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XL TechGroup, Inc. (XLT)


Monday 12 February, 2007

XL TechGroup, Inc.

PetroAlgae update

XL TechGroup, Inc.
12 February 2007

Press Release                                                   12 February 2007

                               XL TechGroup, Inc.

                       ('XL TechGroup' or 'the Company')

                               PetroAlgae Update

XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing
stream of high value new companies, is pleased to provide an update on the
progress of its portfolio business, PetroAlgae LLC ('PetroAlgae').

Construction is now complete on the four acre optimisation site in Florida and
algae are currently growing in situ.  Over the next few months, this site will
enable PetroAlgae to test multiple growing and processing variables in order to
maximise the oil yield, whilst also validating engineering processes and the
scaleable nature of the modular production technology.

A second phase is now underway with PetroAlgae currently looking at potential
locations for a 400 acre pilot production site.  Further, much larger scale,
production facilities, in excess of 10,000 acres, are expected to be in planning
by the end of 2007, and in production soon after.

John Scott, CEO of XL TechGroup, commented: 'The results from the commissioning
of PetroAlgae's test facility have already exceeded our expectations and we
believe this business has the potential to transform the gigantic global
commodities markets which currently rely on petroleum based feedstock.
Exploratory talks with a number of potential project financiers, joint venture
partners and customers continue apace.'

Further details about PetroAlgae, including a presentation on the company, can
now be found on XL TechGroup's website,

                                    - Ends -

For further information:
XL TechGroup Inc.
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]                               

Nomura Code Securities
Richard Potts, Corporate Finance                   Tel: +44 (0) 20 7776 1200

XL TechGroup media enquiries:
Abchurch Communications
Heather Salmond / Gareth Mead                      Tel: +44 (0) 20 7398 7700
[email protected]          


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 are built from scratch, and
are then funded and developed 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 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 its controlling interest and would continue to assist with the company's

XL TechGroup's companies to date are: AgCert International plc (,
TyraTech LLC (, DxTech LLC (, PetroAlgae LLC and
QuoNova LLC.

XL TechGroup has also established GenXL LLC as a joint venture to capture the
value of those prospects that do not quite meet the US$400 million, four year
criteria but still demonstrate considerable potential worth.  Over and above XL
TechGroup's core business model, GenXL will review 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

About PetroAlgae

PetroAlgae is utilizing a proprietary environmentally-friendly algae that
generates an estimated two hundred times more energy per acre than traditional
biofuel crops, together with a process by which the technology can
cost-effectively produce renewable petroleum based products such as biofuel.
PetroAlgae was created by XL TechGroup in September 2006 and is 95% owned by XL

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                    

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