9 Jun 2008 17:07
| For immediate release | 9 June 2008 |
TYRATECH INC.
("TyraTech", "the Company" or "the Group")
EMPLOYEE LOAN Settlement
And
Treasury Stock Sale
TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, announces that pursuant to the conditions of a loan agreement ("the Loan") with Dr Douglas Armstrong, TyraTech's CEO, as announced on 17 April 2008, Dr Armstrong has surrendered 59,502 shares of common stock to the Company in order to repay the Loan. Today the Company sold 59,502 treasury shares on the open market.
The Loan, of US$475,000, was made to cover an unanticipated tax liability on Dr Armstrong resulting from the conversion of units in TyraTech LLC to common shares in TyraTech Inc during the Company's structuring in anticipation of public listing in 2007. These common shares were subject to a lock up agreement until 1 June 2008.
Following the transfer of 59,502 common shares in TyraTech, Inc, Dr. Armstrong's holding in the Company has reduced from 602,561 to 543,059 common shares representing 2.5% of the Company's issued share capital. Following the sale of the 59,502 common shares received from Dr Armstrong, the Company now holds 129,121 common shares as treasury shares. There are currently a total of 22,000,022 common shares in the capital of TyraTech, Inc in issue.
For further information please contact:
TyraTech Inc.
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
MaryߛJane Johnson (maryߛjane.johnson@buchanan.uk.com) / Lisa Baderoon/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.