturers in the exam and surgical glove, foam, medical device, and condom industries.
According to Sean Sweeney, President of Kildare Capital, his firm was also attracted to Vystar's large market potential and strong progress. "It is not often we run across a product like Vytex NRL that has the potential to fundamentally change such a large industry in a cost effective manner. We believe this represents an attractive opportunity for long-term growth potential."
About Kildare Capital:
Kildare Capital, founded in 2000, is a registered broker-dealer and FINRA/MSRB member firm providing investment banking, institutional trading and capital introduction services for institutional investors, corporate clients, venture capitalists, entrepreneurs and financial sponsors. With demonstrated public market private equity and hedge experience, the company specializes in underwriting niche capital requirements through follow-on offerings, municipal debt and venture/growth transactions.
About Vystar Corporation:
Vystar Corporation, incorporated in 2003, is a privately funded corporation located in the Atlanta area. It is included in the portfolio of Universal Capital Management, Inc. (OTC Bulletin Board: UCMT.OB), a business development company that provides management and strategic growth resources to emerging growth companies. The company's operations have been focused substantially on early-stage research, development, testing and commercialization of the Vytex NRL process. Vystar, named a 2007 Top 10 Innovative Technology Company in Georgia by the Technology Association of Georgia (TAG), holds two U.S. patents for the Vytex(TM) NRL technology, with two additional filings pending. For more information, please visit http://www.vytex.com .
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Vystar Corporation "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Vystar's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Vystar as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Vystar believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Vystar does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
|SOURCE Vystar Corporation|
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