26th Sep 2007 07:01
XL TechGroup, Inc.26 September 2007 Press Release 26 September 2007 XL TechGroup, Inc. ("XL TechGroup" or "the Company") XL TechGroup company TyraTech announces maiden Interim Results XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of anongoing stream of high value new companies, advises that XL TechGroup company,TyraTech Inc. (AIM: TYR) ("TyraTech"), the pioneer of safer, effective andnatural pesticide products, has today announced its maiden Interim Results forthe six months to 30 June 2007. In the first half of 2007, TyraTech's achievements have included: • a successful IPO on AIM which raised gross proceeds of £25 million • good progress in the development of TyraTech's own products, as well as those being developed by its strategic partners, which include Syngenta, Scott's Miracle-Gro and Kraft Foods • receiving the first milestone in its partnership with Syngenta for the development of the lead all-natural active ingredient product for professional pest control operators • Scott's Miracle-Gro made an option payment to negotiate an expanded relationship with TyraTech • development of a new product area - "Natures Natural", a fully sustainable horticultural and garden product that is intended to replace peat in growth or potting soil mixtures, which could generate revenue in the next few months For full details of TyraTech's Interim Results, and for further information onthe company, see www.tyratech.com. Dr John Scott, CEO of XL TechGroup, commented on TyraTech's Interim Results:"Since coming to AIM earlier this year, I am pleased to report that TyraTech hascontinued to make strong progress. The Syngenta milestone payment is just thefirst in a series of key partner milestones that are expected to be met over thecoming months, while TyraTech's technology platform has the ability to produce anumber of new products. We are committed and supportive shareholders, and I amconfident that TyraTech will become an increasingly valuable asset in the XLTechGroup portfolio." - Ends - For further information:XL TechGroup Inc.John Scott / Harold Gubnitsky Tel: +1 321 409 [email protected] www.xltechgroup.comChris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 [email protected] Nomura Code SecuritiesRichard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200 www.nomuracode.comXL TechGroup media enquiries:Abchurch CommunicationsHeather Salmond / Gareth Mead Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com NOTES TO EDITORS About XL TechGroup XL TechGroup is in the business of significant value creation. Working withmajor international corporate and technology partners such as AES, Procter &Gamble and leading universities, XL TechGroup first identifies global unmetmarket needs and then targets and exploits these by the systematic creation ofsuccessful, disruptive technology businesses. These new companies are builtfrom scratch, and are then managed, developed and funded by XL TechGroup throughto the point of a trade sale or a stock market listing. XL TechGroup's unique and proven methodology selects the best opportunities inorder to create one-to-two new companies annually, where each company isexpected to achieve a realisable valuation of at least US$400 million withinfour years from its creation. While an XL TechGroup company might perform astock market listing at an earlier point in this four year timeframe, XLTechGroup would retain a controlling interest and would continue to assist withthe company's development. It is XL TechGroup's aim to deliver significantshareholder distributions at the final exit from each company. XL TechGroup's companies to date are: • AgCert International plc (LSE: AGC, www.agcert.com) • TyraTech Inc. (AIM: TYR, www.tyratech.com) • DxTech LLC (www.dxtech.com) • PetroAlgae LLC (www.petroalgae.com) • QuoNova LLC (www.quonova.com) XL TechGroup has also established GenXL LLC as a joint venture to capture thevalue of those prospects that do not fully meet XL TechGroup's US$400 million,four year criteria but still demonstrate considerable potential worth. Over andabove XL TechGroup's core business model, GenXL is reviewing a significant flowof opportunities from both XL TechGroup and GEN3 in order to generate newcompanies, standalone product lines and technology licensing opportunities or anappropriate mix of these. For further information, see www.xltechgroup.com. About TyraTech, Inc. TyraTech is pioneering a new class of highly effective, non-toxic, pesticidesand anti-parasitic compounds to address global agriculture, horticulture,functional foods, healthcare and veterinary markets. Using a revolutionarychemoreceptor screening process, TyraTech has identified proprietary blends ofnatural oils that stimulate the reactions and biological behaviour of insectsand parasites so that they can be effectively repelled or killed. TyraTech'stechnology prevents the development of resistance and avoids the environmentalconcerns and human health risks of chemical solutions whilst still being atleast, if not more, effective. The Company's products have been validated through strong partnerships withmultinational conglomerates operating within a growing US$23 billion worldwidemarket that is being increasingly driven by environmental legislation andend-user demand. TyraTech continues to develop new product applications based on safe, naturalingredients with a broad range of partners around the world. For further information, see www.tyratech.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tyratech