TyraTech receives Kraft Foods milestone payment
17 December 2007
XL TechGroup (AIM: XLT), the creator of companies that solve identified, global unmet market needs, is pleased to advise that XL TechGroup company, TyraTech Inc. (AIM: TYR) (“TyraTech”), the pioneer of safer, effective and natural pesticide products, has successfully completed its first stage of development with Kraft Foods (“Kraft”, NYSE: KFT) and received its first milestone payment.
The payment is part of an exclusive worldwide agreement announced last year with Kraft for the development of compounds used in functional foods and beverages intended to help prevent human parasitic infection in the developing world.
The first stage of the project provided positive results on the preclinical efficacy of the TyraTech Natural anti-parasitic compounds in preventing the development of intestinal parasites. Following a robust testing protocol, the team demonstrated TyraTech's unique blend of natural ingredients proved effective in parasite prevention in a variety of conditions. Separately, initial market assessments of parasite prevalence, limitations of current treatments, consumer awareness and interest in the new solution, combined with demographic factors indicated strong market potential.
Dr John Scott, CEO of XL TechGroup, said: “At the time of TyraTech's admission to AIM earlier this year, a number of specific objectives were targeted for completion by the end of 2007. We are delighted that they have all been delivered, that TyraTech is clearly executing to plan, and we look forward to further positive news over the coming months.”
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 |
Disclaimer for US Site Visitors
This web site contains investor-related information that is directed only to non-US persons. The investor-related and other information provided on this web site is for use only by non-U.S persons, and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any XL TechGroup securities. Moreover, we may not offer or sell XL TechGroup securities in the U.S. absent registration or an exemption from registration. If you are a U.S. person, or a person acquiring XL TechGroup ordinary shares for the account or benefit of any U.S. person, you agree and acknowledge that XL TechGroup's ordinary shares have not been registered under the U.S. Securities Act of 1933, as amended, and any offer or sale of XL TechGroup securities by XL TechGroup or its affiliates may be made solely pursuant to an exemption from the U.S. Securities Act of 1933, as amended.