Tirex Moves to Reduce Its Obligations by $2M
Thursday 4 August 2011
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.
