Tirex execs give up $1 million cash for stock options

ERJ staff report (DS)

Westport, Connecticut -- The Tirex Corp., owner of a patented tyre recycling technology is taking steps to eliminate $2 million of its debt obligations, it was announced today.

“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 Tirex President John L. Threshie.

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 Threshie. “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's TCS process freezes scrap tyre pieces with cold air - as opposed to expensive liquid nitrogen - and then “breaks” the rubber into granules in a patented “fracturing mill,” instead of cutting and shredding it.

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Press release from Tirex