24th Nov 2009 07:00
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For immediate release |
24 November 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
Trading Update
TyraTech, Inc. (AIM: TYR), a leading independent novel eco-technology company for human, animal and environmental health, reports that following a review of current trading, revenue expectations for the period ended 31 December 2009 are approximately US$6 million. The Company's cash position at the year end is expected to be approximately US$1.6 million. These changes are largely due to a disappointing performance from the Company's subsidiary Sustainable Solutions, which has continued to suffer from the poor performance of the US dairy market.
In 2010 the Company will focus its resources on delivering near term revenue from existing partners. In order to exploit longer term opportunities, the Company is exploring financing options.
TyraTech will provide a further update on trading and prospects in due course.
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
Clare Terlouw / Chris Golden +44 (0)20 7776 1200
www.nomuracode.com
Buchanan Communications
Lisa Baderoon/ Catherine Breen / Stasa Filiplic +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 $32 billion globally. TyraTech's Nature'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 consumer and professional pest control. 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.
This announcement and the information contained herein includes forward-looking statements. Forward-looking statements are identified by words such as ''believe,'' ''anticipate,'' ''expect,'' ''intend,'' ''plan,'' ''will,'' ''may,'' ''should,'' ''could,'' ''think,'' ''estimate'' and ''predict,'' and other similar expressions. In addition, any statements that refer to expectations, projections or other characterisations of future events or circumstances are forward-looking statements. We based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements include a number of risks and uncertainties that are discussed in the section entitled "Risk Factors" in our Admission Document dated May 2007, which could have a material impact on the Company's long-term performance and prospects. Forward-looking statements therefore speak only as of the date they are made and we assume no obligation to publicly update any of them in the light of new information or future events.
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