News
Employee Loan
17 April 2008
TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, advises that it has today entered into a loan agreement ("the Loan") with Dr Douglas Armstrong ("Dr. Armstrong"), TyraTech's CEO. The Loan, of US$475,000, has been made to cover an unanticipated tax liability on Dr Armstrong resulting from the conversion of units in TyraTech LLC to common shares in TyraTech Inc during the Company's structuring in anticipation of public listing in 2007. These common shares are subject to a lock up agreement until June 1, 2008.
Dr Armstrong has agreed to pay the principal, plus accrued interest (at a rate of US prime rate +1% per annum) at anytime, but in any event not later than 90 days from the date of the Loan. Dr Armstrong may pay the principal and accrued interest in cash, or, after 1 June 2008, by surrendering shares of common stock of the Company owned by Dr Armstrong, or any combination of such cash and shares.
If shares of TyraTech stock are used to pay sums owed under the Loan, the value of these shares shall be based upon the price of TyraTech shares as traded on AIM, using the closing bid price for the date on which Dr Armstrong gives written notice to the Company that he is surrendering the shares as payment.
As a director of the Company, Dr Armstrong is a related party and the loan constitutes a related party transaction under Rule 13 of the AIM Rules. The directors, with the exception of Dr Armstrong, having consulted with Nomura Code Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
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 (mary-jane.elliott@buchanan.uk.com) Lisa Baderoon/Catherine Breen |
+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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