Interim Results for the six months ended 30 June 2005
20 September 2005
XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, today announces its interim results for the six months ended 30 June 2005.
Highlights
- Strong balance sheet; with cash of US$23.8 million as at 30 June 2005; total cash and marketable securities as at 19 September 2005 of approximately US$141 million, compared to US$28.8 million as at 31 December 2004
- XL TechGroup has further expanded its intellectual property portfolio with the completion of several new technology option deals
- TyraTech continues to develop new formulations to target different types of insect and is progressing discussions with a variety of commercial partners
- AgCert International Plc ("Agcert") (LSE: AGC), the first company created by XL TechGroup, completed its listing on the main market of the London Stock Exchange in June. XL TechGroup currently holds a 27.2% stake in AgCert, which at £1.60 per share, is valued at approximately US$120 million as at 19 September 2005
Post period end
- XL TechGroup's third company, DxTech, which was formed in July 2005, is developing a unique microfluidic platform that replaces essentially all blood tests currently performed at reference laboratories with a disposable which can be used at the point of care.
- The Company's existing relationship with The Procter & Gamble Company (NYSE: PG) has been extended by the implementation of a new strategy that combines P&G's vast portfolio of Intellectual Property with XL TechGroup's expertise in systematically developing new technology businesses and scaling them to liquidity.
- XL TechGroup welcomed Florida Governor, Jeb Bush, to its offices in August as part of his initiative to leverage the vast IP portfolios that are held by Florida universities and research institutions.
- A strategic relationship has been established with one of the world's leading power companies, The AES Corporation (NYSE: AES), to generate new business opportunities focused on the renewable energy sector, with funding provided by AES. This relationship will also leverage the AES global network to generate new business opportunities for XL TechGroup companies.
Commenting on the results, John Scott, Chief Executive Officer of XL TechGroup, said:
"We have made a very good start to the year, and are continuing to build on this progress. AgCert's IPO in June was XL TechGroup's first liquidity event and a clear validation of our business model. TyraTech, our second company, is in negotiations with a number of targeted customers while our third company, DxTech, has made excellent progress since its formation in July.
We are also very pleased about the strategic relationships we have established with Procter & Gamble and AES, which we believe will significantly expand the commercial possibilities for our existing businesses as well as introduce even more opportunities to the pipeline. We expect to announce further agreements of this kind during the next few months.
Finally, we have also made a number of exciting additions to our technology pipeline, which we are evaluating in the context of significant unmet market needs. The strength of our pipeline clearly demonstrates our ability to continue to create one to two new high-value, high-growth companies each year."
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