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To: Theo who wrote (56019)	7/24/2000 9:19:23 PM
From: jmhollen	Respond to of 150070

Sooner than you think perhaps............... FOR IMMEDIATE RELEASE – July 24, 2000 Contact: Jackie Reid The Tirex Corporation (OTC BULLETIN BOARD – “TXMC”) Tel: 514.933.2518, Fax: 514.933.6368, www.tirex.com TIREX SIGNS MEMORANDUM OF UNDERSTANDING WITH CRIOENGINEERING s.r.l. OF ITALY FOR TEN TIRE RECYCLING SYSTEMS TOTALLING $ 70,000,000 US MONTREAL, CANADA, July 24, 2000 --- The TIREX Corporation (OTCBB-TXMC) announced today the signing of a Memorandum of Understanding with Crioengineering s.r.l. of Turin, Italy with intent to sign a purchase agreement within the next two months for one (1) expanded Tirex patented cryogenic tire recycling system, the TCS-2, six (6) systems in January 2001 with the option to purchase three (3) more systems at an approximate cost of $ 7,000,000 US for each system. Crioengineering informed Tirex that the European Community in Brussels has been presented with this project and Crioengineering was advised to proceed. Financing for the project will be procured and managed by ALNA s.n.c. of Turin, Italy, an international trading and consulting company. Crioengineering s.r.l. is a private waste management and recycling company with initial sales projected at $ 25,000,000 US. iCantec of Montreal, through its European correspondent, represented Tirex in Italy and coordinated the initial development of the relationship. Tirex’ Chief Engineer, Louis V. Muro, stated “This project calls for not only double the capacity of our original TCS-1, hence the TCS-2, but includes additional equipment to meet the customers specific needs”. According to Tirex, the potential contract for ten (10) TCS-2 systems are planned for the Italian market, the MOU includes, however, an expressed interest by both parties to pursue a relationship to market, sell and manufacture Tirex’ technology in other countries and regions of the world including current negotiations in the Middle East markets. Tirex President and CEO, John L. Threshie Jr., proclaimed “Tirex is elated to enter into this project with the Italian and European representatives. I’m proud to say, what we’ve known all along about the economic and environmental contribution our technology brings to the market is continuing to be recognized worldwide”. Tirex has a license agreement to manufacture and sell the TCS-1 in the United States with Ocean Equipment Manufacturing and Sales Co. based in New Jersey. Tirex will receive royalty payments from OEMSC on TCS-1 sales in the United States. Tirex also recently announced Memoranda of Understandings with the Well Express International, Hong Kong, Nanjing Implements Factory, Nanjing, Peoples’ Republic of China and has a Memorandum of Understanding with the Shandong Hongli Group of Dezhou, People’s Republic of China.