FOR: THE TIREX CORPORATION
OTC Bulletin Board SYMBOL: TXMC
MARCH 25, 1998
Tirex Launches Program to Expand Value Added Markets for
Crumb Rubber
MONTREAL, QUEBEC--
Canadian Government Lends Financial Support
Robert Eller Associates, Inc. to Conduct Market Study
The Tirex Corporation announced today that, with the financial
support of the Canadian Economic Development Agency for Quebec
("CED"), it has begun a project to study and expand the existing
markets for crumb rubber and crumb rubber products which will be
produced by its patented scrap tire disintegration system (the
"TCS-1"). Tirex, with its subsidiary Tirex Canada, is engaged
in
Designing and developing, and in the early stages of manufacturing
and selling, scrap tire disintegration equipment. The Quebec
SME
Development Assistance Program has approved a budget of CA$196,000
(approximately US$137,200) and the CED has granted Tirex Canada a
repayable contribution of CA$98,000 (approximately US$68,600) to
be used in connection with Tirex's market development program.
Tirex has retained Robert Eller Associates, Inc., a leading
consulting firm specializing in both the plastics and rubber
industries, to analyze, identify, and estimate current and
potential value added product applications for crumb rubber as
well as market size, structure, and competitive positions in these
areas.
In recent weeks Tirex has announced the opening of an office in
Madrid, Spain to serve as a base for its projected European
operations, the allowance by the US Patent and Trademark Office of
the patent application for its scrap tire disintegration process,
a grant by the Bank of Montreal of a line of credit in the amount
of $937,000 Canadian dollars (approximately US$655,900), the
delivery of the fully-automated front-end module and the cryogenic
tire freezing section of the first Tirex scrap tire disintegration
system (the "TCS-1") to Oceans Tire Recycling & Processing Co.,
Inc., of Toms River, New Jersey, and its receipt of a total of
$880,000 on the delivered sections of the System.