TyraTech receives Arysta LifeScience milestone payments
10 January 2008
XL TechGroup (AIM: XLT), the creator of companies that solve identified, global unmet market needs, is pleased to advise that its portfolio company, TyraTech Inc. (AIM: TYR) (“TyraTech”), the pioneer of safer, effective and natural pesticide products, has achieved development and financial milestones with Arysta LifeScience Corporation (“Arysta”), as part of its 2006 exclusive global licensing and co-development agreement to manufacture and market a number of insecticide products for certain horticultural markets.
The milestone payments relate to achieving specific insecticide efficacy and cost targets for TyraTech Natural products in two of the licensed applications. Field testing for the lead product prototypes has been underway since late 2006, when an exclusivity payment was received.
Dr John Scott, CEO of XL TechGroup, said: “Many horticultural pests have developed resistance to traditional insecticides. As a result, the growing worldwide insecticide market is looking for safe, natural solutions that work, and TyraTech is perfectly positioned to bring its unique technology and experience to bear. The Arysta partnership represents just one element of the broad range of applications and markets for TyraTech's technologies. We are pleased with TyraTech's continuing progress in implementing its business strategy to plan, and we look forward to further positive developments over the coming months.”
For further information:
| XL TechGroup Inc. | |
| 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 |
| 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 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
Disclaimer for US Site Visitors
This web site contains investor-related information that is directed only to non-US persons. The investor-related and other information provided on this web site is for use only by non-U.S persons, and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any XL TechGroup securities. Moreover, we may not offer or sell XL TechGroup securities in the U.S. absent registration or an exemption from registration. If you are a U.S. person, or a person acquiring XL TechGroup ordinary shares for the account or benefit of any U.S. person, you agree and acknowledge that XL TechGroup's ordinary shares have not been registered under the U.S. Securities Act of 1933, as amended, and any offer or sale of XL TechGroup securities by XL TechGroup or its affiliates may be made solely pursuant to an exemption from the U.S. Securities Act of 1933, as amended.