Tirex Moves to Reduce Its Obligations by $2M
August 04 2011 - 11:45AM
Business Wire
The Tirex Corporation (Pink Sheets: TXMC), 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 principal 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 principal 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.)
Tirex (CE) (USOTC:TXMC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Tirex (CE) (USOTC:TXMC)
Historical Stock Chart
From Oct 2023 to Oct 2024