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16 Sep 2009 07:01
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For immediate release |
16 SeptemberΒ 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
Board Changes
TyraTech, Inc. (AIM: TYR), aΒ leading independent novel eco-technology company for human, animal and environmental health, is pleased to announce thatΒ Patrick ReganΒ will join the BoardΒ as aΒ Non-Executive Director andΒ thatΒ DavidΒ PaulΒ SzostakΒ will step down from the Board asΒ aΒ Non-ExecutiveΒ Director.Β MrΒ Szostak joined the Board in April 2008Β to represent XL TechGroupΒ andΒ willΒ nowΒ step down from the Board.Β Both changes take placeΒ with immediate effect.Β
Mr ReganΒ thirty sevenΒ joins the Board as a representative of theΒ Laurus-ValensΒ Group, the parent Group ofΒ PetroTech Holdings Corporation,Β which has a 45.69% shareholding in TyraTech.Β HeΒ bringsΒ to the Board overΒ sixteenΒ years of financial analysis,Β corporateΒ management,Β investment banking and venture capitalΒ experience gained in theΒ US.Β Mr ReganΒ hasΒ beenΒ a senior managing director for Laurus Capital Management LLC since 2001 andΒ hasΒ also servedΒ the same role at Valens Capital Management LLC since its establishment in 2007.Β
In addition to hisΒ fund management experience atΒ Laurus-Valens, heΒ hasΒ spent four years as a financial analyst at Geller & Company, a financial services accounting firm,Β primarily providing CFO functions to private companies and financial planning for high net worth individuals. At Geller,Β he was involved in private placement financing, management consulting and general corporate finance functions.Β Between 1999 and 2001,Β PatrickΒ Regan was an associate at Tower Hill Capital Group, an investment banking boutique and venture capital firm.
Mr Regan has a Bachelor of Science in Business and Economics fromΒ LehighΒ UniversityΒ and an MBA fromΒ FordhamΒ University.Β
Mr. ReganΒ has no otherΒ previousΒ orΒ current Directorships.Β
There are no further details required to be disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules.
Commenting on the board changesΒ Geoffrey Vernon, Chairman of TyraTech,Β said:
"I am delighted to welcomeΒ Patrick ReganΒ to the Board as he brings a wealth of experience of matters across a range of different areas important toΒ TyraTech.Β His understanding of the financial dynamics of small cap companiesΒ and hisΒ investment banking and venture capitalΒ experienceΒ will be beneficial to the Group."
"I would like to express my sincere gratitude to DavidΒ for his experience and expertise throughout his timeΒ at TyraTechΒ and wish him well for the future. His contribution has beenΒ highlyΒ valuable."
For further information please contact:
For further information please contact:
TyraTech Inc.
Douglas Armstrong Ph.D., Chief Executive Officer +1 (321) 409 7723
Keith Bigsby, Chief Financial Officer +1 (321) 409 7714
www.tyratech.com
Nomura Code Securities
Charles Walker/Clare Terlouw +44 (0)20 7776 1200
www.nomuracode.com
Buchanan Communications
Mary-JaneίΒ ElliottΒ / Lisa Baderoon +44 (0)20 7466 5000 / Catherine Breen / Stasa Filiplic
www.buchanan.uk.com
About TyraTech
TyraTech was formed in 2004 to develop and commercialise products for the control of invertebrate pests and pathogens using the Company's proprietary technology. TyraTech,Β which already has productsΒ on the market, is positioned for human health, animal health and pesticide market opportunities which total over $32 billion globally. TyraTech'sΒ Nature's Technology provides the Company with a wide variety of product and business opportunities in many markets and geographic regions. The differentiating feature of these products is the potential to have a combined level of potency and safety that other invertebrate control products are unable to offer. TyraTech's platform brings many of the principles of drug discovery and development to the fields of insecticides and parasiticides. By targeting specific chemoreceptors that are found in invertebrates but not in humans and animals, TyraTech can produce products that use natural plant derived compounds targeting these receptors.
TyraTech's plan for the use of its technology is to develop selected proprietary active ingredients which can then be used across a wide variety of market segments, either by development partners or by TyraTech itself. TyraTech already has products or partnerships in the areas of professional and horticultural insect control, andΒ for consumer and professional pest control. TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for improving the health of the more than 2 billion people worldwide subject to intestinal parasitic infections.
TyraTech also has a separate technology with associated intellectual property that is the basis for the Sustainable Solutions business. This technology has been incorporated into specialised dairy farm equipment for processing cattle manure waste to a usable material for TyraTech to sell as a commercial plant growing medium. For more information please visitΒ www.tyratech.comΒ
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