News
Board Changes
07 April 2008
TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, is pleased to announce that David Paul Szostak, aged 53, will join the Board of TyraTech as a Non-Executive Director and that Rick Brenner, aged 54, Executive Director and founding CEO of TyraTech and VP of Business Development for XL TechGroup, will step down from the Board. Rick will continue his day to day business development responsibilities at TyraTech. Both of the Board changes outlined above will take place with immediate effect.
Mr. Szostak is an Executive Director, Chief Financial Officer and Company Secretary at XL TechGroup, Inc. (AIM: XLT), and began his career in Chicago, Illinois working as a certified public accountant (CPA) for a large size accountancy firm (Laventhol and Howarth) and later other smaller accounting firms. He then moved into industry in 1987 as corporate controller at Extel, Inc., a global manufacturer of electronic communication equipment for industry and governments. When Extel acquired Hetra Computer, Inc., a manufacturer of government specialty computers, in 1990, Mr. Szostak relocated to Florida and accepted the position of vice president and CFO of Hetra. In 1993, when XL Vision, the predecessor company to XL TechGroup, acquired Hetra, Mr. Szostak continued in the same position with XL Vision. During his tenure at XL Vision, he was active in both the fundraising and public offerings of the XL Vision spin-out businesses. In addition to the accounting and finance functions, Mr. Szostak was responsible for many of the internal functions such as human resources and benefits, legal, travel and facilities. Mr. Szostak earned his Bachelor of Science in Finance at Southern Illinois University, with graduate studies at DePaul University in Chicago.
XL TechGroup have a 47.92% stake in TyraTech.
Mr. Szostak's previous and current Directorships include the following:
| Company Name | Date of Directorship |
| eMerge Interactive, Inc. | 1996 - 97 |
| Sanctuary HO Association | 2002 - 04 |
| ANX LLC (formerly AgCert International LLC) | 2002 - 03 |
| XL TechGroup LLC | 2001 - 04 |
| XL TechGroup, Inc | 2004- Present |
| XL TechGroup Employee | 2007- Present |
| Charitable Fund, Inc | |
| DxTech LLC | 2005 - Present |
| PetroAlgae LLC | 2006 - Present |
| GenXL LLC | 2006 - Present |
There are no further details required to be disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules.
Commenting on this announcement, Geoffrey N. Vernon, Non-Executive Chairman of TyraTech, said: "I would like to thank Rick Brenner for his considerable contribution to TyraTech as an Executive Board member and am delighted that he will continue his day to day responsibilities assisting TyraTech. We welcome David to the Board and look forward to working with him."
For further information
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
| Nomura Code Securities | |
| Charles Walker/ Clare Terlouw | Tel: +44 (0) 20 7776 1200 |
| www.nomuracode.com |
Media enquiries:
| Buchanan Communications | |
| Mary-Jane Johnson/Lisa Baderoon/Catherine Breen (mary-jane.elliott@buchanan.uk.com) |
+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 $23 billion globally. TyraTech’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 an insect/mosquito repellent. TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for helping control of parasitic infections and diseases that affect more than 2 billion people worldwide.
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.
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