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Non-Tech : Tirex Corporation (TXMC) -- Ignore unavailable to you. Want to Upgrade?

To: jmhollen who wrote (1569)	5/17/2002 8:58:33 AM
From: SCOOBEY-DO	Read Replies (1) \| Respond to of 1878

John, I found the following interesting reading from the 10-KSB: As reported in our previous quarterly report, in an effort to generate cash flow and to demonstrate the viability of the TCS system and markets for rubber crumb, we converted our prototype TCS-1, located in Montreal, into a commercial recycling operation in the first half of Fiscal 2002. Concurrent with the conversion, we negotiated supply contracts to take the output of the converted prototype TCS-1. While the quality of the rubber crumb produced by the TCS prototype met the expectations of our customers, the system configuration did not permit the production of such quantities of the finer mesh sizes demanded by these customers. Additional finishing equipment to obtain large quantities of finer mesh rubber crumb was required. Much of this was also installed prior to the end of December but two additional pieces of equipment remained to be acquired and installed before the system configuration would fully respond to market demands. Our inability so far to secure the necessary working capital to acquire this equipment, has meant that we have been unable to complete the final equipment installations and to re-engage rubber crumb production operations. As a result, we have been unable to deliver the quantities of rubber crumb requested by our customers. In the event that a sufficiently large bank Line of Credit supported by a Loan Guarantee can be established, as referred to above, we intend to use part of the available funds to complete modifications to the TCS-1 and re-engage rubber crumb manufacturing operations. With the new Convertible Notes Settlement Agreement, maybe TXMC will be able to obtain a large enough line of credit to purchase and install the needed equipment. Scoob