16th Jan 2009 07:00
|
For immediate release |
16 January 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
Implementation of 10% Salary Cut for Certain Senior Executives and Board Members
TyraTech, Inc. (AIM: TYR), a leading independent novel clean technology company for human, animal and environmental health, announces that, in order to reduce Group overheads, certain Senior Executives have agreed to a 10% salary reduction, with immediate effect.
The salary reduction has been implemented for Board members Doug Armstrong, Chief Executive Officer, Keith Bigsby, Chief Financial Officer, as well as Senior Managers Rick Brenner, President and General Manager of Sustainable Solutions and Essam Enan, Chief Science Officer. The salary reductions come as a result of an ongoing focus on cost reduction.
Commenting on the announcement, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said: "TyraTech's senior management team remains committed to reducing the Group's costs and delivering revenue from its multiple revenue streams in 2009 and as such, have agreed to a salary reduction for 2009.
"The Company remains on secure financial footing which has been further strengthened by the recent receipt ahead of schedule of more than 75% of its second milestone payment from Kraft under its worldwide exclusive co-development and technology sub-license agreement. In addition, anticipated sales growth from the Crawling Insect Spray and WasteSolver animal waste recycling products and the commencement of sales from the newly signed exclusive strategic business relationship agreement with Terminix International will contribute to the Company's revenue for 2009."
For further information please contact:
TyraTech Inc.Douglas Armstrong Ph.D., Chief Executive Officer +1 (321) 409 7403Keith Bigsby, Chief Financial Officer +1 (321) 409 7714www.tyratech.com
Nomura Code SecuritiesCharles Walker +44 (0)20 7776 1200www.nomuracode.com
Buchanan CommunicationsMary-Jane Johnson / Lisa Baderoon +44 (0)20 7466 5000 / Catherine Breen / Stasa Filiplic
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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