Tirex Receives Approval

The Tirex Corp. received accreditation from the Quebec 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.

The company also announced that its Fiscal 2001 Research and Development Tax Credit claims with the Governments of Canada and Quebec have been approved.

According to John Threshie Jr., Tirex president, "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 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's research and development tax credit claims with Quebec was approved for $370,460 (Can.) and, after offsetting amounts due for payroll taxes, netted $86,825 (Can.) to the company.