Tyratech Regulatory News (TYR)

7 Apr 2008 07:01

TyraTech, Inc.07 April 2008 For immediate release 7 April 2008 TYRATECH INC. ("TyraTech", "the Company" or "the Group") BOARD CHANGES TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company forhuman, animal and environmental health, is pleased to announce that David PaulSzostak, aged 53, will join the Board of TyraTech as a Non-Executive Directorand that Rick Brenner, aged 54, Executive Director and founding CEO of TyraTechand VP of Business Development for XL TechGroup, will step down from the Board.Rick will continue his day to day business development responsibilities atTyraTech. Both of the Board changes outlined above will take place withimmediate effect. Mr. Szostak is an Executive Director, Chief Financial Officer and CompanySecretary at XL TechGroup, Inc. (AIM: XLT), and began his career in Chicago,Illinois working as a certified public accountant (CPA) for a large sizeaccountancy firm (Laventhol and Howarth) and later other smaller accountingfirms. He then moved into industry in 1987 as corporate controller at Extel,Inc., a global manufacturer of electronic communication equipment for industryand governments. When Extel acquired Hetra Computer, Inc., a manufacturer ofgovernment specialty computers, in 1990, Mr. Szostak relocated to Florida andaccepted the position of vice president and CFO of Hetra. In 1993, when XLVision, the predecessor company to XL TechGroup, acquired Hetra, Mr. Szostakcontinued in the same position with XL Vision. During his tenure at XL Vision,he was active in both the fundraising and public offerings of the XL Visionspin-out businesses. In addition to the accounting and finance functions, Mr.Szostak was responsible for many of the internal functions such as humanresources and benefits, legal, travel and facilities. Mr. Szostak earned hisBachelor of Science in Finance at Southern Illinois University, with graduatestudies at DePaul University in Chicago. XL TechGroup have a 47.92% stake in TyraTech. Mr. Szostak's previous and current Directorships include the following:Company Name Date of DirectorshipeMerge Interactive, Inc. 1996 - 97Sanctuary HO Association 2002 - 04ANX LLC (formerly AgCert International LLC) 2002 - 03XL TechGroup LLC 2001 - 04XL TechGroup, Inc 2004- PresentXL TechGroup Employee 2007- PresentCharitable Fund, IncDxTech LLC 2005 - PresentPetroAlgae LLC 2006 - PresentGenXL LLC 2006 - Present There are no further details required to be disclosed pursuant to Schedule Two,paragraph (g) of the AIM Rules. Commenting on this announcement, Geoffrey N. Vernon, Non-Executive Chairman ofTyraTech, said: "I would like to thank Rick Brenner for his considerablecontribution to TyraTech as an Executive Board member and am delighted that hewill continue his day to day responsibilities assisting TyraTech. We welcomeDavid to the Board and look forward to working with him." For further information please contact:TyraTech Inc. +1 (321) 409 7403Douglas Armstrong Ph.D., Chief Executive Officerwww.tyratech.com Nomura Code Securities +44 (0)20 7776 1200Charles Walker/Clare Terlouwwww.nomuracode.com Buchanan Communications +44 (0) 20 7466 5000Mary-Jane Johnson mary-jane.johnson@buchanan.uk.comLisa Baderoon/Catherine Breenwww.buchanan.uk.com About TyraTech TyraTech was formed in 2004 to develop and commercialise products for thecontrol of invertebrate pests and pathogens using the Company's proprietarytechnology. TyraTech, which already has products on the market, is positionedfor human health, animal health and pesticide market opportunities which totalover $23 billion globally. TyraTech's technology provides the Company with awide variety of product and business opportunities in many markets andgeographic regions. The differentiating feature of these products is thepotential to have a combined level of potency and safety that other invertebratecontrol products are unable to offer. TyraTech's platform brings many of theprinciples of drug discovery and development to the fields of insecticides andparasiticides. By targeting specific chemoreceptors that are found ininvertebrates but not in humans and animals, TyraTech can produce products thatuse natural plant derived compounds targeting these receptors. TyraTech's plan for the use of its technology is to develop selected proprietaryactive ingredients which can then be used across a wide variety of marketsegments, either by development partners or by TyraTech itself. TyraTech alreadyhas products or partnerships in the areas of professional and horticulturalinsect control, and for an insect/mosquito repellent. TyraTech also has aninnovative partnership with Kraft to use its natural oils to develop functionalfoods for helping control of parasitic infections and diseases that affect morethan 2 billion people worldwide. TyraTech also has a separate technology with associated intellectual propertythat is the basis for the Sustainable Solutions business. This technology hasbeen incorporated into specialised dairy farm equipment for processing cattlemanure waste to a usable material for TyraTech to sell as a commercial plantgrowing medium. For more information please visit www.tyratech.com. This information is provided by RNS The company news service from the London Stock Exchange