Companies plan to open tire recycling facilities using Tirex’s TCS technology.
The Tirex Corp., which owns a patented tire recycling technology called Tirex Cryo System (TCS), has entered into a license agreement with Green Recycling Solutions International, Fort Lee, N.J., to market, sell, own and operate TCS facilities throughout the country.
In a release, John Threshie Jr., president of Tirex, based in Norwalk, Conn., says, "The agreement licenses GRSI to sell and own and operate TCS facilities in its licensed territory including, but not limited to, North American states and provinces, the Caribbean, Africa and Central and South America. GRSI and Tirex, both collectively and separately, have been marketing and planning to sell and own and operate TCS facilities in any and all suitable markets worldwide."
"On all TCS Systems sold, Tirex charges an annual license fee and a manufacturing commission. We project TCS facilities to have an approximate 25 percent internal rate of return and 100 percent return on investment under four years for a $7 million turnkey TCS facility, prior to the consideration of any tipping fees or other forms of scrap tire recycling subsidies, although there can be no assurance that such results will be accurate for any single installation," Threshie adds.
Julio Llaguno, GRSI’s CEO, says, "We committed our new company to go to market with Tirex's TCS technology because we believe it is the best new technology available to make a major impact in the scrap tire industry."
"This agreement is the first necessary step towards the commercialization of our technology. As part of the compensation for its license and its stated intent to purchase a TCS System once Tirex returns to a current-reporting status with the SEC, GRSI will finance the audit of our financials and its procedures, which should move us to a better position in the OTC marketplace," Threshie added.
Tirex's TCS system freezes scrap tire pieces with cold air and then breaks the rubber into upmarket "cryogenic" crumb rubber through its patented "fracturing mill. This process also separates the marketable strands of steel and fiber from the crumb rubber.