XL TechGroup company AgCert International issues trading update and announces board change
13 September 2005
XL TechGroup company, AgCert International plc (“AgCert”), has today issued a trading update advising that there will be a delay in achieving its inventory and sales targets for 2005 and 2006. AgCert has also advised that Alan Tank has ceased to serve in any of his positions at AgCert, including Chief Executive Officer. Bill Haskell, non-executive Director of AgCert, has been appointed interim CEO, pending the appointment of a new Chief Executive. These changes will take place with immediate effect.
Dr John Scott, CEO of XL TechGroup, said: “While the developments at AgCert are clearly disappointing, these are purely operational problems of a short-term nature, and the impact on expected results at AgCert is principally a matter of timing . There are no questions about either the size or the quality of the existing order book for AgCert's credits, and a number of performance indicators used by AgCert's management to monitor progress have exceeded their expectations. AgCert is a global leader in its field and its underlying technology is sound. It continues to see strong demand for its services in a market where prices for credits continue to rise. Our commitment to AgCert is unchanged and we remain committed shareholders.”
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