20th Oct 2008 07:00
|
For immediate release |
20 October 2008 |
TYRATECH, INC.
("TyraTech" or "the Company")
Summons from Molecular Securities, Inc
TyraTech, Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, today notes that it has received a summons for a lawsuit filed against TyraTech in New York by Molecular Securities, Inc. ("Molecular"), a financial advisory services firm. Molecular alleges that it is owed $2,760,470 for advisory services provided to TyraTech.
While TyraTech does have a contract with Molecular it refutes this claim and intends to vigorously defend itself in the lawsuit. The Company will update the market as to material developments in due course.
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 +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.
Related Shares:
Tyratech