News
TyraTech appoints CEO
16 January 2006
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its portfolio company, Tyratech LLC (“TyraTech”), has appointed R. Douglas Armstrong, Ph.D. as permanent Chief Executive Officer with immediate effect. TyraTech is the developer of an entirely new class of natural, safe and effective insecticides and parasiticides, based on its proprietary discovery platform.
Dr. Armstrong has over 20 years’ experience in the assessment and development of biotechnologies, as well as in-depth corporate management experience at public and private biotechnology, medical device and developmental research companies. Prior to his appointment at TyraTech, Dr. Armstrong was CEO and Chairman of Aastrom Biosciences Inc., a cell therapy company which he led from start-up, through development, and on to a public offering on NASDAQ. Dr. Armstrong is a graduate in Chemistry from the University of Richmond, Virginia and he also holds a Ph.D. in Pharmacology & Toxicology from the Medical College of Virginia, at Virginia Commonwealth University.
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
XL TechGroup media enquiries:
| Abchurch Communications | |
| Heather Salmond / Gareth Mead | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
NOTES TO EDITORS
About XL TechGroup
XL TechGroup is in the business of significant value creation. Working with major international corporate and technology partners such as AES, Procter & Gamble and leading universities, XL TechGroup first identifies global unmet market needs and then targets and exploits these by the systematic creation of successful, disruptive technology businesses. These are built from scratch, and are then funded and developed by XL TechGroup through to the point of a trade sale or a stock market listing.
XL TechGroup’s unique and proven methodology selects the best opportunities in order to create one-to-two new companies annually, where each company is expected to achieve a valuation of at least US$400 million within four years from its creation. While an XL TechGroup company might perform a stock market listing at an earlier point in this four year timeframe, XL TechGroup would retain its controlling interest and would continue to assist with the company’s development.
XL TechGroup’s companies to date are: AgCert International plc (www.agcert.com), Tyratech LLC (www.tyratech.com), DxTech LLC (www.dxtech.com), PetroAlgae LLC (www.petroalgae.com) and QuoNova LLC.
XL TechGroup has also established GenXL LLC as a joint venture to capture the value of those prospects that do not quite meet the US$400 million, four year criteria but still demonstrate considerable potential worth. Over and above XL TechGroup’s core business model, GenXL will review a significant flow of opportunities from both XL TechGroup and GEN3 in order to generate new companies, standalone product lines and technology licensing opportunities or an appropriate mix of these.
For further information, see www.xltechgroup.com
About Tyratech LLC
Tyratech LLC, which was created by XL TechGroup in July 2004, is developing a new class of highly effective, non-toxic pesticides and anti-parasitic compounds, using its cloned insect and parasite chemoreceptor screening process. TyraTech, which is 60.9% owned by XL TechGroup, is continuing development of new product applications based on safe, natural ingredients with a broad range of partners around the world. www.tyratech.com
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