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.(Logo: http://photos.prnewswire.com/prnh/20100203/CL48049LOGO)
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 CorporationBased 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 ove