XL TechGroup company, AgCert, issues company update
22 February 2007
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, advises that XL TechGroup company, AgCert International plc (“AgCert”), a leader in the production and sale of agriculturally derived greenhouse gas emission reductions, has today issued a company update.
The Board of AgCert announces that, having conducted an operational and financial review of its business, it is finalising a revised strategy that requires significantly less funding to meet their expectations for the delivery of CERs. It is anticipated that the more efficient strategy will require funding of between €40M to €50M.
The Board of AgCert will provide a further update when it announces results for the year ended 31 December 2006.
For further information:
| XL TechGroup Inc. | |
| 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 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.
About PetroAlgae
PetroAlgae is utilizing a proprietary environmentally-friendly algae that generates an estimated two hundred times more energy per acre than traditional biofuel crops, together with a process by which the technology can cost-effectively produce renewable petroleum based products such as biofuel. PetroAlgae was created by XL TechGroup in September 2006 and is 95% owned by XL TechGroup.
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