Vystar revenues, net loss increase, but EBITDA improves
ATLANTA—Vystar Corp. has posted a 43-percent rise in revenues and its net loss increased to $1.06 million in its first quarter of 2011, although the firm's EBITDA showed a 6-percent improvement.
The company's sales rose 43 percent to $119,039 in the first quarter ended March 31, Vystar said.
Vystar has a strong pipeline of new business it expects to develop during the remainder of 2011, according to William R. Doyle, chairman, president and CEO of the producer Vytex NRL, a latex that significantly reduces antigenic proteins found in natural rubber latex.
The company in the past several weeks has secured two new sources of financing, totaling $3.8 million.