TXMC ACCREDITED AS TIRE RECYCLERTirex Accredited as Tire Recycler and Receives R&D Tax Credits
MONTREAL, Nov. 26 /PRNewswire/ - The Tirex Corporation (OTCBB-TXMC) announced today its accreditation from the Provincial Government recycling agency, Recyc- Quebec, as an officially authorized tire recycler resulting from the receipt of its commercial permits from the Montreal Urban Community and the City of Montreal and following a technical evaluation by Recyc-Quebec qualifying Tirex. Tirex also announced that its Fiscal 2001 Research and Development Tax Credit claims with the Governments of Canada and Quebec have been approved.
According to Tirex President John L. Threshie Jr., "this accreditation as a commercial tire recycling operation permits Tirex to have direct access to scrap tires to meet its requirements and entitles us to generate revenue from tire recycling government subsidies; as a consequence of these permits and accreditations, Tirex has appreciably increased its crumb rubber production activities to meet existing market demand. Significantly, it also demonstrates that the Company's environmentally friendly patented process is recognized technically which should assist the Company with its world-wide sales efforts of our TCS technology."
Tirex has developed a patented cryogenic tire recycling process (the TCS) that produces clean crumb rubber with a unique morphology ideally suited for higher value-added products including thermoplastic and extrusion products. Tirex is currently negotiating sales of the TCS technology and has integrated the development of crumb rubber products through its partner, Xerus Inc., also located in Montreal.
Tirex' research and development tax credit claims with Quebec was approved for Cdn $ 370,460 and, after offsetting amounts due for payroll taxes, netted Cdn $ 86,825 to the Company. The federal government approved an amount of Cdn $ 519,174 and, after offsetting federal payroll deductions due, authorized a disbursement of Cdn $ 461,998. This amount was retained in its entirety by Canada Economic Development for Quebec Regions (CEDQR) and applied against loans made by them to the Company. Mr. Threshie added: "That while the Company would have preferred a cash disbursement, this represents a significant reduction of the overall debt of the Company. Moreover, the tax credit approvals reinforces the Canadian and Quebec governments much appreciated endorsements of the Company's product development efforts to bring a world-class technology to world-wide markets."
The statements which are not historical facts contained in this press 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 Securities and Exchange Commission.
SOURCE Tirex Corporation
CO: Tirex Corporation
ST: Quebec
IN: ENV OTC
SU:
11/26/2001 08:55 EST https://www.prnewswire.com