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16 Jan 2009 07:02
|
For immediate release |
16 January 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
Share Buy Back Transaction
TyraTech, Inc. (AIM: TYR), a leading independent novel clean technology company for human, animal and environmental health, announces that it has purchased shares of common stock in the Company from a number of departing members of staff with a par value of $0.001 per share ("Common Shares").
On 15 January 2009, the Company purchased from four departing members of staff 220,795 Common Shares at par, each following the exercise of the Company's discretionary right to repurchase unvested shares under a Unit Grant Agreement issued under the TyraTech LLC Equity Incentive Plan ("Right to Repurchase"). On January 5 2009, the Company also completed the purchase of 8,608 Common Shares at par from a departing employee, under a Right to Repurchase, resulting from the employee leaving the Company in April 2008.
The Company intends to hold the 229,403 Common Shares purchased in treasury. Following the purchase of these shares, the Company holds a total of 309,025 Common Shares in treasury and has 22,000,022 Common Shares in issue and admitted to trading on AIM.
For further information please contact:
TyraTech Inc.Douglas Armstrong Ph.D., Chief Executive Officer +1 (321) 409 7403Keith Bigsby, Chief Financial Officer +1 (321) 409 7714www.tyratech.com
Nomura Code SecuritiesCharles Walker +44 (0)20 7776 1200www.nomuracode.com
Buchanan CommunicationsMary-Jane Johnson / Lisa Baderoon +44 (0)20 7466 5000 / Catherine Breen / Stasa Filiplic
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 a product 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 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 visit www.tyratech.com.
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