News
Interim Results for the six months ended 30 June 2010
29 September 2010
TyraTech Inc. AIM: (TYR), a leading independent eco-technology company developing novel pesticides for human, animal and environmental health, today announces its interim results for the six month period ended 30 June 2010.
Financial Highlights:
- A successful US$2.8 million (net) placing through the issue of 24,443,888 shares of common stock;
- Net revenues from continuing operations of US$2.7 million (2009: US$3.0 million), slightly down due to a partial order which was shipped after the half year;
- Overall operating expenses from continued operations reduced 45% to US$3.8 million (2009: US$6.9 million);
- Net loss before and after taxes including discontinued operations was US$3.1 million for the first half of 2010, (2009: US$6.2 million net loss) and
- Cash and cash equivalents of US$1.5 million, US$ 3.3 million at 30 June 2009, and US$1.3 million at 31 December 2009.
Operational Highlights:
- Continued expansion of TyraTech's Strategic Business Relationship Agreement with pest control market leader, Terminix, to expand coverage of development and commercialization of co-branded products for the US commercial and institutional market segments;
- First order of TyraTech Insecticide Dust was received from Terminix;
- More than 300,000 units of SafeShield shipped to Terminix by the end of August, 2010 and Terminix is expanding the marketing and sales programs for this product;
- Sustainable Solutions business discontinued during this period.
On Outlook, Alan Reade, Chairman said:
"Our target in the latter half of 2010 and into 2011 is to be cash positive and to continue to improve our balance sheet in such a way as to take full advantage of the growth opportunities our new products will provide. Our strategic focus will remain firmly in the area of functional foods and household and commercial pest control."
For further information please contact:
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
| Nomura Code Securities Richard Potts www.nomuracode.com |
+44 (0)20 7776 1200 |
| Buchanan Communications Lisa Baderoon/Jessica Fontaine www.buchanan.uk.com |
+44 (0) 20 7466 5000 |
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