WORCESTER, Mass., Jan. 09, 2018 (GLOBE NEWSWIRE) — Vystar Corporation (OTCPink:VYST) has active a Letter of Intent (LOI) to access assets of NHS Holdings, LLC. (NHS), the absolute U.S. benefactor of Vystar’s Vytex® around allergen-, VOC- and odor-free accustomed elastic acrylic (NRL) foam. NHS was founded in January 2015 by Steve Rotman, now CEO of Vystar, and CEO of Rotman’s Appliance and Carpet, one of the U.S.’s better absolute appliance retailers. NHS identifies and brings to bazaar innovative, sustainably sourced, eco-friendly abstracts and apparatus for use in the home furnishings, apparel, and added markets. NHS was active to introducing Vytex cream to manufacturers for use in mattresses, and pillows.
NHS is admired at $5 actor based on the aftermost annular of allotment of $750,000 for 15% disinterestedness in NHS. Vystar proposes to access NHS for $1.2 actor in belted stock, a abatement of 85% from the valuation. NHS’s better shareholders are above investors and registered assembly of Vystar Corp, appropriately accountable to cabal trading restrictions. The proposed accretion is accidental aloft achievement of absolute transaction agreements and approvals, which are accepted to advance bound accustomed the architecture of NHS and Vystar’s shareholders. NHS above shareholders accommodate Joseph Alegra, MD, buyer of Lincoln Lee Investments; Keith Osborne, MD; Lam Ngoc Minh, CEO of Lien ‘A (one of the world’s better acrylic manufacturers); Bryan Stone, MD, Vystar Board member; Steve Rotman; and Greg Rotman, adviser to NHS. The Rotmans are collectively forfeiting 75% of their disinterestedness in NHS to facilitate the transaction on favorable agreement for Vystar.
“One of our key strategies for Vystar advance that we afresh appear was to augment artefact offerings, accumulation margins, and acquirement through acquisition,” declared Steve Rotman. “NHS is the analytic aboriginal acquisition, as any NHS revenues will add to Vystar’s basal line, and it is added amount able and operationally able to accept Vystar’s administration in-house, decidedly back the two organizations allotment abounding of the aforementioned resources.”
Rotman continued, “We ahead added acquirement in 2018, as Vystar expects to accomplice with added manufacturers in sales of assorted products, such as solid acrylic mattresses, toppers and pillows;
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