News
TyraTech announces option agreement with Scotts Miracle-Gro
18 April 2006
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its 66.7% owned subsidiary, Tyratech LLC (“TyraTech”), which is developing a new class of pesticides, has signed an option agreement with The Scotts Company LLC (“Scotts”). The Scotts Company LLC is a subsidiary of The Scotts Miracle-Gro Company. Under the terms of the agreement, Scotts and TyraTech will work together to conduct product development and technical evaluation of TyraTech’s natural pesticide technologies relating to a number of specific insects in certain consumer applications. The agreement gives Scotts an option to pursue consumer products based on the results of the development phase.
John Scott, Chief Executive Officer of XL TechGroup, said: “We are delighted that TyraTech has signed this Agreement with a global leader in lawn and garden products. It is clear that natural products will become a very important segment of the worldwide consumer pesticide category, and we believe the benefits of this potential partnership, to both Scotts and TyraTech, are very significant. Scotts’ products are number one in several major categories, and they have a tremendous track record in leveraging their excellent brands.
If you would like further information, please contact:
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
XL TechGroup & TyraTech media inquiries:
| Abchurch Communications | |
| Heather Salmond / Chris Munden | Tel:+44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
NOTES TO EDITORS
About XL TechGroup
XL TechGroup identifies unmet market needs in the Biotech, Ecotech and Medtech sectors and then systematically creates and develops successful disruptive technology businesses to exploit these needs. The Company has developed a unique proven method to rapidly bring companies from inception to liquidity, matching unexploited IP from a group of corporate and technology partners to the identified unmet market need. XL TechGroup employs its own predictive algorithm to ensure the market will rapidly adopt the identified solution and then moves to scale the company specifically created to exploit the opportunity.
Before forming XL TechGroup, the management team created substantial value for shareholders over a twelve year period, successfully exiting six technology businesses at an average market valuation of approximately US$500 million.
The listing of the first company created under the XL TechGroup banner, AgCert International, continues to validate the systematic approach to value creation.
- AgCert International was created by XL TechGroup in May 2002 and is a global leader in the production and sale of agriculturally derived greenhouse gas emission reductions, with business in Europe, Asia, North America and South America. AgCert was listed on the London Stock Exchange in June 2005 and XL TechGroup maintains a 27.2% interest in AgCert. www.agcert.com
The second and third companies in the new generation of XL TechGroup businesses are:
- Tyratech LLC, which was created by XL TechGroup in July 2004, is developing a new class of insecticides utilizing all natural active ingredients. TyraTech is able to quickly evaluate natural ingredient combinations by utilizing a patent-pending high throughput chemoreceptor screening process that accurately predicts effectiveness levels. TyraTech’s development is progressing rapidly in both insecticidal and related human healthcare applications. TyraTech, which is 66.7% owned by XL TechGroup, is continuing discussions with companies in North America, Asia and Europe as well as numerous national public health programs about the licensing and distribution rights for its patent-pending formulations in relation to natural insecticide and personal care products. www.tyratech.com
- DxTech LLC was created by XL TechGroup in July 2005, and is developing a unique micro-fluidic platform that replaces essentially all biological tests currently performed at reference laboratories with a fully-automated, point-of-need device. This technology has applications in significantly lowering costs and increasing efficiency for major pharmaceutical companies in their clinical trials, the provision of diagnostics in developing countries and delivering a new revenue stream for doctors in the USA. DxTech is 88% owned by XL TechGroup. www.dxtech.com
For further information, see www.xltechgroup.com
About Scotts Miracle-Gro
With more than US$2 billion in worldwide sales and more than 6,000 associates, The Scotts Miracle-Gro Company, through its wholly-owned subsidiary, The Scotts Company LLC, is the world's largest marketer of branded consumer products for lawn and garden care, with products for professional horticulture as well.
The Company's brands are the most recognized in the industry. In the U.S., the Company's Scotts®, Miracle-Gro® and Ortho® brands are market-leading in their categories, as is the consumer Roundup® brand, which is marketed in North America and most of Europe exclusively by Scotts and owned by Monsanto. The Company also owns Smith & Hawken, a leading brand of garden-inspired products that includes pottery, watering equipment, gardening tools, outdoor furniture and live goods. In Europe, the Company's brands include Weedol®, Pathclear®, Evergreen®, Levington®, Miracle-Gro®, KB®, Fertiligene® and Substral®.
For additional information, visit www.scotts.com
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