2008 was a year of material advances in terms of TyraTech´s technology, products and commercial channels. Firm foundations have been laid to grow TyraTech into a profitable company.
In addition, we have successfully demonstrated that our core technology platform can generate market-changing products: targeted pest control products that are safe for people, animals and the environment.
This year we report our first full operational year results since the IPOPO in June of 2007. While gross revenue for 2008 was slightly down on 2007, at US$5.9 million (2007: US$6.0 million), our investments into and successes with product development, sales and marketing during the year 2008 resulted in very material value growth events that have positioned the Company for important increases in revenues in 2009.
TyraTech´s Products: During 2008 we expanded the outlets for our first released product, TyraTech NaturalsTM Crawling Insect Spray. This product is distributed to the institutional and hospitality industry though our leading distributor SYSCOCO. Since this relationship commenced at the beginning of 2008, it has been expanded from two regional outlets to 14 by the end of the year. We have also signed distribution agreements with other companies that will expand revenues from these products in other niche markets.
We have made exciting progress with our next generation general purpose insect spray, which has shown great advancements in potency and applications against a broad array of insects that attack homes and businesses. Using TyraTech Naturals active ingredients, this product is also exempt from the EPAEPAEPA´s regulations for typical chemical insecticides, allowing rapid market entry. The development of this advanced product demonstrated the power of our technology platform to take new technology from development to finished marketable products quickly. The performance features of this new product provide the stimulus for our new partnership with Terminix, who will bring the product into the commercial marketplace.
Our partnership with Arysta Life Science in the agricultural market in North America has continued to develop well with Arysta completing successful field trials of TyraTech Naturals products. Arysta is now formalizing launch plans for the lead products, and we are in discussions to expand the existing relationship. Given the competitiveness of this market and the stage of the launch plan, we are not able to give more specific detail at this time, but expect this relationship to show important visible progress in 2009.
Stimulated by the successful operations of our lead demonstration farms, the order for the Sustainable Solutions WasteSolverTM product significantly progressed by the end of 2008 with multiple purchase contracts. These units will be shipped in the first half of 2009, with commensurate revenue reported. In addition, two new products, the SandSolver and SolidSolver, have completed development and will be introduced in early 2009. These products are expected to broaden the range of dairy farms, addressing both smaller and more specialized farm´s market needs.
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04
Chief Executive Officer´s Review
