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WILMINGTON, Del., Feb. 28 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc., a Wilmington, Delaware business development company that provides management and strategic growth resources to emerging growth companies, announced today that Vystar Corporation, a Georgia corporation, has become its newest portfolio company.
"At Universal Capital Management, we look at emerging companies with an eye to selecting those that can provide significant value to our fund and in turn to our shareholders," said UCM President and CEO Michael D. Queen. "Vystar, with its proprietary process for manufacturing what we believe to be the latex of the future, Vytex(TM) natural rubber latex (NRL), is most certainly one of those companies. Vytex NRL represents a dramatic breakthrough in the global search for a natural rubber latex that may not trigger allergic reaction."
Commenting on this important step toward possibly becoming a publicly held company, Vystar President William R. Doyle, said, "We are pleased that Vystar has become one of the portfolio companies of Universal Capital Management. Their belief in our company reinforces our position that Vystar has the potential for the rapid high growth needed to become a publicly traded multinational company. This development, coupled with the support we have gotten for our Vytex NRL product throughout the rubber manufacturing and processing communities, strengthens our vision."
The development of Vytex NRL is a potential boon for manufacturers as diverse as the makers of balloons, surgical and examination gloves, mattresses, upholstery fabrics, toys, infant supplies and medical equipment. It is particularly critical to the health care industry where current estimates put the number of health care workers affected by latex allergies on average at 17 percent.
Vystar previously completed second round funding and has had successful, repeatable production runs of its Vytex NRL product at a Malaysian processing facility. The company has already fulfilled sample requests from top manufacturers of products that contain latex from around the globe. Vystar has both a Board of Directors and a Technical Advisory Board of medical professionals with oversight of development and commercialization of the revolutionary Vytex NRL.
About Vystar Corporation: Vystar Corporation, incorporated in 2003, is a privately funded corporation located in the Atlanta area. The company's operations have been focused substantially on early-stage research, development, testing and commercialization of the Vytex process. Vystar, named a 2007 Top 10 Innovative Technology Company in Georgia by the Technology Association of Georgia (TAG), holds two U.S. patents for the Vytex(TM) technology, with additional filings pending. For more information, please visit www.vytex.com.
About Universal Capital Management, Inc.: Universal Capital Management, Inc., is a publicly traded Business Development Company created under the Investment Act of 1940. Its purpose is to assist its portfolio companies with funding and management to facilitate growth and increase their value. Please refer to the company's website at http://www.unicapman.com.
Forward-looking Statements:
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Universal Capital Management, Inc., or Vystar Corporation "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UCM's or Vystar's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UCM or Vystar as appropriate, and the valuation of UCM's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UCM and Vystar believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UCM and Vystar do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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