FOR IMMEDIATE RELEASE
Contact: Jackie Reid
The Tirex Corporation
(OTC BULLETIN BOARD – “TXMC”)
Tel: 514-933-2518
Fax: 514-933-6368
www.tirex.com
jackie@tirex.com
NANJING IMPLEMENTS FACTORY OF CHINA
SIGNS MEMORANDUM OF UNDERSTANDING
WITH TIREX TO PURCHASE TIRE RECYCLING SYSTEM
MONTREAL, CANADA, July 13, 2000, The Tirex Corporation (OTCBB:TXMC) announced today the signing of a Memorandum of Understanding with the Nanjing Implements Factory from the city of Nanjing in the Peoples’ Republic of China. The Memorandum provides for the establishment of a joint venture company in Nanjing for the purpose of acquiring and operating Tirex’s patented cryogenic tire recycling system, the TCS-1. The Memorandum also provides that the Nanjing Implements Factory will contribute the TCS-1 system purchased from Tirex for $2,250,000 US, to the Joint Venture Company and will provide the working capital needed to establish the operations of the Joint Venture Company.
The President of the Board of Trade and Industry Canada-China, Dr. James Ma, Ph.D., who introduced the Nanjing Implements Factory to Tirex, recently sent a letter to Tirex President John L. Threshie Jr. stating (sic): “I was very impressed by your TCS-1 technology, which will be promising in Chinese Market. China Government paid much attention to Environmental Protection Projects. We need high efficient and environmentally sound solutions for recycling used tires to replace the traditional burning-out highly-polluted measures. TCS-1 is the right one we are looking for. I will strongly recommend our members in China to promote this technology.”
The Nanjing Implements Factory, Jiangsu Province, which was also recommended by Mr. Xiaofu Li, Science Counselor of the Chinese Embassy who has recently observed Tirex’s technology, informs Tirex that Nanjing Implements Factory is a complex state-owned large-scale enterprise.
Tirex also has a Memorandum of Understanding with the Shandong Hongli Group of China to purchase a TCS-1 system and Tirex is waiting for their upcoming return to Canada to complete a TCS-1 purchase agreement.
Tirex President, John L. Threshie Jr., proclaimed “The Chinese Environmental, Government and Industrial groups’ interest in our technology indicates to Tirex that these groups have recognized the economic advantage of Tirex’s proprietary cryogenic and tire component separation process over our competition.” Mr. Threshie further went on to say “Tirex is under negotiation with other Chinese groups and hopes to turn these opportunities into sales of TCS-1 units in the near future.” |
