Vystar Names Furniture Industry Leader Steve Rotman as CEO; Appoints 3 Board Members
Published on : 06-12-2018
ATLANTA and WORCESTER, Mass., Dec. 20, 2017 (GLOBE NEWSWIRE) — Vystar Corporation (OCT Pink:VYST) today announced the appointment of Steven Rotman as its Chief Executive Officer and member of the Board of Directors, appointment of three new members to its Board of Directors and relocation of its headquarters to Worcester, Massachusetts, effective immediately. Steve Rotman Appointed CEO Mr. Rotman brings extensive management experience to Vystar. He 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. “I’m looking forward to working with the Vystar team and its partners in this new role to unleash Vystar’s sales and profitability potential,” stated Steve Rotman. “Vystar’s management, largest creditors, partners, NHS Holdings and major shareholders have worked together over the past six months to formulate a three-pronged strategic plan that would create a sustainable model to bring greater value to all Vystar shareholders. The three strategies are 1) revise Vystar’s business model to enhance revenues beyond Vytex as a pure commodity, 2) augment product offerings, profit margins, and revenues through acquisition, and 3) add depth to senior management.” Rotman added, “We will be reviewing potential asset purchases to enhance our balance sheet, and will be aggressively pursuing innovative new higher margin product lines that can increase Vystar revenue. At the same time, we plan to pay off the approximately $3 million in short and long-term debt and payables.” William Doyle, Vystar’s previous CEO and Chairman, will continue with Vystar as a Product Development Consultant and has relinquished his seat on the Board of Directors. “I have enjoyed working with Steve and look forward to seeing Vystar grow to the next level under his direction,” said William Doyle. “I see Vystar’s future in making products with foam and incorporating the retail marketing and advertising approach, which Steve has used with Rotmans very successfully. I will continue to work with Dr. Ranjit Matthan, Vystar Board member and Director of R&D, to further develop new products. I’m excited to be pursuing the development of products to go into other retail markets that we can produce on an OEM basis.” Headquarters Move to Worcester, Mass. Vystar headquarters will move to Worcester, Mass., where it will be co-located with NHS Holdings. The transition will be seamless, as Vystar’s warehouse and distribution center are already located in Worcester, and the production and manufacturing of latex occur overseas. Three New Board of Directors Members In addition to Steven Rotman, Vystar has appointed Bryan Stone, M.D., and Joseph Allegra, PhD., to its Board of Directors. Dr. Stone 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. Dr. Allegra 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. “We welcome Drs. Stone and Allegra as valuable additions to Vystar’s Board who bring solid expertise in the healthcare, investment and technology arenas,” noted Mr. Rotman. “Their insight into the wants and needs of these industries will help us fine tune our business as well as product development for items such as medical exam gloves, catheters and other products. We also welcome their ability to open doors as we build our network of potential partners, clients, investors and associates in multiple industries.” Additional Steven Rotman biographical information: Mr. Rotman took the helm of the Rotman family furniture business in 1971 and led its expansion into one of the largest independent furniture retail business in the U.S. Mr. Rotman has been very active in leadership of the furniture industry holding the following positions during his career:- Executive Board member of the National Home Furnishings Association (NHFA),
- President of the New England Chapter of the NHFA; and
- Chairman of The Board of the Furniture First Buying Association, a group of 200 U.S. retailers.