Final results for the year ended 31 December 2006
26 June 2007
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, today announces its final results for the year ended 31 December 2006.
2006 Financial Highlights
- Year-end cash on hand of US$19 million
- Year-end tradeable quoted securities and cash of US$146.7 million
2006 Operational Highlights
- TyraTech signs option agreement with Scotts and co-development agreements with Arysta, Syngenta and Kraft Foods
- GenXL launched to add value over and above XL TechGroup core business
- Fourth company PetroAlgae started in September 2006
- Fifth company QuoNova started in December 2006
- DxTech thyroid panel tests confirm gold standard performance
Post Year End Highlights
- Additional US$20 million raised from new Laurus borrowing facility
- TyraTech raises £25 million via AIM IPO and repays US$11.9 million of loans from XL TechGroup
- PetroAlgae completes optimisation site
- GenXL makes first company investment in EnGen
- AgCert announces improved strategy and raises additional funds
- Scotts extends option with TyraTech to broaden scope of licensing negotiations
Commenting on XL TechGroup's 2006 results, Dr John Scott, CEO said: “2006 saw a number of significant, positive developments at XL TechGroup and at our portfolio companies. TyraTech signed a range of agreements with leading global companies such as Syngenta and Kraft Foods, we launched our fourth (PetroAlgae) and fifth (QuoNova) companies, DxTech demonstrated the ability of its sensor technology to match reference lab gold standards, and GenXL was established to deliver even more value to our shareholders, above and beyond our core business model.
This momentum has continued into 2007, including the recent successful listing of TyraTech on AIM. We anticipate a number of developments at DxTech and PetroAlgae over the next 12 months which should provide much greater visibility to their exciting prospects, and we should also have launched the next of our new companies within this timeframe. In addition, we look forward to news from TyraTech of its progress across the various markets it is targeting, and we will update shareholders on all important developments at QuoNova and GenXL. We have also reaffirmed our support for AgCert's improved strategy by our agreement to convert loans to equity as part of their recent additional fund raising.
Given the further progress that we anticipate across the Group during the next 12 months, we believe that we are now reaching a clear inflexion point in the potential valuation profile of XL TechGroup when our first companies are approaching the exit end of our value creation pipeline while we continue to establish one-to-two new companies each year. It has always been a key part of XL TechGroup's continuing strategy to create an ongoing series of significant cash distributions for its shareholders, and I would anticipate that the first of these will occur during 2008.”
XL TechGroup's 2006 annual report and accounts will be posted on the website (www.xltechgroup.com) at 5.00pm UK time on Friday 29 June 2007 and will be mailed to shareholders on the same day.
For further information:
| XL TechGroup Inc. | |
| John Scott / Harold Gubnitsky | Tel: +1 321 409 7403 |
| hgubnitsky@xltg.com | |
| Chris Munden, Director of Investor Relations | Tel: +44 (0) 20 7398 7720 |
| cmunden@xltg.com | www.xltechgroup.com |
| Nomura Code Securities | |
| Richard Potts, Corporate Finance | Tel: +44 (0) 20 7776 1200 |
| www.nomuracode.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 |
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