News

A conference call for analysts and investors will be held today 16 September 2009 at 10:00 am BST. The call can be accessed by dialing +44 (0)20 7806 1953 UK or +1 718 354 1390 in the US and using the Confirmation Code: 7614795. A recording of the conference call will also be available afterwards and can be accessed by dialing +44 (0)20 7111 1244 in the UK and +1 347 366 9565 in the US, using replay code: 7614795#

Interim Results for the six months ended 30 June 2009
16 September 2009

TyraTech Inc. (AIM: TYR), a leading independent eco-technology company developing novel pesticides for human, animal and environmental health, today announces its interim results for the six month period ended 30 June 2009.

Financial Highlights:

• Net revenues increased by 36% to US$3.3 million (2008: US$2.4 million), due to increase of 145% in product revenues;
• Overall operating expenses reduced by 31% to US$7.5 million (2008: US$10.9 million);
• Net loss before and after tax for the period of US$6.2million, (2008: US$8.9 million); and
• Cash and cash equivalents of US$3.3 million (2008: US$14.9 million) as at 30 June 2009 and US$9.2 million at the 31 December 2008.

Operational Highlights:

• Expansion of TyraTech’s Strategic Business Relationship Agreement with pest control market leader, Terminix, to cover the development and commercialization of co-branded products for the US commercial and institutional market segments;
• First shipment of SafeShield™ to Terminix, TyraTech’s commercialization partner in the US;
• More than 300,000 units shipped to Terminix by the end of August and Terminix is currently expanding the marketing and sales programs following satisfactory market feedback;
• New sales revenue from Sustainable Solutions with equipment installed on 5 farms; exploring strategic investor to strengthen the business;
• Patent approval from the United States Patent Office for TyraTech’s core method of identifying compounds and compositions for potentially controlling the activity of insects and other invertebrates; and
• New joint venture, TyraChem, with Chemplast International for the use of TyraTech pest control products for the banana, plantain and pineapple market begins field tests of first products candidates.

Post Period highlights:

• Strategic partnership agreement signed with Clarke Mosquito Control to provide mosquito control professionally applied products in the US;
• Expanded strategic partnership agreement signed with Arysta LifeScience North America with licensing fees for the exclusive development and sales of designated products based on TyraTech Nature’s Technology active ingredients in the US and Canadian agricultural markets;
• Private label agreement with Natural Forces to market and sell co-branded products into the US mushroom production and processing markets; and
• Ongoing discussions to expand existing Terminix relationship

Commenting on the interim results Douglas Armstrong PhD, Chief Executive Officer of TyraTech, said:

“TyraTech has created a strong platform for growth built upon our pioneering and patented TyraTech Nature’s Technology. This has been validated by the blue chip partners that have chosen to work with TyraTech and products that are now being sold in the market.

“We have made considerable progress in the first six months of the financial year, concentrating on broadening our revenue streams by signing several key contracts, agreements and a new joint venture with blue chip partners that have strengthened our reach into a variety of markets. This progress has led to important and rapidly growing product revenues and positions us for continued aggressive revenue growth into the next and following years.”

 

For further information please contact:

TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com	1 (321) 409 - 7720
Nomura Code Securities Charles Walker/Clare Terlouw www.nomuracode.com	+44 (0)20 7776 1200
Buchanan Communications Mary-Jane Johnson/Lisa Baderoon/ Catherine Breen/Stasa Filiplic www.buchanan.uk.com	+44 (0) 20 7466 5000

 

 

 

<< Back to News releases