TXMC - From the website tirex.com :
November 8, 2000
Dear Shareholders,
I am pleased to inform you that the lawsuits filed against Tirex by IM2 and its President, Mr. David Sinclair, alleging fraud and breach of contract have been dismissed in Delaware. Management and our counsel have always been of the opinion that these suits were without merit and represented an attempt by IM2 and David Sinclair to secure an unjust enrichment by bringing a lawsuit in the hope the Company would settle out of fear.
As indicated in my recent newsletter (October 24th) to you, November is an extremely busy month. We already met with Well Express and are moving closer to a TCS-1 purchase agreement, hopefully to be closed before year-end. We will be meeting with additional potential European customers this week in Montreal. We also will meet with a major tire manufacturer to discuss a possible strategic technology / intellectual property alliance and a possible investment. Next week representatives from a European manufacturing group will visit Montreal and Management hopes this will lead to definitive discussions of a contractual agreement.
Government tax credit programs and the support of some shareholders have enabled Tirex to get to this point where we can become a commercial reality. Of course, we had hoped to have the TCS-1 in operation before this year. Had this been the case, we wouldn’t have needed so many share issuances to support operations. Thanks to Management’s persistence (and yours), however, we now have the technology to exploit the market of the tire recycling industry, and we need your continued support.
As Tirex enters into these relationships and others concerning possible equity exchange positions, we may require additional capital support to take advantage of these opportunities. The Board of Directors is currently reviewing our options.
Moreover, it is the Company’s intention, at an opportune time of financial and economic strength, to effect a reverse split of our stock to bring the total outstanding shares into line with market conditions and expectations. The reverse split, per by-laws, has to be shareholder approved (..damned unlikely under $2.00-to-3.00..) and has been declared a non-issue in more recent company releases. quote.com .
Tirex is further pleased to announce the addition of Mr. Anthony Guiliano, Chartered Accountant, as Controller. Mr. Guiliano worked as a Senior Audit Manager at Deloitte & Touche, and has a strong background in international manufacturing affairs and has extensive experience with both the Canadian Securities Commission and the US Securities and Exchange Commission.
We also welcome our new consultant, Mr. Philip Romanoff, who will function as Director of Operations for the Company. Mr. Romanoff has worldwide experience setting up turn-key manufacturing operations and is an accomplished technical author, who will prepare complete operations and maintenance manuals as well as oversee the construction, testing and installation of the TCS-1 system.
The Company’s annual report on Form 10K-SB has been filed and the latest 10(q) Quarterly Report will be filed prior to the deadline. The 10-KSB is currently available on-line through the Edgar system at www.freeedgar.com and the 10-QSB will be similarly available this week or at the beginning of next week.
Thank you for your continued support.
John L. Threshie Jr.
President / CEO |
