17th Apr 2008 07:01
TyraTech, Inc.17 April 2008 For immediate release 17 April 2008 TYRATECH INC. ("TyraTech", "the Company" or "the Group") EMPLOYEE LOAN TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company forhuman, animal and environmental health, advises that it has today entered into aloan agreement ("the Loan") with Dr Douglas Armstrong ("Dr. Armstrong"),TyraTech's CEO. The Loan, of US$475,000, has been made to cover an unanticipatedtax liability on Dr Armstrong resulting from the conversion of units in TyraTechLLC to common shares in TyraTech Inc during the Company's structuring inanticipation of public listing in 2007. These common shares are subject to alock up agreement until June 1, 2008. Dr Armstrong has agreed to pay the principal, plus accrued interest (at a rateof US prime rate +1% per annum) at anytime, but in any event not later than 90days from the date of the Loan. Dr Armstrong may pay the principal and accruedinterest in cash, or, after 1 June 2008, by surrendering shares of common stockof the Company owned by Dr Armstrong, or any combination of such cash andshares. If shares of TyraTech stock are used to pay sums owed under the Loan, the valueof these shares shall be based upon the price of TyraTech shares as traded onAIM, using the closing bid price for the date on which Dr Armstrong giveswritten notice to the Company that he is surrendering the shares as payment. As a director of the Company, Dr Armstrong is a related party and the loanconstitutes a related party transaction under Rule 13 of the AIM Rules. Thedirectors, with the exception of Dr Armstrong, having consulted with Nomura CodeSecurities Limited, consider that the terms of the transaction are fair andreasonable insofar as its shareholders are concerned. For further information please contact: TyraTech Inc. Keith Bigsby, Chief Financial Officer +1 (321) 409 7714 www.tyratech.com Nomura Code Securities Charles Walker/Clare Terlouw +44 (0)20 7776 1200 www.nomuracode.com Buchanan Communications Mary-Jane Johnson ([email protected]) /Lisa Baderoon/Catherine Breen +44 (0) 20 7466 5000 www.buchanan.uk.com About TyraTech TyraTech was formed in 2004 to develop and commercialise products for thecontrol of invertebrate pests and pathogens using the Company's proprietarytechnology. TyraTech, which already has products on the market, is positionedfor human health, animal health and pesticide market opportunities which totalover $23 billion globally. TyraTech's technology provides the Company with awide variety of product and business opportunities in many markets andgeographic regions. The differentiating feature of these products is thepotential to have a combined level of potency and safety that other invertebratecontrol products are unable to offer. TyraTech's platform brings many of theprinciples of drug discovery and development to the fields of insecticides andparasiticides. By targeting specific chemoreceptors that are found ininvertebrates but not in humans and animals, TyraTech can produce products thatuse natural plant derived compounds targeting these receptors. TyraTech's plan for the use of its technology is to develop selected proprietaryactive ingredients which can then be used across a wide variety of marketsegments, either by development partners or by TyraTech itself. TyraTech alreadyhas products or partnerships in the areas of professional and horticulturalinsect control, and for an insect/mosquito repellent. TyraTech also has aninnovative partnership with Kraft to use its natural oils to develop functionalfoods for helping control of parasitic infections and diseases that affect morethan 2 billion people worldwide. TyraTech also has a separate technology with associated intellectual propertythat is the basis for the Sustainable Solutions business. This technology hasbeen incorporated into specialised dairy farm equipment for processing cattlemanure waste to a usable material for TyraTech to sell as a commercial plantgrowing medium. For more information please visit www.tyratech.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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