TyraTech, Inc. Advance Payment on Prospective New Alliance (7998P)
31 October 2012 - 2:18AM
UK Regulatory
TIDMTYR TIDMTYRU
RNS Number : 7998P
TyraTech, Inc.
30 October 2012
30 October 2012
TyraTech, Inc.
(the "Company" or "TyraTech")
TyraTech Receives Advance Payment on Prospective New
Alliance
TyraTech, Inc. (AIM: TYR and TYRU), a natural life sciences
company, is pleased to announce that the Company has received a
US$500,000 advance payment related to a prospective new alliance
(the "Alliance") with an undisclosed agricultural products company
located in the U.S (the "Partner") (the "Advance Payment").
The Company is presently in advanced discussions with this
prospective Partner regarding a strategic relationship to expand
further TyraTech's products and addressable markets. The Advance
Payment has been received in anticipation of finalising the
Alliance, including details of the product applications and markets
to be addressed by the Alliance. In connection with the Advance
Payment, the Company has issued a non-interest bearing secured
promissory note to the Partner (the "Note"). If the Alliance did
not proceed, TyraTech would be obliged to return the Advance
Payment in instalments, with the final instalment due by 31
December 2013. In the event that the Alliance did not proceed and
the Company did not return the Advance Payment, the Note provides
the Partner with security over exclusive rights to use the
Company's technology in certain markets and geographies in which
the Company does not presently participate, without further
recourse on the Company.
Alan Reade, Executive Chairman of the Company said, "The receipt
of this advance payment evidences the strength of TyraTech's
ongoing discussions with its prospective new partner and our mutual
desire to consummate this new Alliance. TyraTech looks forward to
finalising the Alliance and further updating the market on this
exciting opportunity."
##
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman
Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer
Tel: +1 919 415 4280
N+1 Singer, Nominated Adviser and Joint Broker
Aubrey Powell / Alex Wright
Tel: +44 20 3201 3710
First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
This information is provided by RNS
The company news service from the London Stock Exchange
END
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