WORCESTER, Mass., March 06, 2019 (GLOBE NEWSWIRE) -- Vystar Corporation, (OTC Pink: VYST) a family of eco-friendly brands including Vytex® Natural Rubber Latex (NRL) and RxAir® air purification products, announced that it has made payment of $142,000 including principal of $103,000, and interest of 12% and fees to retire the convertible promissory note held by PowerUp Lending Group, Ltd. (PowerUp) dated October 23, 2018.
"Vystar’s Board of Directors authorized the prepayment to prevent conversion of the note into Vystar stock, thus retaining the shares within Vystar, helping shareholder value, by effectively buying the shares back,” stated Steve Rotman, CEO of Vystar. “We are happy to retire this note as our cash position has improved and this payment is strategically important for Vystar in keeping management’s promise to its shareholders. We appreciate that PowerUp provided funding to us at a critical time and showed faith in our business by investing on multiple occasions. We are able to move forward with our previously announced business plan to build our family of eco-friendly brands and capitalize on their unique attributes.”
Since December of 2018, Vystar has paid off approximately $380,000 to PowerUp and has no additional notes with them.
“We are in the final stages of closing out our only other institutional convertible debt of $50,000 to have a clean balance sheet as we enter the next phase of Vystar’s growth,” Rotman noted.
Videos on Vystar and products made with Vytex are available at: https://www.vytex.com/blog/category/videos/
About Vystar Corporation:
Based in Worcester, Mass., Vystar® Corp. (OTC Pink: VYST) is the exclusive creator of Vytex Natural Rubber Latex (NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of the proteins found in natural rubber latex and can be used in over 40,000 products, and the owner of RxAir™ UV light air purification 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 bringing Vytex NRL to market in adhesives, gloves, balloons, condoms, other medical devices and natural rubber latex foam mattresses, toppers, and pillows. For more information, visit www.vytex.com.
Contacts:
Media: Julie Shepherd, Accentuate PR, 847 275 3643, Julie@accentuatepr.com
Investors: Steven Rotman, Vystar CEO, 508-791-9114, srotman@vytex.com
Forward-looking Statements: Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of VYST officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future VYST actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and VYST has no specific intention to update these statements.