On Thursday, Vystar® Corp. and KA Prevulcanised Latex Pvt. Limited announced that they have entered into a three-year licensing agreement. Per the agreement, KAPVL gains the exclusive rights to manufacture and sell Vystar’s Vytex® Natural Rubber Latex (an all-natural, raw material with reduced levels of antigenic proteins) as its sole low protein in India, Sri Lanka, Pakistan, Bangladesh, Bhutan and Nepal.
The initial agreement period is for three years and is tied to specific minimum sales volumes and quality standards to retain the license and territory exclusivity. Vytex and KAPVL’s agreement positions both companies to capitalize on the natural rubber market in India, which is the second largest behind China. Vystar’s target market is expected to reach 13,000 metric tons in 2010.
Mr. Praveen Mathew, Director of KAPVL, remarked, “We are confident that our agreement with Vystar will work to the benefit of both companies. We at KAPVL have been impressed with the quality and versatility of Vytex, and we believe there is a significant market for Vytex NRL waiting to be tapped in a region with burgeoning growth.”
Vystar Corporation President and CEO, William R. Doyle, added, “This license Agreement allows Vystar access to a protected market where the duties for imported latex raw material hover around seventy percent. There is a large manufacturing base for latex products including gloves, condoms, and foam in India and its neighbors. India is a magnet for leading US and European manufacturers, and has recently been ranked ninth among all countries in industrial production worldwide and has surpassed the U.S. in latex consumption. Consequently, we have very positive expectations as KAPVL begins to immediately manufacture and sell Vytex in this part of the world.”
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