Company says its contract with Green Recycling Solutions is null and void.
Westport, Conn.-based The Tirex Corp.
, which owns a patent for Tirex Cryo System (TCS) tire recycling technology, has renewed its license agreement with Simpro S.p.A
, Brandizzo, Italy. Under the agreement, Simpro will be the exclusive manufacture of the systems. The company also has 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,” says John Threshie Jr., Tirex president.
Threshie adds, “Simpro and Tirex, both collectively and separately, have been marketing and planning to manufacture, sell and own and operate TCS facilities in any and all suitable markets worldwide.”
Simpro specializes in designing, manufacturing and installing production equipment and systems as well as the installation of turnkey facilities, primarily in the automotive and railroad industries.
Tirex' TCS process freezes scrap tire pieces with cold air and then "breaks" the rubber into upmarket “cryogenic” crumb rubber through its patented "fracturing mill,” according to the company. This process also separates the marketable strands of steel and fiber from the crumb rubber with a "green," environmentally friendly, economically attractive tire recycling system, the company says.
Threshie adds, “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 (Securities and Exchange Commission).”
The focus remains, he says, for Tirex to return to current reporting status with the SEC as soon as possible.
In related news, Tirex has filed an 8-K with the SEC stating that the contract Tirex entered into with Green Recycling Solutions International, Fort Lee, N.J., in May 2013 is null and void.