WORCESTER, Mass.—Vystar Corp., the manufacturer of Vytex natural rubber latex and various products made with Vytex, has paid off $1.5 million in long-term debt.
CMA Investments L.L.C. and its guarantors accepted 15 million shares of restricted Vystar common stock as payment for the principal and interest on the decade-old loan, Vystar said July 16.
With this repayment, Vystar has reduced its long-term debt by $2.6 million this year, the company said.
"Vystar is now totally free of long-term debt and liens," Vstar CEO Steven Rotman said, noting that this not only cleans up Vystar's balance sheet, but gives the company a fresh start in executing its strategic plan.
That plan, according to Rotman, includes further acquisitions, expanding Vystar's distribution network, developing new Vytex formulations and developing and launching new product lines.
Vytex, Vystar's flagship product, is an all-natural rubber latex that is 100-percent renewable, environmentally safe, biodegradable and largely free of allergy-causing proteins, according to the company. It can be used in more than 40,000 products covering a vast range of applications, it said.
Vystar, which last year moved its headquarters to Worcester from Atlanta, has been in acquisition mode recently. In May, it announced the acquisition of air filtration company UV Flu Technologies Inc. The month before, it acquired NHS Holdings L.L.C., its exclusive U.S. distributor.