With regard to our product sales, we experienced a 30% increase in order demand for our primary
product supplied to Terminix, Terminix SafeShield™. We believe that our future growth in
product sales will be driven by Terminix SafeShield™ and the new professional and institutional
products delivered to Terminix in Q4 of 2010 and the first part of 2011. Further, our 2010 results
do not include US$3.5 million in Deferred Revenue which was received in 2010 and will be
recorded as revenue in future periods. We also had one shipment which was anticipated to occur
in December 2010 shift into January 2011, reducing our 2010 product sales by approximately
US$500,000.
Board Changes : As reported earlier, Dr. Geoffrey Vernon and Dr. Ken Noonan resigned as
Non-executive Directors. In August 2010 we also reported that Keith Bigsby had resigned as
Chief Financial Officer and Director.
In July 2010, Jim Hills joined the Board as a Non-executive Director, bringing invaluable experience
in consumer marketing and brand management.
Management Changes : Throughout 2010 and into the early part of 2011, I have worked to
develop a strong management team with significant experience in our key markets.
Kevin T. Schultz, D.V.M., Ph.D. joined TyraTech in November 2010 and holds the position of Chief
Scientific Officer (CSO). In addition to his responsibilities as CSO, Dr. Schultz is also leading the
Functional Foods and Animal Health Research and Development at TyraTech. Dr. Schultz began
his corporate work as Executive Director, World-Wide Animal Science Research & Development
at Merck. He was one of the founding executives to combine the Animal Health Division of Merck
with Rhone Merieux (forming Merial) and was subsequently appointed Head of Pharmaceutical
Research and Development. Following that, Dr. Schultz assumed the role of CSO and Global
Head of all Research and Development for Merial.
In February 2011, Peter Jerome joined TyraTech as our Chief Financial Officer. Mr. Jerome is a
Certified Public Accountant. For the past 10 years Mr. Jerome has been with Albany Molecular
Research, Inc. (AMRI). AMRI is a publicly traded international research and development and
manufacturing company focusing on providing a full complement of pharmaceutical services
from drug discovery to the commercial manufacturing of active pharmaceutical ingredients.
Initially at AMRI, Mr. Jerome held the position of Director of Finance and Corporate Controller,
and for the past 3 years he has been Director, Investor Relations / Financial Planning and Analysis.
Mr. Jerome also spent 10 years with the audit firm PricewaterhouseCoopers LLP where he was a
Senior Audit Manager.
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T y r a T e c h , I n c . : A n n u a l R e p o r t 2 0 1 0
