Vystar Corporation operates as a creator and owner of the innovative technology to produce Vytex natural rubber latex (NRL). The company owns SleepHealth, LLC and SleepHealth North Carolina, LLC (collectively, ‘SleepHealth’), which provide sleep lab management services to physicians’ offices, and specialty and multi-specialty clinics in Georgia, North Carolina, and South Carolina. In 2013, the company completed the acquisition of Kiron Clinical Sleep Lab, LLC (Kiron), a vertically integrated sleep diagnostic practice located in Durham, North Carolina. The company’s segments are the Vytex Division, which focuses on expanding the licensing and utilization of its proprietary source NRL technology; the Clinical Sleep Diagnostics Division; and the Durable Medical Equipment Division. The Clinical Sleep Diagnostics and Durable Medical Equipment divisions include SleepHealth and Kiron, which focus on the sleep diagnostic and durable medical equipment businesses. Products and Services NRL The company’s initial product portfolio included Vytex NRL in high ammonia and low ammonia formulations. It has used its technology to work with customers to solve production issues and provide them with a point of difference. Vytex NRL is produced at the latex processor level and could be integrated into the processing environments without additional capital equipment investment. The company has a toll manufacturing agreement with Revertex (Malaysia), a producer of pre-vulcanized natural rubber lattices. The company has a licensing agreement with Pica de Hule Natural, a division of Grupo Agroindustrial de Occidente (Occidente), located in Guatemala. Occidente is the major processor of NRL in Latin America and the primary exporter serving approximately 15 countries. Under the agreement, Occidente would manufacture, sell, and market Vytex NRL throughout Latin America, as well as supply Vytex NRL to North America through the company’s existing distribution system. The company has a second licensing agreement with KA Prevulcanized Latex to manufacture and sell Vytex NRL in the SAARC region, which includes India, Pakistan, Sri Lanka, Bangladesh, Bhutan, and Nepal. The company has a distribution agreement with Centrotrade Minerals & Metals, Inc., the U.S. and Centrotrade Deutschland, GmbH, Germany, the primary global distributors of latex raw materials, to create a worldwide distribution network. Its agreement with Centrotrade to expand Vytex NRL distribution rights to the NRL consuming markets in Southeast Asia, primarily Malaysia and Thailand. Intellectual Property The company has four issued patents by the United States Patent Trademark Office (USPTO) that were issued in 2005 (Patent No. 6,906,126), 2006 (Patent No. 7,056,970), 2011 (Patent No. 8,048,951), and 2012 (Patent No. 8,324,312). International patents include one issued patent from the Republic of South Africa in 2009 (2008/00886), a second foreign patent issued by China in 2011 (No. 200580051526.1), a third foreign patent issued by Japan in 2012 (No. 4944885), and a fourth foreign patent issued by Hong Kong in 2013 (HK1125959). In 2005, the company sought international patent protection of its application that would become its U.S. Patent No. 6,906,126 pursuant to the Patent Cooperation Treaty (PCT) (No. PCT/US2005/025018), and this application has been nationalized in various countries and regions, such as the European Union (No.05775523.3), Canada (No. 2,614,945), India (No.295/DELNP/2008), and Sri Lanka (No.14827). Additionally, this PCT was nationalized back into the United States to expand the company’s protection to both method and composition claims (No.11/988,498). In 2012, the company converted the provisional patent filed January 18, 2011 (No. 61/433,853) to full utility applications based on new discoveries and unexpected results (No. 13/374,851). It also sought international protection for the new developments and unexpected results reflected in this 2009 USPTO patent application through another PCT application (No. PCT/US2009/031445). This PCT application was nationalized in various countries in 2010, such as the European Union (No. 09702339.4), Brazil (No. PI0906513-0), Guatemala (No. 2010-000208), India (No.2487/KOLNP/2010), Indonesia (No. W-00201002436), and Malaysia (No. PI2010003317). In addition, the company filed the same patent application that was the subject of its USPTO patent application No. 12/356,355 and PCT/US2009/031445 directly into Thailand (No. 0901000201). The company filed and has received registered trademark protected status in the United States for the marks ‘Vystar’, ‘Vytex’, and ‘Created by Nature. Recreated by Science’. In 2010, the company filed for international trademark protection of ‘Vytex’ in Malaysia (No.2010013149) and India (No. 1992991), which was granted in India. Government Regulation The company’s business is subject to federal, state, and local regulation, including the Health Insurance Portability and Accountability Act; Health Information Technology for Economic and Clinical Health Act; the Affordable Care Act; and the Fair Debt Collection Practices Act relating to, among other things, licensure, conduct of operations, privacy of patient information, physician relationships, addition of facilities and services, reimbursement rates for services, and consumer debt collections. Seasonality The sleep diagnostic business shows a decrease in revenue in the fourth quarter (year ending December 2013), primarily in November and December, due to holiday commitments making patients reluctant to schedule tests as compared to other times of the year. History Vystar Corporation was founded in 2000. The company, a Georgia corporation, was incorporated in 2003.
vystar corp (VYST:OTC US)
2484 Briarcliff Road, #22
Atlanta, GA 30329
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