20th May 2009 07:00
|
For immediate release |
20 May 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
strategic PARTNERING agreement with Terminix EXPANDED TO
US Commercial & Institutional markets
~ Co-branded pest control products to reach restaurants and hotels ~
TyraTech, Inc. (AIM: TYR), a leading independent novel clean technology company for human, animal and environmental health, announced today that it has expanded its Strategic Business Relationship Agreement with Terminix International ("Terminix"), the largest professional pest control company in the world. The amended relationship will address the development and commercialisation of co-branded TyraTech Nature's Technology™ products for the US commercial and institutional market segments, and builds on the Company's existing agreement with Terminix, announced on 24 November 2008, to develop and market TyraTech products for the residential pest control markets. Terminix recently began selling the first co-branded TyraTech product - SafeShield™ - into the residential market, which provides a safe, natural product for the control of household insects.
Highlights
The amended Agreement contemplates the development, supply, marketing and co-branding of TyraTech Nature's Technology products in the US for commercial, institutional and government markets
TyraTech's existing commercial products will be transitioned into the new Terminix commercial and institutional market product offerings ("Commercial product offering"). These products are expected to be launched by Terminix in the second half of 2009
TyraTech will develop and manufacture all products, with Terminix responsible for the commercialisation, marketing, and sales of the co-branded Commercial product offerings via national broad-line distribution in the food service industry, in addition to developing and supporting other new commercial and government channels
Both parties will continue to discuss the development, marketing, and selling of additional co-branded products and solutions for residential pest control markets as well as continuing the expansion of the partnership into new areas.
Under the amended Agreement, Terminix and TyraTech will work together on the development and marketing of new and existing pest control products, incorporating TyraTech Nature's Technology, through TyraTech's and Terminix's established market channels within the US commercial and institutional markets for use in commercial establishments such as restaurants, schools, institutions, offices and hotels. Terminix currently provides pest control for more than 2.8 million homes and businesses against all types of pests in 45 US states.
These co-branded products will be launched in 2009 with a new combined brand based on insect control that is highly effective and environmentally friendly. In addition to the launch of the existing products, the companies will consider the development of new co-branded pesticide products.
TyraTech's Nature Technology has been developed based on 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.
Commenting on the announcement, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said:
"The expansion of our relationship with Terminix is the next step in what is becoming a unique combination of industry-pioneering technology with industry-leading commercialization strength. Our agreements provide a coordination to leverage development and marketing across multiple market segments to meet a growing public and private demand for people and environmentally friendly and effective ways to control insects." Dr. Armstrong continued: "The exciting recent launch of Terminix SafeShield to the residential market is underway and we should be able to follow quickly with the planned products for businesses, restaurants and hotels."
Safeshield ™ is a registered trademark of Terminix International
For further information please contact:
TyraTech Inc.
Douglas Armstrong Ph.D., Chief Executive Officer +1 (321) 409 7723
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
MaryߛJane Elliott / Lisa Baderoon +44 (0)20 7466 5000 / Catherine Breen / Stasa Filiplic
www.buchanan.uk.com
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 $32 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.
About Terminix
Protecting homes from the threat of pests for more than 80 years, Memphis-based Terminix was established in 1927 by a wood-flooring manufacturer who was passionate about finding a way to "nix" termites that attacked his product. Today, Terminix International Co. is the largest pest control company in the world, serving more than 3 million customers each year with a staff that is among the most knowledgeable and well-trained in the industry. The company has a worldwide network of locations, including 864 service centers throughout the United States and in 14 countries around the world.
Terminix is part of the ServiceMaster family of brands, one of the world's largest and most versatile service networks. The company's brands include TruGreen, TruGreen LandCare, Terminix, American Home Shield, ServiceMaster Clean, Merry Maids, Furniture Medic, and AmeriSpec.
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