Tyratech Regulatory News (TYR)

2 Apr 2008 07:01

XL TechGroup, Inc.02 April 2008 Press Release 2 April 2008 XL TechGroup, Inc. ("XL TechGroup" or "the Company") TyraTech announces 2007 final results XL TechGroup (AIM: XLT), the creator of companies that solve identified, globalunmet market needs, advises that its 47.9% owned company TyraTech, Inc. (AIM:TYR), a leading independent novel pesticide company for human, animal andenvironmental health, has today announced its maiden final results for the 12months to 31 December 2007. TyraTech achieved net revenues of US$5.5 million in2007, in line with market expectations, and finished the year with US$27.5million in net cash. TyraTech aims to be the recognized commercial leader for revolutionary productsthat control invertebrate pests and pathogens and have a strong combination ofefficacy and safety for humans, animals and the environment. TyraTech looks tomaximize sustainable growth and value for its shareholders, customers, partners,and employees through the development of quality industry-changing productsenabled by its proprietary, targeted, receptor-based screening platform.TyraTech had a successful year in 2007, during which its key achievementsincluded: • Successful initial public offering in June 2007, listing on the AIM market of the London Stock Exchange, raising gross proceeds of £25 million • First commercial launch from TyraTech's own product range for a general purpose insect spray for the hospitality industry containing all natural active ingredients • First product launch from the Sustainable Solutions business of dairy waste management equipment for the production of Nature's Natural, a unique horticulture soil product • Completion of the key objectives for human functional foods to receive the first major milestone payment from the worldwide exclusive agreement with Kraft Foods Inc. • Development and financial milestones achieved with insecticide strategic partners Arysta and Syngenta • Strengthened senior management team and sales and marketing function See TyraTech's separate announcement for the full text and financials of theseresults. Dr. John Scott, CEO of XL TechGroup, said: "As TyraTech's founder and leadingshareholder, we are pleased with the progress demonstrated over the last year.The key relationship with Kraft Foods is clearly developing and strengthening,and we are also encouraged by TyraTech's focus on relationships that coverbroader and larger market segments. We look forward to hearing further news onthese fronts, as well as potential new relationships in the consumer,professional pest control and animal health markets." - Ends - For further information:XL TechGroupDr. John Scott / Harold Gubnitsky Tel: +1 321 409 7403hgubnitsky@xltg.comChris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 7720cmunden@xltg.com www.xltechgroup.com Nomura Code SecuritiesRichard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200 www.nomuracode.com XL TechGroup media enquiries:Abchurch CommunicationsHeather Salmond Tel: +44 (0) 20 7398 7704heather.salmond@abchurch-group.comGareth Mead Tel: +44 (0) 20 7398 7710gareth.mead@abchurch-group.com www.abchurch-group.com NOTES TO EDITORS About TyraTech, Inc. (www.tyratech.com) TyraTech is pioneering a new class of highly effective, non-toxic, pesticidesand anti-parasitic compounds to address global agriculture, horticulture,functional foods, healthcare and veterinary markets. Using a revolutionarychemoreceptor screening process, TyraTech has identified proprietary blends ofnatural oils that stimulate the reactions and biological behaviour of insectsand parasites so that they can be effectively repelled or killed. TyraTech'stechnology avoids both the environmental concerns and human health risks as wellas the development of resistance that are associated with chemical pesticides,while still providing highly potent efficacy. TyraTech's products have been validated through strong partnerships withmultinational conglomerates operating within a growing US$23 billion worldwidemarket that is being increasingly driven by environmental legislation andend-user demand. TyraTech continues to develop new product applications based on safe, naturalingredients with a broad range of partners around the world. About XL TechGroup, Inc. (www.xltechgroup.com) XL TechGroup is in the business of significant value creation. Working withmajor international corporate and technology partners, XL TechGroup firstidentifies global unmet market needs and then targets and exploits these by thesystematic creation of successful, disruptive technology businesses. These newcompanies are built from scratch, and are then managed, developed and funded byXL TechGroup through to the point of a trade sale or a stock market listing. XL TechGroup's unique, proven methodology selects the best opportunities inorder to create one-to-two new companies annually, where it is anticipated thateach company could achieve a realisable valuation of at least US$400 millionwithin four years from its creation. It is XL TechGroup's aim to deliversignificant shareholder distributions at the final exit from each company orfrom other liquidity events. XL TechGroup's companies to date are: • PetroAlgae LLC (www.petroalgae.com)• TyraTech, Inc. (AIM: TYR, www.tyratech.com)• DxTech LLC (www.dxtech.com)• QuoNova LLC (www.quonova.com)• AgCert International plc (LSE: AGC, www.agcert.com) XL TechGroup has also established GenXL LLC (www.gnxl.com) as a joint venture tocapture the value of those prospects that do not fully meet XL TechGroup'scompany selection criteria but still demonstrate considerable potential worth.Over and above XL TechGroup's core business model, GenXL reviews a flow ofopportunities from both its parent companies in order to generate new companies,standalone product lines and technology licensing opportunities or anappropriate mix of these. This information is provided by RNS The company news service from the London Stock Exchange