TIREX RENEWS ITS LICENSE AGREEMENT WITH SIMPRO S.p.A.
December 11, 2013 – The Tirex Corporation (OTCPK: TXMC) – owner of a U.S. patented tire recycling (TCS) technology – entered into a renewed license agreement with Simpro S.p.A. of Brandizzo, Italy, to exclusively manufacture TCS systems and nonexclusive marketing rights to sell TCS systems worldwide.
“This is a restated agreement replacing an agreement originally signed in December 2002 with Simpro that adds versatility and protection of our technology to secure our future with a worldwide reputable company of Simpro’s stature while we both are negotiating current TCS sales opportunities,” according to Tirex President, John L. Threshie Jr. “Simpro and Tirex, both collectively and separately, have been marketing and planning to manufacture, sell and own/operate TCS facilities in any and all suitable markets worldwide,” Threshie added.
Tirex management believes that, given the proprietary nature of the TCS technology, which technology is acknowledged in the Simpro agreement, the Simpro agreement provides for compensation arrangements in the form of commissions or royalties to Tirex with respect to future TCS facility installations.
“Tirex’s previously announced hiring of Turner, Stone & Co. LLP to audit Tirex and return us to current-reporting status has progressed well; however, budget considerations have delayed our filings with the SEC. The focus remains for Tirex to return to current reporting status with the SEC as soon as possible,” Threshie added.
Tirex filed an 8-K with the SEC on November 25, 2013 stating that the contract Tirex entered into with Green Recycling Solutions International in April 2013 is null and void.
ABOUT SIMPRO
Simpro is based in Brandizzo, Italy with operations throughout the world. It specializes in the design, manufacturing and installation of production equipment and systems as well as the installation of turnkey facilities, primarily in the automotive and railroad industries. Simpro has its ISO 9001 (quality management), ISO 14001 (environmental management) and EMAS (Environmental Management and Audit System) accreditations. For more information go to: www.simpro.it/home.php?argid=49&pagid=18&lang=en.
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