******Shareholders Newsletter********20 mar, 1998
March 20, 1998
Dear Shareholder:
Adversity breeds strength and character and has a way of
winnowing out fair weather friends.
Certainly, the last year has had its ups and downs for the
Company, but on the whole the Company is much better off for the
experience.
We have already begun to receive earnings from the project in
Austria in the form of advance payments on our license fee. We have
received full approval for implementation of our tire recycling
technology in any country in the European Community having overcome all the formidable regulatory barriers, environmental and otherwise, so that most of the delays we have experienced with the Austrian project will be obliviated in future. We are within weeks of the finalization of a purchase agreement for a plant to be located in Portugal with the subsidiary of a major trucking firm based in the United Kingdom. We have just concluded a preliminary agreement for the first implementation of our plastics recycling technology with a recognized industry leader which, when final, should make our Company completely self-supporting out of earnings. We are also on the verge of concluding an option agreement for the first tire recycling plants to be located in the United States.
The Company has a record of achievement unmatched in the tire
and plastics recycling industry which has so many entrants and so few
long term survivors. We have achieved respect where it counts because
we have achieved results.
The set backs we have experienced have been due in large part to the unilateral repudiation by Josef Strauss of marketing and finance agreements between Mr. Strauss doing business as Environmental Solutions Agency and ESA World Trade, Ltd. and this Company. He was to finance the Austrian project but has failed and refused to do so. Fortunately, his previous associates in Austria have provided substitute financing and are indeed the people who have conducted all the highly effective marketing efforts in Europe in any case.
Mr. Strauss's repudiation of his obligations has been intended to starve Titan into agreeing to a merger proposed by him on ridiculous terms (except for his interests) with the Tirex Corporation or a refinancing which would involve giving 10,000,000 shares, high
commissions and an $80,000.00 yearly stipend to a loan broker to split with Mr. Strauss. This Company does not break so easily, and Titan has accordingly filed suit against Mr. Strauss as is disclosed in our annual report.
Titan remains resilient as always because our foundations in the loyalty of our shareholders, employees, our research affiliates at Adherent Technologies and management are sound. It is our firm commitment to you to protect and promote your interests at all costs even if it means the road ahead is not always the easiest shortcut.
We have survived and succeeded as we have because our technology is simply the best in the vast new recycling industry opening up around us, and management has the dedication and tenacity to bring this technology into the market place whatever the obstacles that confront us. We want to thank you all for standing by us through it all with such faith and confidence that are in themselves a reward even at the most difficult times.
Due to delays in the completion of our audit this year, we shall defer the annual meeting of shareholders until December to avoid
wasteful expense.
Very sincerely yours,
Ron Wilder |
