Vystar® Corporation Reports First Quarter 2011 Results

Vystar® Corporation (OTC Bulletin Board:VYST.ob), the creator of Vytex® Natural Rubber Latex (NRL), a patented, all-natural raw material that significantly reduces antigenic proteins found in natural rubber latex, reports the results for the first quarter ended March 31, 2011.

Net revenues for Vystar's Vytex NRL for the first quarter of 2011 were $119,000, a 43% increase over the $83,000 reported for the first quarter of 2010.  Gross profit increased to $41,000 for the current quarter up to 34% margin, versus $11,000 and 13% margin for the first quarter of 2010.  EBITDA(1) was a loss of $433,000 for the quarter ended March 31, 2011; however, this is an improvement over the negative EBITDA for the first quarter of 2010 of $461,000, an improvement of 6%.  Importantly during the past several weeks, Vystar has announced two significant new sources of financing; a $3 million loan facility with Topping Lift Capital and an $800,000 line of credit provided by certain of Vystar's directors. 

William R. Doyle, Chairman, President and Chief Executive Officer of Vystar, commented: "We are pleased with the improvements in the first quarter of 2011 over 2010; however, our results only hint at the strong pipeline of new business we expect to come through during the remainder of 2011.  We are confident that the traction that was made in unique customer production trials in previous quarters will improve our results going forward.  Historically we have not reported our quarterly results, but as we grow as a company, we feel it is important for our shareholders to understand how our key metrics will change as latex commodity prices fluctuate.  We are currently working with our manufacturers and distributors on agreements that will be more favorable to our balance sheet, and which we believe will enable us to secure larger contracts.  We continue to execute on our growth plan, and we look forward to providing visibility as we move ahead." 

(1) This press release includes EBITDA which is not a financial measure defined by Generally Accepted Accounting Principles (GAAP).   See reconciliation of Non-GAAP financial measures section at the end of this press release for definition and reconciliation to net loss.

About Vystar Corporation
Based in Duluth, GA, Vystar® Corporation (OTC Bulletin Board:VYST.OB.ob) is the exclusive creator of Vytex Natural Rubber Latex (Vytex NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of antigenic proteins found in natural rubber latex and can be used in over 40,000 products. Vytex NRL is a 100% renewable resource, environmentally safe, "green" and fully biodegradable. Vystar is working with manufacturers across a broad range of consumer and medical products to bring Vytex NRL to market in adhesives, balloons, surgical and exam gloves, other medical devices and natural rubber latex foam mattresses, pillows and sponges.

Forward-looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may differ materially from those included in these statements due to a variety of factors.  More information about these factors is contained in Vystar's filings with the Securities and Exchange Commission.

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Source: PR Newswire