News
Preliminary Results
10 June 2011
TyraTech Inc. (AIM: TYR), a natural life sciences company that harnesses the power of nature to improve human and animal health using a proprietary, novel technology that is both effective against insects and parasites and safe for people and pets, today announces its unaudited preliminary results for the year ended 31 December 2010.
Operational Highlights
- Successful extension to our partnership with Terminix, the largest professional pest control company in North America, through a new product development and supply agreement
- Strengthened management team through the addition of key leaders with significant experience in our key markets
Financial Highlights
- Revenue from continuing operations decreased for the year to US$4.6 million (2009: US$6.3 million).
- Deferred revenue at year end increased by $3.5 million from 2009 and will be recognized in future periods
- Expenses from continuing operations for the year were reduced by 43% to US$7.4 million (2009: US$13.0 million)
- Net loss before and after tax for the period attributable to TyraTech reduced significantly to US$6.1 million, (2009: US$13.9 million)
- Successfully raised US$4.8 million in working capital through additional share issues
- Cash and cash equivalents were US$3.3 million (2009: US$1.3 million)
Post Period Highlights
- On 1 June 2011, we announced that the New York Supreme Court, Appellate Division of New York County issued a ruling on 26 May 2011 entering judgment in favour of TyraTech and against Molecular Securities, Inc. ("Molecular") and dismissing Molecular's complaint in its entirety. This ruling may be appealed by Molecular
- Subsequent to 31 December 2010, milestone payments were received from Terminix for the successful development of three new products
For further information please contact:
| TyraTech Inc. Alan Reade, Executive Chairman Peter Jerome, Chief Financial Officer www.tyratech.com |
+1 321 409 7731 +1 919 695 5792 |
| Brewin Dolphin Limited, Nominated Advisor Matthew Davis / Iain Marlow |
+44 113 241 0138 |
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