XL TechGroup company AgCert announces its Interim results
05 September 2006
XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, advises that XL TechGroup company AgCert International plc, a leader in the production and sale of agriculturally derived greenhouse gas emission reductions, has today announced its Interim results to 30 June 2006.
Strong progress has been made with AgCert announcing a 37% increase from June 2006 to end of August 2006 of its annual run rate of CER offsets to 2.6 million, creating a total credit reserve of 26 million. More than 100,000 CERs have been submitted for certification with expected delivery for revenue in October 2006 subject to final UN approval. AgCert's business model has been commercially proven with the roll out of sites proceeding at a rapid and escalating rate. Its joint venture with AES Corporation is progressing well with AES planning a US$300 million investment into the joint venture over the next five years. In addition, AgCert has delivered its first CERs to a customer from Projects located in Brazil and Mexico.
Dr John Scott, CEO of XL TechGroup, commented on AgCert's Interim results: "We are delighted to see AgCert grow consistently and these results reflect strong developments within the company. We are confident in continued solid growth in the future."
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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 plc 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 24.14% 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 highly effective, non-toxic pesticides using cloned insect chemoreceptors, based on approved, safe, natural oils. Its development is progressing rapidly, particularly in human healthcare applications. TyraTech, which is 66.19% 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 patented 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-care 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 currently 85.59% owned by XL TechGroup. www.dxtech.com
XL TechGroup has also entered into a strategic joint venture with GEN3 Partners, Inc. to create a new company; GenXL LLC. This value creation entity will combine the proven methodologies and guaranteed business opportunity flows of both companies in order to take advantage of the rich pipeline of opportunities over and above XL TechGroup's core business model. The collaboration will provide a pathway to even greater value for XL TechGroup shareholders by producing a steady flow of new, self generated businesses within the BioTech, EcoTech, MedTech and Communications sectors. These will include new companies, standalone product lines and technology licensing opportunities or an appropriate mix of these.
XL TechGroup has a number of other opportunities already at an advanced stage in its business creation pipeline, and expects to create one-to-two new companies annually that can each achieve a liquidity event worth at least US$400 million within four years from inception.
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