MEDIA RELEASE PR41938
Vystar(R) Corporation Secures Licensing Agreement with KA Prevulcanised Latex Pvt. Ltd.
of India
ATLANTA, Oct. 28 /PRNewswire-AsiaNet/ --
Three-Year Agreement Allows KAPVL to Manufacture and Sell
Vytex(R) NRL in India, Pakistan, Sri Lanka, Bangladesh, Bhutan and Nepal
Vystar(R) Corporation (OTC Bulletin Board: VYST), the exclusive creator
of Vytex(R) 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 (R) 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
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.
SOURCE: Vystar Corporation
CONTACT: Adam Holdsworth, IR
or Laura Colontrelle
or Janet Vasquez, PR,
all of The Investor Relations Group
+1-212-825-3210
or Jack Callicutt
Chief Financial Officer of Vystar Corporation
+1-770-965-0383 x23
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