TIREX MOVES TO REDUCE
ITS OBLIGATIONS BY $2M
Westport,
CT,
August 4, 2011
– The Tirex Corporation (TXMC.PK), owner of a patented tire
recycling technology, the TCS System, is taking steps to
eliminate $2 million of its obligations, it was announced
today.
“As unanimously voted for in
a recent board resolution, the three principle Tirex officers
who were due approximately $1 million in salaries for past
services, will be compensated with stock options in lieu of
salaries,” according to President John L. Threshie Jr.
“The other portion is a loan with The Laurus Master Fund (New
York)
for approximately
$1 million in principle and
interest,” Threshie said.
“Tirex
management recently determined that the statute of limitations
for the loan and other legal and financial obligations in
New
York and
Canada
would
permit Tirex to formally
address its expiration,” Threshie added.
“Tirex will work with its auditors to file its 2010 and 2011
annual and quarterly financial reports so it can once again
become current as we move forward with our business plan,”
said Threshie.
IMPORTANT RECENT
CORPORATE DEVELOPMENTS
The North
American scrap tire recycling expert working with Tirex over
the past year, as previously announced, completed a TCS
technology market study and identified its first market
location in
North America
with a complete financial pro forma business plan.
“The consultant has recently
approached
investors and is in the
process of developing its relationship with Tirex and
formalizing next steps,” Threshie added.
ABOUT TIREX
Tirex’s TCS process freezes
scrap tire pieces with cold air – as opposed to expensive
liquid nitrogen – and then “breaks” the rubber into granules
in a patented “fracturing mill”, instead of cutting and
shredding it.
This process also separates
the marketable strands of steel and fiber from the frozen
ground rubber with an environmentally-friendly,
economically-attractive, “green” tire recycling system.
For
more information go to
www.tirex-tcs.com.
SAFE
HARBOR STATEMENT
(The
statements which are not historical facts contained in this
news release are forward-looking statements that involve
certain risks and uncertainties including, but not limited to,
risks associated with the uncertainty of future financial
results, additional financing requirements, development of new
products, government approval processes, the impact of
competitive products or pricing, technological changes, the
effect of economic conditions and other uncertainties detailed
in the Company's filings with the SEC.)
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