Wednesday, October 08, 2008
W. Dean Waters and Mitsy Y. Mangum put their expertise behind the company that's revolutionizing the natural rubber latex industry with Vytex(TM) NRL
Atlanta, GA - Vystar Corporation today announced that Atlanta financial and investment professionals, W. Dean Waters, Managing Partner and Founder of Poseidon Capital Investments, LLC and Mitsy Y. Mangum, Vice President of Investments, Raymond James and Associates, have been named to the Vystar Corporation Board of Directors.
"As we accelerate our sales process for Vytex(TM) NRL, our revolutionary latex-safe natural rubber latex (NRL) product, we are experiencing growth that requires a broader base of expertise on our board," Vystar President and Chief Executive Officer William Doyle said. Noting that the Vystar board is also considering the potential for Vystar to become a publicly traded company, he said, "Dean, with 19 years of diversified business experience, and Mitsy, with more than 22 years of financial service and industry experience, complement the resources we have on our Board."
Waters embarked on his career with NationsBank; was one of the founding members of the Capital Markets Group within GMAC Commercial Finance's Equipment Finance Division; and in 2003, founded Poseidon Capital Investments, LLC a diversified investment advisory firm. Mangum is an accomplished investment professional whose career has included vice presidential positions with Smith Barney, Inc., Robinson-Humphrey Co. and Sterne Agee and Leach in addition to Raymond James. In addition, she co-managed a boutique equity trading firm for three years.
The board appointments come at a time when Alatech Healthcare Products, the largest state-of-the-art condom production facility in the U.S., is awaiting 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market the first condoms made with Vytex(TM) NRL. Once approved, the condoms will be sold in the consumer market as well as to the institutional bid market, comprised of government healthcare purchasing agencies, such as the Veteran's Administration. Alatech is also processing the paperwork for 510(k) submission on an exam glove.
The Alatech condom trial is the first of more than 25 manufacturing evaluation trials of Vytex(TM) NRL to progress this far. Most recently, successful manufacturing trials of the first low-ammonia version of Vytex(TM) NRL have been completed.
At the same time, the company is marketing Vytex(TM) NRL globally to all industries that use natural rubber latex or synthetic substitutes in their products. This includes the healthcare industry (surgical and exam gloves, catheters, probe covers, etc.), condom manufacturers, the foam industry and mattress manufacturers, the threads industry and clothing manufacturers, the adhesives industry, the balloon industry and others.
Vystar is the exclusive creator of the proprietary technology to produce Vytex (TM) NRL, a standardized NRL source material that is refined to significantly reduce the antigenic protein content to as low as undetectable levels in liquid NRL and finished latex products. This is important because latex allergy has become an increasing concern for everyone from healthcare workers to children to condom users. It is estimated that as many as 17 percent of healthcare workers (because of prolonged and/or repeated contact with latex) and 3 percent of the general population could have an allergic reaction to the protein in NRL. However, because of its superior properties - such as barrier protection, the absence of carcinogens, strength and durability, fit and comfort, memory, elasticity, low cost, and minimal environmental impact - latex is the ingredient of choice for a vast array of everyday products. In fact, Vytex (TM) NRL opens the door to widespread use of NRL in some 40,000 products.
About Vystar Corporation:
Vystar Corporation, incorporated in 2003, is a privately funded corporation located in the Atlanta area. The company's operations have been focused substantially on early-stage research, development, testing and commercialization of the Vytex (TM) 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 and the most recent white papers about Vytex (TM) NRL, please visit www.vytex.com.
Contact: Vystar - PR
Point B Agency
Phone: (678) 427-1766