One stock that truly exploded higher on the OTC on Wednesday was Vystar Corp. Common Stock (OTCMKTS:VYST). The action was hot and heavy and came in the context of a wild roller-coaster ride for shareholders in the stock over the past two months, when we have seen as much as 1600% in gains followed by a chopdown that cut the stock’s market cap in half in two weeks.
To further flesh out the story, the company just announced that it has made payment of $142,000 including principal of $103,000, and interest of 12% and fees to retire the convertible promissory note held by PowerUp Lending Group, Ltd. (PowerUp) dated October 23, 2018.
Vystar Corp. Common Stock (OTCMKTS:VYST) promulgates itself as a company that manufactures and sells Vytex natural rubber latex (NRL) products to the manufacturers of rubber and rubber end products in the United States.
The company owns a technology to produce Vytex NRL, which reduces antigenic protein in natural rubber latex products to virtually undetectable levels in liquid NRL and finished latex products. Its NRL or latex substitutes are used in a range of products, including balloons, textiles, footwear and clothing, adhesives, foams, furniture, carpets, paints, coatings, protective equipment, and sporting equipment, as well as health care products, such as condoms, surgical and exam gloves.
The company was founded in 2000 and is based in Worcester, Massachusetts.
Vytex is currently used in multiple mattress lines, including Natura™, and Gold Bond®; Jeffco manufactured components for toppers and mattresses, which are sold to multiple manufacturers; and private label toppers, pillows and mattresses sold online via sites such as Amazon and Bed Bath & Beyond. Vytex is also used in industrial adhesives, apparel padding and threads, shoes, sports equipment and electrical gloves and Vytex 3D printed fabrics available through partners like Tami Care. Liquid Vytex can be ordered wholesale through Halcyon Agri’s RCMA and CentroTrade. Vystar continues development of new Vytex formulations and is seeking additional manufacturing and development partners for numerous products.
According to company materials, “Based in Worcester, Mass., Vystar Corp. (OTC Pink: VYST) is the exclusive creator of Vytex Natural Rubber Latex (NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of the proteins found in natural rubber latex and can be used in over 40,000 products, and the owner of RxAir UV light air purification 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 bringing Vytex NRL to market in adhesives, gloves, balloons, condoms, other medical devices and natural rubber latex foam mattresses, toppers, and pillows.”
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As noted above, VYST just announced that it has made payment of $142,000 including principal of $103,000, and interest of 12% and fees to retire the convertible promissory note held by PowerUp Lending Group, Ltd. (PowerUp) dated October 23, 2018.
Traders will note 31% piled on for shareholders of the stock during the trailing week. What’s more, the company has benefitted from a jump in recent trading volume to the tune of 98% above its longer-run average levels.
“Vystar’s Board of Directors authorized the prepayment to prevent conversion of the note into Vystar stock, thus retaining the shares within Vystar, helping shareholder value, by effectively buying the shares back,” stated Steve Rotman, CEO of Vystar. “We are happy to retire this note as our cash position has improved and this payment is strategically important for Vystar in keeping management’s promise to its shareholders. We appreciate that PowerUp provided funding to us at a critical time and showed faith in our business by investing on multiple occasions. We are able to move forward with our previously announced business plan to build our family of eco-friendly brands and capitalize on their unique attributes.”
Now commanding a market cap of $19.42M, VYST has a chunk ($191K) of cash on the books, which is balanced by about $1.9M in total current liabilities. VYST is pulling in trailing 12-month revenues of $256K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 3373%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $VYST stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $VYST, either long or short, and we have not been compensated for this article.