TyraTech, an XL TechGroup company, announces option agreement with Scotts Miracle-Gro
18 April 2006
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its 66.7% owned subsidiary, TyraTech LLC (“TyraTech”), which is developing a new class of pesticides, has signed an option agreement with The Scotts Company LLC (“Scotts”). The Scotts Company LLC is a subsidiary of The Scotts Miracle-Gro Company. Under the terms of the agreement, Scotts and TyraTech will work together to conduct product development and technical evaluation of TyraTech's natural pesticide technologies relating to a number of specific insects in certain consumer applications. The agreement gives Scotts an option to pursue consumer products based on the results of the development phase.
John Scott, Chief Executive Officer of XL TechGroup, said: “We are delighted that TyraTech has signed this Agreement with a global leader in lawn and garden products. It is clear that natural products will become a very important segment of the worldwide consumer pesticide category, and we believe the benefits of this potential partnership, to both Scotts and TyraTech, are very significant. Scotts' products are number one in several major categories, and they have a tremendous track record in leveraging their excellent brands.
If you would like further information, please contact:
hgubnitsky@xltg.com
www.xltechgroup.com
TyraTech LLC
rbrenner@xltg.com
www.tyratech.com
XL TechGroup & TyraTech media inquiries:
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