Interim Results for the six months ended 30 June 2006
28 September 2006
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 2006.
Highlights
- Significant commercialisation progress at TyraTech including signed agreements with Scotts Miracle-Gro and Arysta LifeScience, as well as initial revenues
- GenXL launched as a new value creation entity over and above XL TechGroup's core business model, which should result in more frequent transaction opportunities
- Technology option agreement signed for a unique protected algae and a scalable process to cost-effectively produce renewable biofuel and other products, which has quickly led to the launch of PetroAlgae LLC
- Strong progress at AgCert International with site roll-out rate accelerating and added potential from new joint venture with AES
- Strong total cash and quoted securities at market (net of debt) of approximately US$151.8million as at 30 June 2006 (1H 2005: US$165.9 million)
Post period end
- TyraTech signed a licensing agreement with Syngenta for specific insecticide applications
- Successful placing of 4 million existing shares to satisfy demand from institutional investors and increase the free float
- Depository interest facility established to enable holding and electronic settlement in CREST
- DxTech has completed four milestone development and manufacturing partnerships deals as part of its on-going growth strategy
- Launch of XL TechGroup's fourth company, PetroAlgae, which has developed an environmentally-friendly algae that generates an estimated two hundred times more energy per acre than traditional biofuel crops (e.g. soybean oils), together with a process by which the technology can cost-effectively produce renewable biofuel and other renewable products in large volumes, without any government subsidies.
John Scott, Chief Executive of XL TechGroup, said: “This has been an immensely productive period for XL TechGroup, during which the progress being made by all of our portfolio companies has been impressive. In particular, TyraTech is significantly ahead of schedule on the path to achieve a targeted liquid asset value of at least US$400 million by mid 2008, and the search for a permanent CEO has started.
“DxTech has now moved into the first part of its commercialisation phase, while the formation of GenXL will also provide our shareholders with a pathway to even greater value by taking advantage of the rich pipeline of opportunities, over and above the Company's core business model, that both XL TechGroup and our partners in this venture, GEN3, can provide . The potential of our latest company, PetroAlgae, to transform the global markets which are currently reliant on petroleum based feedstock is very exciting.”
“We look forward to demonstrating the underlying value of our assets over the coming months .”
The full results are available to view and download in PDF format.
For further information:
hgubnitsky@xltg.com
www.xltechgroup.com
XL Tech Group media enquiries:
gareth.mead@abchurch-group.com
www.abchurch-group.com
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