News

Interim Results for the six months ended 30 June 2008
26 September 2008

TyraTech Inc. (AIM: TYR), a leading independent novel pesticide company for human, animal and environmental health, today announces its interim results for the six month period ended 30 June 2008.

Operational Highlights:

• Successful launch and encouraging commercial adoption of TyraTech’s NaturalsTM Crawling Insect Killer; distribution expanded from two to twelve new regions in the US
• Growing customer pipeline for WasteSolverTM units, with four committed orders and a further four letters of intent from US dairy farmers
• Encouraging progress made in the development of TyraTech’s functional food product, bringing it closer to an expected partner milestone in H1 2009
• Several partnership discussions with new partners progressing well within the consumer, agricultural and animal health markets, with one newly signed letter of intent received from a significant US business; and
• Product launch of TyraTech partner’s insect repellant now expected for H2 2008

Financial Highlights:

• Net revenue increased to US$2.4 million (£1.3 million) for the six month period ended 30 June 2008 (2007: US$0.3 million)
• Cash balance was US$14.9 million (£8.1 million) at the end of June 2008 (2007: US$32.4 million)
• Overall operating expenses grew for the six month period to US$10.9 million (2007: US$8.3 million);
• Net loss before and after tax for the period was US$8.9 million (2007: US$9.9 million)
• A Trading Update was issued on 22 September 2008 which guided the market that revenues and profits for the full year 2008 are unlikely to meet with then current market expectations

Post Period highlights:

• Successful transfer of XL Tech’s 45.69% shareholding in TyraTech to PetroTech Holdings Corporation a Laurus/Valens group company.

Commenting on the interim results Douglas Armstrong PhD, Chief Executive Officer of TyraTech, said: “Throughout the period we have made good progress with transitioning our core technologies into revenue generating programmes and products.  Sales have been modest but are steadily increasing for our lead institutional product and we have continued to diversify our business model in an attempt to provide access to multiple revenue streams.  Our partnerships with both prospective parties and for existing programmes are progressing very well.  However, as we have pushed forward successfully to gain entry into certain new markets, we have experienced lower than originally targeted rates of initial return.” 

“Although market entry and adoption has been slower than we originally expected, we remain positive that our business strategy of revenue growth as well as new potential partnerships, will now start to show increased traction and strength. We expect to report an improvement in revenues in H2 2008 and strong growth in 2009. In addition, we look forward to updating investors on expected progress from new partnering and licensing deals plus strong additional news flow over the coming months.”

 

For further information please contact:

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

 

 

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