The Tirex Corporation, the owner of a "green," patented tire recycling technology, the TCS System, is progressing in its recent restructuring.
The restructuring was undertaken to facilitate the company’s return to being quoted on the Over The Counter Bulletin Board (OTCBB), which the company reports it believes will increase its opportunities to obtain capital financing of its TCS facility(s).
In January 2008, Tirex engaged the Otto Law Group of Seattle, Wash., to become its new SEC attorneys and assist in the restructuring and strategic planning.
“This action was taken for many reasons, primarily, however, for the first time in six years to be able to offer TCS Facility investors an equity position in Tirex to further enhance the already attractive projected returns of the TCS Facility operations,” Tirex President and CEO John L. Threshie Jr. offers.
In April, Tirex entered into a Settlement Agreement with Sequoia International to effect a debt conversion deal under Securities Act Paragraph 3(a)10.
Tirex is currently being audited by Moore & Associates, Chartered Accountants and Advisors, PCAOB Registered, based in Las Vegas, for the corporation’s annual financial statements for the fiscal years ended June 30, 2004, 2005, 2006 and 2007. Tirex will then file amended 10-KSB documents in order to once again become a fully reporting company.
“In the meantime, we continue to actively pursue TCS Facility projects in North America, as well as our manufacturing partner, Simpro S.p.A. of Torino, Italy (simpro.it), continues its negotiations with companies in Europe, the Middle East, Asia and Australia," Threshie adds.
For more information, visit www.tirex-tcs.com.
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