TyraTech announces 2007 final results
02 April 2008
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."
For further information:
| XL TechGroup | |
| John Scott / Harold Gubnitsky | Tel: +1 321 409 7403 |
| hgubnitsky@xltg.com | |
| Chris Munden, Director of Investor Relations | Tel: +44 (0) 20 7398 7720 |
| cmunden@xltg.com | www.xltechgroup.com |
XL TechGroup media enquiries:
| Abchurch Communications | |
| Heather Salmond | Tel: +44 (0) 20 7398 7704 |
| heather.salmond@abchurch-group.com | |
| Gareth Mead | Tel: +44 (0) 20 7398 7710 |
| gareth.mead@abchurch-group.com | |
| Switchboard: +44 (0) 20 7398 7700 | |
| www.abchurch-group.com |
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