24 Jun 2013 07:00
24 June 2013
TyraTech, Inc.
("TyraTech" or the "Company")
Directorate Changes
The Board of TyraTech (AIM: TYR and TYRU), a life sciences company focusing on natural insect and parasite control products, announces that, as previously indicated on the appointment of Bruno Jactel as Chief Executive Officer on 10 January 2013, Alan Reade has now moved from his role as Executive Chairman to Non-Executive Chairman.
Furthermore, following the investment in the Company from American Vanguard Corporation ("AVD") in April 2013, the Company is pleased to announce that Mr. Eric Wintemute has been appointed to the board of the Company as a Non-Executive Director with immediate effect.
Mr. Wintemute is the Chairman and Chief Executive Officer of AVD. Mr. Wintemute joined AVD in January 1994 as Executive Vice President, Chief Operating Officer, and a member of the Board of Directors following AVD's acquisition of GemChem Inc., a national and international chemical distribution company he co-founded in 1991. From 1977 to 1982, Mr. Wintemute, worked for AMVAC Chemical Corporation ("AMVAC"), a wholly owned subsidiary of AVD, in a variety of sales, purchasing and production control capacities. As a Vice President and Director of R.W. Greeff & Co. from 1982 to 1991, Mr. Wintemute oversaw the national and international distribution of key AMVAC chemical products. Mr. Wintemute holds a Bachelors of Science in Economics from the University of California, San Diego.
Following a special meeting of the Company's shareholders on 28 March 2013, AVD completed a subscription for 49,400,000 common shares in the Company, representing 29.23% of the Company's total voting rights. AVD also holds 10,000,000 warrants in the Company (the "Warrants"). If AVD were to exercise the Warrants in full, it would hold approximately 31.73% of the Company's total voting rights on a fully diluted basis (i.e. assuming exercise in full of all outstanding options held by directors and staff and of the Warrants). Mr. Wintemute owns 4.19% of AVD.
Commenting on Mr. Wintemute's appointment, Bruno Jactel, Chief Executive Officer of TyraTech said: "We are delighted to have Eric join the Board and bring his experience to further enhance our competencies. AVD's participation in our recent fundraising reflects both the confidence in the prospects of our business by our strategic partner, AMVAC and the opportunities available to the Company as its technologies move from the development stage to the commercialisation of numerous applications through multiple retail and distribution channels."
Commenting on Alan Reade's move to Non-Executive Chairman of the Company, Bruno Jactel said: "On behalf of the Board, I would like to thank Alan for his substantial contribution to the Company as Executive Chairman over the past 3 years. Alan has been instrumental in building value, particularly with regard to intellectual property, obtaining product licences, commercial agreements and the Company's recent strategic funding from AVD. We are delighted that Alan will remain on the Board as Non-Executive Chairman during this important stage in the Company's commercial growth.
Appendix - Information required under AIM rules
Save as disclosed below, there are no further disclosures to be made under Schedule Two, paragraph (g) of the AIM Rules.
Eric Glenn Wintemute, aged 57
Directorships and partnerships held over the five years preceding the date of appointment are as follows:
Current:
American Vanguard Corporation
AMVAC Chemical Corporation
AMVAC Chemical UK Limited
AMVAC Netherlands BV
CropLife America
Envance Technologies LLC
Past:
None
For further information please contact:
TyraTech Inc.
Alan Reade, Non-Executive Chairman
Tel: +1 919 415 4310
Bruno Jactel, Chief Executive Officer
Tel: +1 919 415 4340
N+1 Singer, Nominated Adviser and Joint Broker
Jonny Franklin-Adams / Alex Wright
Tel: +44 20 7496 3000
First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
Walbrook, Financial PR and IR
Bob Huxford / Guy McDougall (Public Relations)
Tel + 44 7933 8792
Paul Cornelius (Investor Relations)
Tel +44 20 7933 8794