17th Dec 2007 07:01
XL TechGroup, Inc.17 December 2007 Press Release 17 December 2007 XL TechGroup, Inc. ("XL TechGroup" or "the Company") TyraTech receives Kraft Foods milestone payment XL TechGroup (AIM: XLT), the creator of companies that solve identified, globalunmet market needs, is pleased to advise that XL TechGroup company, TyraTechInc. (AIM: TYR) ("TyraTech"), the pioneer of safer, effective and naturalpesticide products, has successfully completed its first stage of developmentwith Kraft Foods ("Kraft", NYSE: KFT) and received its first milestone payment. The payment is part of an exclusive worldwide agreement announced last year withKraft for the development of compounds used in functional foods and beveragesintended to help prevent human parasitic infection in the developing world. The first stage of the project provided positive results on the preclinicalefficacy of the TyraTech Natural anti-parasitic compounds in preventing thedevelopment of intestinal parasites. Following a robust testing protocol, theteam demonstrated TyraTech's unique blend of natural ingredients provedeffective in parasite prevention in a variety of conditions. Separately,initial market assessments of parasite prevalence, limitations of currenttreatments, consumer awareness and interest in the new solution, combined withdemographic factors indicated strong market potential. Dr John Scott, CEO of XL TechGroup, said: "At the time of TyraTech's admissionto AIM earlier this year, a number of specific objectives were targeted forcompletion by the end of 2007. We are delighted that they have all beendelivered, that TyraTech is clearly executing to plan, and we look forward tofurther positive news over the coming months." - Ends - For further information:XL TechGroup Inc.John Scott / Harold Gubnitsky Tel: +1 321 409 [email protected] Munden, Director of Investor Relations Tel: +44 (0) 20 7398 [email protected] www.xltechgroup.com Nomura Code SecuritiesRichard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200 www.nomuracode.com XL 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. It is XL TechGroup's aim to deliver significantshareholder distributions at the final exit from each company. XL TechGroup's companies to date are: • PetroAlgae LLC (www.petroalgae.com) • TyraTech Inc. (AIM: TYR, www.tyratech.com) • DxTech LLC (www.dxtech.com) • QuoNova LLC (www.quonova.com) • AgCert International plc (LSE: AGC, www.agcert.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 has announced its firstinvestments and is reviewing a flow of opportunities from both XL TechGroup andGEN3 in order to generate new companies, standalone product lines and technologylicensing opportunities or an appropriate 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