News

Court ruling in favour of TyraTech
26 October 2011

TyraTech, Inc. (AIM: TYR), a natural life sciences company, is pleased to announce that the State of New York Court of Appeals (the highest court in New York) issued a decision on 20 October 2011 denying Molecular Securities, Inc.'s ("Molecular") request to appeal the 26 May 2011 ruling by the New York Supreme Court, Appellate Division of New York County, in favour of TyraTech and against Molecular which dismissed Molecular's complaint in its entirety. As a result, no further appeals by Molecular are available in New York State.

In November of 2008, Molecular filed a Complaint against the Company asserting claims for breach of contract and quantum merit. Molecular alleged that it was owed US$2,760,470 for services it allegedly provided to TyraTech plus interest, attorneys' fees and costs.

The Company believes the Court of Appeals ruling will bring to an end any further litigation against TyraTech in a case which the Company strongly defended itself whilst refuting all claims throughout the process.

 

For further details please contact:

Tyratech, Inc.
Alan Reade, Executive Chairman
Tel: +1 919 415 4310

Peter Jerome, Chief Financial Officer
Tel: +1 919 415 4280

Brewin Dolphin, Nominated Advisor
Robert Beenstock
Tel: +44 207 248 4400

 

<< Back to News releases

Disclaimer for U.S. Site Visitors

This web site contains investor-related information which is restricted to non-U.S. persons or Qualified Institutional Buyers as defined in Rule 144A of the U.S. Securities Act of 1933, as amended (the "Securities Act"). The information provided herein is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any TyraTech, Inc. securities. By viewing pages on this web site, you agree and acknowledge that TyraTech, Inc.'s common stock has not been registered under the Securities Act and that you are a non-U.S. person, Qualified Institutional Buyer as defined in Rule 144A of the Securities Act., or you are not holding, acquiring or selling TyraTech, Inc. common stock for the account or benefit of any U.S. person.