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4 Aug 2008 07:00
|
For immediate release |
4 August 2008 |
TYRATECH INC.
("TyraTech", "the Company" or "the Group")
TyraTech Statement Regarding XL TechGroup Circular
TyraTech, Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, notes the circular posted by XL TechGroup, Inc. ("XLTG") to its shareholders dated July 29, 2008, regarding a proposed restructuring of XLTG and its assets ("The Circular").
A special committee of independent directors of the TyraTech board of directors (the "Committee") has been reviewing the potential for change of ownership of XLTG's 45.69% shareholding in TyraTech and is in constructive discussions with the relevant parties. The Committee has not yet made any decision as to what proposal, if any, should be made to TyraTech shareholders in this regard. XLTG's holding in TyraTech, including any stock held as collateral by third party lenders to XLTG, is subject to an orderly market agreement with the Company's nominated adviser and broker until 1st June 2009.
If and when appropriate, a further announcement will be issued.
For further information please contact:
TyraTech Inc.
Keith Bigsby, Chief Financial Officer +1 (321) 409 7714
www.tyratech.com
Nomura Code Securities
Charles Walker +44 (0)20 7776 1200
www.nomuracode.com
Buchanan Communications
Lisa Baderoon / MaryߛJane Johnson / Catherine Breen +44 (0) 20 7466 5000
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, which already has products on the market, is positioned for human health, animal health and pesticide market opportunities which total over $23 billion globally. TyraTech'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, and for an insect/mosquito repellent. TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for helping control of parasitic infections and diseases that affect more than 2 billion people worldwide.
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 visit www.tyratech.com.
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