News
TyraTech Receives Advance Payment on Prospective New Alliance
30 October 2012
TyraTech, Inc. (AIM: TYR and TYRU), a natural life sciences company, is pleased to announce that the Company has received a US$500,000 advance payment related to a prospective new alliance (the "Alliance") with an undisclosed agricultural products company located in the U.S (the "Partner") (the "Advance Payment").
The Company is presently in advanced discussions with this prospective Partner regarding a strategic relationship to expand further TyraTech's products and addressable markets. The Advance Payment has been received in anticipation of finalising the Alliance, including details of the product applications and markets to be addressed by the Alliance. In connection with the Advance Payment, the Company has issued a non-interest bearing secured promissory note to the Partner (the "Note"). If the Alliance did not proceed, TyraTech would be obliged to return the Advance Payment in instalments, with the final instalment due by 31 December 2013. In the event that the Alliance did not proceed and the Company did not return the Advance Payment, the Note provides the Partner with security over exclusive rights to use the Company's technology in certain markets and geographies in which the Company does not presently participate, without further recourse on the Company.
Alan Reade, Executive Chairman of the Company said, "The receipt of this advance payment evidences the strength of TyraTech's ongoing discussions with its prospective new partner and our mutual desire to consummate this new Alliance. TyraTech looks forward to finalising the Alliance and further updating the market on this exciting opportunity."
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman
Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer
Tel: +1 919 415 4280
N+1 Singer, Nominated Adviser and Joint Broker
Aubrey Powell / Alex Wright
Tel: +44 20 3205 7500
First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
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