Preliminary Results for the year ended 31 December 2004
09 May 2005
XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, today announces its maiden preliminary results for the year ended 31 December 2004.
Highlights
- Successful IPO on AIM in October 2004 at £1.50 per share, and raised US$36 million (£19.7 million) net of expenses
- Board strengthened by the appointment of Geoffrey Vernon as Chairman and Andrew Heath as a Director
- Founded new subsidiary, TyraTech (formerly known as BioPesTech), in July 2004, which has subsequently announced successful trials on multiple potential products for use in the home and garden, on the farm, and in personal insect repellents
- Successfully concluded negotiations for exclusive rights to a variety of technologies originating from universities and Fortune 500 companies such as Procter and Gamble; AES; Cornell University; Vanderbilt University; and Arizona State University
- Continuously evolving pipeline of market opportunities and technologies from which the next set of new companies will be selected
- Strong balance sheet; with cash of US$28.8 million as at 31 December 2004
Post period end
- AgCert International ("Agcert"), the first company created by XL TechGroup, has announced its intention to list on the main market of the London Stock Exchange. XL TechGroup is expected to hold a stake of approximately 38% in AgCert pre-IPO. XL TechGroup remains very confident about AgCert's prospects and has no plans to sell any AgCert shares.
Commenting on the results, John Scott, Chief Executive Officer of XL TechGroup, said: "XL TechGroup has made excellent progress since itssuccessful debut on AIM in October last year. Our systematic approach to matching disruptive technologies to market needs continues to produce results, with the creation of TyraTech during 2004 and the planned listing of our first company, AgCert, on the main market of the London Stock Exchange. These developments validate our plans to create a limited number of high-value opportunities each year, with each one aiming at an exit valuation of at least US$400 million.
"We continue to develop and strengthen our relationships with technology partners, such as Procter & Gamble, to ensure the continuous flow of new companies and successful exits, and we already have a promising pipeline of new business opportunities."
For more information, please review the following document: XLT Preliminary Results Statement (93k)
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