Tuesday, January 14, 2020 5:49:38 PM
The purpose of the transaction was to acquire a Company that could no longer continue operations with current resources and Vystar saw an opportunity of continuing production of UV Flu product lines with Blue Ocean Innovation, Ltd. (“BOI”), a world-class manufacturer. Vystar anticipates it will take 45 days to complete manufacture of the next orders of air purifier units and another 45 days to relaunch sales with a new, more robust distribution model. In addition, Vystar plans to sell RxAir residential units via online and retail channels and also is reassembling the distribution network to relaunch sales of UV400 and Rx3000 units to the healthcare and medical markets, which UV Flu had ceased due to sales force, distribution and cash flow constraints. Pursuant to the Asset Purchase Agreement, the Company purchased substantially all assets of UV Flu and it was consummated on May 7, 2018. Vystar acquired all UV Flu intellectual property and two patents, product lines, tooling, FDA clearances, research data, websites and other assets for the purchase price of $1,814,670 or 27,918,000 shares of Vystar restricted common stock which may not be assigned or sold by UV Flu for twelve months.
All shares of restricted common stock issued to UV Flu at closing will be held for a minimum of one year before sale or distribution of such shares to the UV Flu shareholders and will be voted consistent with the vote of the Company’s other shareholders until such distribution.
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