TyraTech appoints Chief Financial Officer
11 April 2007
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its portfolio company, TyraTech LLC (“TyraTech”), has appointed Keith Bigsby as Chief Financial Officer with immediate effect. TyraTech is pioneering an entirely new class of safe, effective and natural biocides for controlling insects and parasites, based on its proprietary discovery platform.
Mr. Bigsby qualified as a Chartered Accountant in London, and brings over 25 years of international business experience to TyraTech, including 14 years within the international operations of US listed technology companies, with particular commercial as well as financial skills. He has worked with a number of private and publicly listed companies, in a variety of corporate transactions including acquisitions, divestments and listings.
Most recently, Mr. Bigsby was CFO at Geotrupes Energy PLC, a developer of renewable energy projects, where he helped prepare that company for a potential IPO on the Alternative Investment Market. Previously, he was Group Finance Director and Chief Executive Officer of the Software Division at Tadpole Technology PLC, where he was instrumental in developing the commercial strategy. Mr. Bigsby has also held the role of Divisional European Controller at a major manufacturer of specialty organic and inorganic chemicals, primarily for use in the eco-technologies market.
John Scott, CEO of XL TechGroup, said: “Keith is a significant addition to the TyraTech management team. He has a strong understanding of the international financial markets and an impressive operational background in building young companies which will be greatly beneficial to TyraTech. This is the latest senior management addition for TyraTech and an important one as the company continues through what is an exciting growth phase.”For further information:
| XL TechGroup Inc. | |
| John Scott / Harold Gubnitsky | Tel: +1 321 409 7403 |
| hgubnitsky@xltg.com | www.XL TechGroup.com |
| Chris Munden, Director of Investor Relations | Tel: +44 (0) 20 7398 7720 |
| cmunden@xltg.com | |
| Nomura Code Securities | |
| Richard Potts, Corporate Finance | Tel: +44 (0) 20 7776 1200 |
| www.codesecurities.com |
XL TechGroup media enquiries:
| Abchurch Communications | |
| Heather Salmond / Gareth Mead | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
NOTES TO EDITORS
About XL TechGroup
XL TechGroup is in the business of significant value creation. Working with major international corporate and technology partners such as AES, Procter & Gamble and leading universities, XL TechGroup first identifies global unmet market needs and then targets and exploits these by the systematic creation of successful, disruptive technology businesses. These are built from scratch, and are then funded and developed by XL TechGroup through to the point of a trade sale or a stock market listing.
XL TechGroup's unique and proven methodology selects the best opportunities in order to create one-to-two new companies annually, where each company is expected to achieve a valuation of at least US$400 million within four years from its creation. While an XL TechGroup company might perform a stock market listing at an earlier point in this four year timeframe, XL TechGroup would retain its controlling interest and would continue to assist with the company's development.
XL TechGroup's companies to date are: AgCert International plc (www.agcert.com), TyraTech LLC (www.tyratech.com), DxTech LLC (www.dxtech.com), PetroAlgae LLC (www.petroalgae.com) and QuoNova LLC.
XL TechGroup has also established GenXL LLC as a joint venture to capture the value of those prospects that do not quite meet the US$400 million, four year criteria but still demonstrate considerable potential worth. Over and above XL TechGroup's core business model, GenXL will review a significant flow of opportunities from both XL TechGroup and GEN3 in order to generate new companies, standalone product lines and technology licensing opportunities or an appropriate mix of these.
For further information, see www.xltechgroup.com
About TyraTech LLC
TyraTech LLC, which was created by XL TechGroup in July 2004, is developing a new class of highly effective, non-toxic pesticides and anti-parasitic compounds, using its cloned insect and parasite chemoreceptor screening process. TyraTech, which is 60.9% owned by XL TechGroup, is continuing development of new product applications based on safe, natural ingredients with a broad range of partners around the world. www.tyratech.com
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