XL TechGroup, Inc.
26 September 2007
Press Release 26 September 2007
XL TechGroup, Inc.
('XL TechGroup' or 'the Company')
XL TechGroup company TyraTech announces maiden Interim Results
XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an
ongoing stream of high value new companies, advises that XL TechGroup company,
TyraTech Inc. (AIM: TYR) ('TyraTech'), the pioneer of safer, effective and
natural pesticide products, has today announced its maiden Interim Results for
the six months to 30 June 2007.
In the first half of 2007, TyraTech's achievements have included:
• a successful IPO on AIM which raised gross proceeds of £25 million
• good progress in the development of TyraTech's own products, as well as
those being developed by its strategic partners, which include Syngenta,
Scott's Miracle-Gro and Kraft Foods
• receiving the first milestone in its partnership with Syngenta for the
development of the lead all-natural active ingredient product for
professional pest control operators
• Scott's Miracle-Gro made an option payment to negotiate an expanded
relationship with TyraTech
• development of a new product area - 'Natures Natural', a fully sustainable
horticultural and garden product that is intended to replace peat in growth
or potting soil mixtures, which could generate revenue in the next few months
For full details of TyraTech's Interim Results, and for further information on
the company, see www.tyratech.com.
Dr John Scott, CEO of XL TechGroup, commented on TyraTech's Interim Results:
'Since coming to AIM earlier this year, I am pleased to report that TyraTech has
continued to make strong progress. The Syngenta milestone payment is just the
first in a series of key partner milestones that are expected to be met over the
coming months, while TyraTech's technology platform has the ability to produce a
number of new products. We are committed and supportive shareholders, and I am
confident that TyraTech will become an increasingly valuable asset in the XL
TechGroup portfolio.'
- Ends -
For further information:
XL TechGroup Inc.
John Scott / Harold Gubnitsky Tel: +1 321 409 7403
[email protected] www.xltechgroup.com
Chris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 7720
[email protected]
Nomura Code Securities
Richard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200
www.nomuracode.com
XL TechGroup media enquiries:
Abchurch Communications
Heather Salmond / Gareth Mead Tel: +44 (0) 20 7398 7700
[email protected] www.abchurch-group.com
NOTES TO EDITORS
About XL TechGroup
XL TechGroup is in the business of significant value creation. Working with
major international corporate and technology partners such as AES, Procter &
Gamble and leading universities, XL TechGroup first identifies global unmet
market needs and then targets and exploits these by the systematic creation of
successful, disruptive technology businesses. These new companies are built
from scratch, and are then managed, developed and funded by XL TechGroup through
to the point of a trade sale or a stock market listing.
XL TechGroup's unique and proven methodology selects the best opportunities in
order to create one-to-two new companies annually, where each company is
expected to achieve a realisable valuation of at least US$400 million within
four years from its creation. While an XL TechGroup company might perform a
stock market listing at an earlier point in this four year timeframe, XL
TechGroup would retain a controlling interest and would continue to assist with
the company's development. It is XL TechGroup's aim to deliver significant
shareholder distributions at the final exit from each company.
XL TechGroup's companies to date are:
• AgCert International plc (LSE: AGC, www.agcert.com)
• TyraTech Inc. (AIM: TYR, www.tyratech.com)
• DxTech LLC (www.dxtech.com)
• PetroAlgae LLC (www.petroalgae.com)
• QuoNova LLC (www.quonova.com)
XL TechGroup has also established GenXL LLC as a joint venture to capture the
value of those prospects that do not fully meet XL TechGroup's US$400 million,
four year criteria but still demonstrate considerable potential worth. Over and
above XL TechGroup's core business model, GenXL is reviewing a significant flow
of opportunities from both XL TechGroup and GEN3 in order to generate new
companies, standalone product lines and technology licensing opportunities or an
appropriate mix of these.
For further information, see www.xltechgroup.com.
About TyraTech, Inc.
TyraTech is pioneering a new class of highly effective, non-toxic, pesticides
and anti-parasitic compounds to address global agriculture, horticulture,
functional foods, healthcare and veterinary markets. Using a revolutionary
chemoreceptor screening process, TyraTech has identified proprietary blends of
natural oils that stimulate the reactions and biological behaviour of insects
and parasites so that they can be effectively repelled or killed. TyraTech's
technology prevents the development of resistance and avoids the environmental
concerns and human health risks of chemical solutions whilst still being at
least, if not more, effective.
The Company's products have been validated through strong partnerships with
multinational conglomerates operating within a growing US$23 billion worldwide
market that is being increasingly driven by environmental legislation and
end-user demand.
TyraTech continues to develop new product applications based on safe, natural
ingredients with a broad range of partners around the world.
For further information, see www.tyratech.com.
This information is provided by RNS
The company news service from the London Stock Exchange 