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, global
unmet market needs, advises that its 47.9% owned company TyraTech, Inc. (AIM:
TYR), a leading independent novel pesticide company for human, animal and
environmental health, has today announced its maiden final results for the 12
months to 31 December 2007. TyraTech achieved net revenues of US$5.5 million in
2007, in line with market expectations, and finished the year with US$27.5
million in net cash.
TyraTech aims to be the recognized commercial leader for revolutionary products
that control invertebrate pests and pathogens and have a strong combination of
efficacy and safety for humans, animals and the environment. TyraTech looks to
maximize sustainable growth and value for its shareholders, customers, partners,
and employees through the development of quality industry-changing products
enabled by its proprietary, targeted, receptor-based screening platform.
TyraTech had a successful year in 2007, during which its key achievements
included:
• 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 these
results.
Dr. John Scott, CEO of XL TechGroup, said: 'As TyraTech's founder and leading
shareholder, 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 cover
broader and larger market segments. We look forward to hearing further news on
these fronts, as well as potential new relationships in the consumer,
professional pest control and animal health markets.'
- Ends -
For further information:
XL TechGroup
Dr. John Scott / Harold Gubnitsky Tel: +1 321 409 7403
[email protected]
Chris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 7720
[email protected] www.xltechgroup.com
Nomura Code Securities
Richard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200
www.nomuracode.com
XL TechGroup media enquiries:
Abchurch Communications
Heather Salmond Tel: +44 (0) 20 7398 7704
[email protected]
Gareth Mead Tel: +44 (0) 20 7398 7710
[email protected] www.abchurch-group.com
NOTES TO EDITORS
About TyraTech, Inc. (www.tyratech.com)
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 avoids both the environmental concerns and human health risks as well
as 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 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.
About XL TechGroup, Inc. (www.xltechgroup.com)
XL TechGroup is in the business of significant value creation. Working with
major international corporate and technology partners, 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, proven methodology selects the best opportunities in
order to create one-to-two new companies annually, where it is anticipated that
each company could achieve a realisable valuation of at least US$400 million
within four years from its creation. It is XL TechGroup's aim to deliver
significant shareholder distributions at the final exit from each company or
from 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 to
capture the value of those prospects that do not fully meet XL TechGroup's
company selection criteria but still demonstrate considerable potential worth.
Over and above XL TechGroup's core business model, GenXL reviews a flow of
opportunities from both its parent companies in order to generate new companies,
standalone product lines and technology licensing opportunities or an
appropriate mix of these.
This information is provided by RNS
The company news service from the London Stock Exchange BMBTMMIMTFP 