VYSTAR CORPORATION (OTCMKTS:VYST) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On December 17, 2017, Steven Rotman, age 78, was elected Chief Executive Officer and a Director of Vystar Corporation. Mr. Rotman has been President and CEO of Rotmans, one of the oldest and largest, furniture and carpet retailers in New England, for more than 40 years. In addition, he is the founder and managing partner of NHS Holdings, a company that in 2015 became the exclusive distributor of Vytex™ natural rubber latex foam in the U.S. and laid the groundwork for Vytex’s entrance to the home furnishings industry. Mr. Rotman received a BBA degree from Clark University and an MS from New York University. Compensation arrangements for Mr. Rotman in his role as Chief Executive Officer are under discussion.
On the same date, William Doyle retired from his positions as Chairman, Chief Executive Officer, President and a director of Vystar. Mr. Doyle will continue with Vystar as a Product Development Consultant.
On the same date, two additional new directors were added to the Board.
Bryan Stone, M.D, age 51, has advised Vystar over the past years relating to product development for the healthcare industry and brings to the Board an understanding of the challenges of new product development for start-up companies. He is the Chairman of Medicine at Desert Regional Medical Center in Palm Springs, Calif., and is the Medical Director at multiple DaVita Dialysis Centers. He is also an entrepreneur, serving as the Interim CEO of Fluid Energy Conversion, Inc., a firm specializing in molecular fluid mechanics, specifically high efficiency mass producible energy conversion technologies.
Joseph Allegra, PhD, age 39, has followed Vystar’s progress for numerous years and has assisted as an investment advisor and investor, providing insight into positioning the company to attract investors, particularly in the healthcare sector. He currently is an Instructor of Epidemiology and Biostatistics at the University of Georgia and an Investment Advisor at Lincoln Lee Investments in Atlanta. Previously he was a Senior Drug Safety Associate at Genentech. Dr. Allegra received his BA in Psychology from Boston University, and his Masters of Public Health and Doctor of Philosophy degrees from the University of Georgia.
In connection with their election to the Board of Directors, Mr. Rotman, Dr. Stone and Dr. Allegra were each granted options to acquire 500,000 shares of Common Stock of the Company at an option price of $.05 per share, the closing price of the Common Stock on December 15, 2017, the last closing date of the Common Stock prior to their elections. Such options vest 25,000 quarterly beginning December 31, 2017, and continuing for each fiscal quarter thereafter for so long as Mr. Rotman, Dr. Stone and Dr. Allegra, respectively, remain in the continuous service of the Company as a director.
On December 17, 2017, Jason Meggs resigned from the Company’s Board of Directors. Mr. Meggs’ resignation did not result from any disagreement with the Company.
| Item 9.01 | Financial Statements and Exhibits |
Vystar Corp ExhibitEX-99.1 2 ex99-1.htm PRESS RELEASE VYSTAR CORPORATION 8-K Exhibit 99.1 Vystar Names Furniture Industry Leader Steve Rotman as CEO; Appoints 3 Board Members Vystar Moves Headquarters to Worcester,…To view the full exhibit click here
About VYSTAR CORPORATION (OTCMKTS:VYST)
Vystar Corporation is the creator and owner of the technology to produce Vytex Natural Rubber Latex (NRL). The Company’s technology reduces antigenic protein and non-rubbers in natural rubber latex to undetectable levels. The Company operates in two segments: Vytex Division and Kiron Division. The Vytex Division is focused on expanding the licensing and utilization of its source natural rubber latex technology. Its Kiron Division provides sleep medicine services, including clinical and diagnostic. The Company’s products and services include Natural Rubber Latex, and Clinical Sleep Diagnostics and Durable Medical Equipment. Its product portfolio includes Vytex NRL in high ammonia (HA) and low ammonia (LA) formulations. Vytex NRL is produced at the latex processor level and can be integrated into the processing environments. Vytex NRL is produced at the latex processor level and can be integrated into various processing environments.