Vystar Corp acquires controlling interest in Rotmans Furniture for $2.03M
Vystar announced that it has signed a definitive agreement and has acquired Murida Furniture Company, D/B/A Rotmans Furniture and Carpet. Rotmans, a furniture and flooring store in New England and one of the largest independent furniture retailers in the U.S., encompassing 200,000 square feet in Worcester, Mass., and employing 150 people, was founded and has been under the leadership of the Rotman family for the past 50 years. In 2018, Rotmans had gross revenue of approximately $30M-plus. Vystar has acquired a controlling interest in Rotmans for $2,030,000, comprised of 25% cash over 4-8 years and 75% in notes convertible into shares. Vystar desires to uplist to NASDAQ and expects any conversion of the notes into shares to take place after that event. All stock will be restricted. Rotmans and Vystar are eyeing a number of initiatives relating to environmentally friendly product development and distribution that will utilize the access to the capital markets afforded by this proposed transaction. With Vystar's recently announced acquisition of Fluid Energy Solutions, Vystar anticipates accessing capital to complete R&D to adapt Fluid Energy Solutions technology to enhance the effectiveness and efficiency and decrease cost and size of Vystar's RxAir air purification systems, as well as pursue applications in multiple industries for the FES technology. As CEO of both Rotmans and Vystar, Steve Rotman will provide continuity of management and customer-focused values for Rotmans.