Vystar Corp (VYST)

[doogdilinger]

Luckily for us they have back up options and here's what Greg emailed me last Friday in regards to their still upcoming buyback campaign k cheers glenn>>>

The buyback program the board okayed allows us to buy back up to 250 million shares. We don’t give out too much information on, what, how or when, we are going to buy back for obvious reasons. We have been actively seeking a brokerage firm to handle the program for us. We started with two firms. The first firm we made it through their compliance but the clearing house, Schwab, they clear through turned us down. We have some large insiders that have accounts with Schwab and they felt there could be an issue if we were both buying at the same time and the company got a better fill than they did.

The second firm seems to be okay so far but we don’t have a “Yes” yet. We have added two other firms as a backup as well. It’s not as easy as just setting up an account like you normally would. There are SEC rules, the firm’s own rules, DTC and clearing house requirements to fill as well. The firm we use also has to be equipped to get good delivery (DVP) of the shares and those need to be sent to our transfer agent and then canceled, ideally every two weeks.