TIREX TIRE RECYCLING TECHNOLOGY PROJECT ACCEPTED BY CANADIAN GOVERNMENT
OTC BULLETIN BOARD - ``TXMC''
MONTREAL, CANADA, April 25, /CNW-PRN/ The TIREX Corporation (OTCBB-TXMC) announced today that following a recent demonstration of Tirex's patented cryogenic tire recycling process, the TCS-1, to a Canadian Government Customs and Revenue Agency Scientific Representative, the Agency has accepted the Tirex TCS-1 R&D project request for tax credits for the 1999 fiscal year. The acceptance will allow Tirex to receive the balance of tax credits as determined by the Federal Agency. To date, Tirex has received $1,014,948 CND of the $1,240,000 CDN requested by Tirex from Revenue Canada and Revenue Quebec last year under its Refundable Tax Credit Program.
According to President and CEO, John L. Threshie Jr., the final payment ``will be used to pay down fully the company's current loan balance with Scotiabank and will add working capital for commercialization process of the TCS-1''.
Tirex has developed a patented cryogenic tire recycling process, the TCS-1, and recently announced it is moving into commercialization and marketing worldwide.
The loan guarantee program established by Investissements Quebec encourages banks to lend funds to promising companies that are expected to receive refundable tax credits, using the anticipated tax credits as receivables to collaterize the loans. During its last two completed fiscal years, Tirex has received tax credits between 25-30% of its total research and development expenditures.
Mr. Threshie added ``This decision by the Canadian Government agency not only permits Tirex to apply for more recent funding under Investissement Quebec's SR&ED (Scientific Research & Experimental Development) Program, but it also lends to support the company's claim that the TCS-1 is a viable technology being introduced to the tire recycling industry''.
Source Tirex Corporation
/CONTACT: Threshie Jr., The Tirex Corporation, (514) 933-2518, Fax: (514)933-6368, www.tirex.com/ |
