XL TechGroup, Inc.
26 July 2006
Press Release 26 July 2006
XL TechGroup, Inc.
('XL TechGroup')
Placing of Shares
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing
stream of high value new companies, announces the placing of shares owned by
Directors and employees of the Company, amounting to 4,000,000 existing common
shares at 280p per share (the 'Placing') to satisfy demand from institutional
investors and increase the free float.
Following the sale, the Directors' and other senior employees' interests in the
Company are expected to change as follows:
Number of common % of issued Number of common Number of common % of issued common
shares held prior common share shares sold shares held share capital
to the Placing capital following Placing following Placing
John S. Scott 7,141,011 14.47 728,650 6,412,361 12.99
Gregory W. Haskell 3,320,506 6.73 525,382 2,795,124 5.66
David P. Szostak 2,380,336 4.82 248,157 2,132,179 4.32
Harold R. Gubnitsky 2,380,336 4.82 253,157 2,127,179 4.31
Ottmar K. Dippold 2,380,336 4.82 241,513 2,138,823 4.33
James W. Douglass 1,785,252 3.62 247,160 1,538,092 3.12
John Scott, CEO, and David Szostak, CFO, have agreed not to sell their remaining
shares for a period of at least six months following this Placing.
Commenting on the Placing, John Scott, Chief Executive Officer of XL TechGroup,
said: 'We are pleased with the support shown for the Company from both existing
and new institutional investors which we believe is reflective of the strong
pipeline of opportunities and the proven methodology that XL TechGroup employs.
'The sale represents a small proportion of the overall stake of the Directors
and senior employees and represents the only sale of shares by them since our
IPO in October 2004.'
- Ends -
For further information:
XL TechGroup Inc.
John Scott / Harold Gubnitsky Tel: +1 321 409 7403
[email protected] www.xltechgroup.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 identifies unmet market needs in the Biotech, Ecotech and Medtech
sectors and then systematically creates and develops successful disruptive
technology businesses to exploit these needs. The Company has developed a
unique proven method to rapidly bring companies from inception to liquidity,
matching unexploited IP from a group of corporate and technology partners to the
identified unmet market need. XL TechGroup employs its own predictive algorithm
to ensure the market will rapidly adopt the identified solution and then moves
to scale the company specifically created to exploit the opportunity.
Before forming XL TechGroup, the management team created substantial value for
shareholders over a twelve year period, successfully exiting six technology
businesses at an average market valuation of approximately US$500 million.
The listing of the first company created under the XL TechGroup banner, AgCert
International, continues to validate the systematic approach to value creation.
• AgCert International was created by XL TechGroup in May 2002 and is a
global leader in the production and sale of agriculturally derived greenhouse
gas emission reductions, with business in Europe, Asia, North America and South
America. AgCert was listed on the London Stock Exchange in June 2005 and XL
TechGroup maintains a 24.7% interest in AgCert. www.agcert.com
The second and third companies in the new generation of XL TechGroup businesses
are:
• TyraTech LLC, which was created by XL TechGroup in July 2004, is
developing a new class of insecticides utilizing all natural active ingredients.
TyraTech is able to quickly evaluate natural ingredient combinations by
utilizing a patent-pending high throughput chemoreceptor screening process that
accurately predicts effectiveness levels. TyraTech's development is progressing
rapidly in both insecticidal and related human healthcare applications.
TyraTech, which is 66.7% owned by XL TechGroup, is continuing discussions with
companies in North America, Asia and Europe as well as numerous national public
health programs about the licensing and distribution rights for its
patent-pending formulations in relation to natural insecticide and personal care
products. www.tyratech.com
• DxTech LLC was created by XL TechGroup in July 2005, and is developing
a unique micro-fluidic platform that replaces essentially all biological tests
currently performed at reference laboratories with a fully-automated,
point-of-care device. This technology has applications in significantly
lowering costs and increasing efficiency for major pharmaceutical companies in
their clinical trials, the provision of diagnostics in developing countries and
delivering a new revenue stream for doctors in the USA. DxTech is currently 88%
owned by XL TechGroup. www.dxtech.com
XL TechGroup has a number of other opportunities already at an advanced stage in
its business creation pipeline, and expects to create one-to-two new companies
annually that can each achieve a liquidity event worth at least US$400 million
within four years from inception.
For further information, see www.xltechgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange