27th Jun 2008 08:17
RNS Number : 6923X
TyraTech, Inc.
27 June 2008
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For immediate release
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27 June 2008
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TYRATECH INC.
("TyraTech", "the Company" or "the Group")
Temporary Suspension of Trading in XL Tech's Shares
TyraTech, Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, notes the announcement made by XL Tech Group, Inc, ("XL Tech"), on 26th June 2008, concerning the temporary suspension of trading in XL Tech's shares on the London Stock Exchange, following the unexpected termination of negotiations to establish a facility to fund XL Tech's short term financing requirements.
XL Tech is a 45.69% shareholder and founder of TyraTech and further to TyraTech's initial public offer on the London Stock Exchange in June 2007, XL Tech's holding in TyraTech, including any stock held as collateral by third party lenders to XL Tech, is subject to an orderly market agreement with the Company's nominated adviser and broker until 1st June 2009.
TyraTech will keep its shareholders informed as to any material new developments as they arise.
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 (mary-[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 the control of invertebrate pests and pathogens using the Company’s proprietary technology. TyraTech, which already has products 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 helping control of parasitic infections and diseases that affect more than 2 billion people worldwide.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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Related Shares:
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