Vystar to merge with Malaysia's EcoGlove

Duluth: Georgia-based Vystar® Corporation, the creator of Vyte® natural rubber latex (NRL), on Thursday signed a letter of intent to merge with Sabah-based EcoGlove Asia Pacific Sdn Bhd.

The proposal is, however, subject to satisfactory completion of the due diligence process which has been instituted by both sides and the merger is expected to be completed by Sept 30.

EcoGlove, a specialty glove company, manufactures re-usable medical "Tr@ce”gloves and provides innovative reprocessing technology that enables multiple use of the gloves.

Bill Doyle, Vystar Chairman and Chief Executive Officer, said EcoGlove was aligned with the company's philosophy of providing quality, cost-efficient and environmentally sustainable solutions to clients.

"We have had the opportunity to work closely with EcoGlov as a Vytex NRL Customer and we value their business model", he said in a statement.

Doyle believed the synergies between EcoGlove reuse and reprocessing model, the Wytex NRL distribution and technical channels and the combined management team would have the potential to create "exponential value".

"While we feel strongly about the synergies, we are currently completing the required due diligence process and certain negotiations," Doyle said.

EcoGlove Chairman and Chief Executive Datuk Nyip Shen Tham said his company had built a relationship with Wystar and Bill Doyle over the past few years and had a strong affinity for their capabilities and core values.

"We feel Vytex NRL is a superior product that will add considerable leverage to our business model.

"As we move forward, we are hopeful that we have Vystar on board as a merged company and will update our clients and stakeholders as we move through the due diligence process," Tham added. - Bernama