24th Nov 2008 07:00
|
For Immediate Release |
24 November 2008 |
TYRATECH, INC.
("TyraTech" or "the Company")
Strategic Partnership Agreement Signed with Terminix
~ Pest Control Market Leader Gives TyraTech New Market Access ~
TyraTech, Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, is pleased to announce that it has signed an exclusive strategic business relationship agreement (the "Agreement") with Terminix International ("Terminix"), the largest professional pest control company in the world, to market, use and distribute certain TyraTech Natural pest control products in the US.
Highlights
Under the Agreement, Terminix and TyraTech will work together to develop and market effective pest control products incorporating TyraTech Natural technology. The new partnership will enable a development plan designed to identify TyraTech Natural products and market channels for commercialization.
The new products will be launched under a new combined Terminix and TyraTech brand based on insect control that is effective and environmentally friendly. This combination should enable Terminix to go to market with additional professional and consumer approaches for inside the home, as well as in office and hospitality industry settings. The companies have already completed testing of the first product and have agreed to its commercial launch in 2009.
Terminix provides pest control for over 2.8 million homes and businesses against all types of pests in 45 US states and in 14 countries internationally through its network of 864 service centers worldwide. TyraTech has developed a series of products from its proprietary natural ingredients that have been engineered to deliver powerful insect control that is safe for use in homes and businesses against a broad spectrum of common commercial pests including drain flies, fruit flies, cockroaches and ants. This collaborative commercialization relationship will combine and leverage Terminix's strong brand and position as a seasoned market leader in pest control with TyraTech's technology and innovation capabilities.
In order to prioritize this agreement with Terminix, TyraTech has withdrawn from a previous contract with Syngenta which gave Syngenta worldwide and exclusive rights to certain of the relevant markets. This agreement was reached mutually, and the two companies continue to explore other areas of cooperation.
Commenting on the announcement, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said: "TyraTech is committed to finding influential partners who share our vision of innovative approaches to meet the growing market demand for safer and more responsible control of domestic insects. Our new relationship with Terminix is a strong endorsement of our proprietary products and exemplifies this strategy. As the largest insect control company in the world, Terminix is an ideal partner for TyraTech to immediately access multiple marketing channels in the US. Furthermore, Terminix shares TyraTech's corporate vision to build a new brand that will mean "safe and effective", and is providing the market development resources that should provide every opportunity for success. We are proud of this new development which accelerates our movement into the both the professional pest control marketplace by over a year with a strong partner that gives us immediate access to a 2.8 million customer base.
With the Company's business plan progressing, along with the projected 2009 product revenue provided by this Agreement, TyraTech does not have any plans or current need to complete additional financing to support its operations."
Also commenting on the Agreement, Thomas G. Brackett, Terminix President and Chief Operating Officer, said: "As a global market leader for pest control, Terminix is in a strong competitive position to offer to our customers the most reliable, safe and environmentally-friendly approaches to control pests. Our partnership with TyraTech reflects Terminix's commitment to innovation in its service offerings and products."
For further information please contact:
TyraTech Inc.
Keith Bigsby, Chief Financial Officer +1 (321) 409 7714
www.tyratech.com
Nomura Code Securities
Charles Walker +44 (0)20 7776 1200
www.nomuracode.com
Buchanan Communications
Mary-Jane Johnson / Lisa Baderoon / Catherine Breen/ Stasa Filiplic +44 (0) 20 7466 5000
About TyraTech
TyraTech was formed in 2004 to develop and commercialise products for the control of invertebrate pests and pathogens using the Company's proprietary technology. TyraTech, which already has a product on the market, is positioned for human health, animal health and pesticide market opportunities which total over $23 billion globally. TyraTech's technology provides the Company with a wide variety of product and business opportunities in many markets and geographic regions. The differentiating feature of these products is the potential to have a combined level of potency and safety that other invertebrate control products are unable to offer. TyraTech's platform brings many of the principles of drug discovery and development to the fields of insecticides and parasiticides. By targeting specific chemoreceptors that are found in invertebrates but not in humans and animals, TyraTech can produce products that use natural plant derived compounds targeting these receptors.
TyraTech's plan for the use of its technology is to develop selected proprietary active ingredients which can then be used across a wide variety of market segments, either by development partners or by TyraTech itself. TyraTech already has products or partnerships in the areas of professional and horticultural insect control, and for an insect/mosquito repellent. TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for improving the health of the more than 2 billion people worldwide subject to intestinal parasitic infections.
TyraTech also has a separate technology with associated intellectual property that is the basis for the Sustainable Solutions business. This technology has been incorporated into specialised dairy farm equipment for processing cattle manure waste to a usable material for TyraTech to sell as a commercial plant growing medium. For more information please visit www.tyratech.com.
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