Tire Market - News

Search Autoparts/Motorage/Tire-market-news/

Tirex rolling forward in restructuring process

Friday, July 25, 2008 - 00:00
Untitled Document

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.
In February, Tirex filed in Delaware to raise its common share authorization from 250 million shares (issued and outstanding) to 1 billion shares and add a new category of blank check preferred shares, with an authorization of 100 million shares, issuable in series. A first Series A was designated with an authorization of 3 million shares.

“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.
In May, Continental Stock Transfer and Trust Company in New York City, was reinstated and is also assisting in Tirex’s efforts to service its shareholders and brokers.

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.

Print Article
< Previous
Next >
blog comments powered by Disqus