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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (13656)	3/24/1999 9:49:00 AM
From: JohnO	Respond to of 25711

More positive news on TXMC Wednesday March 24, 8:02 am Eastern Time Company Press Release SOURCE: Tirex Corporation Tirex Operating TCS-1 Plant on Ten Hour Shift Basis Producing Rubber Crumb for Commercial Applications MONTREAL, March 24 /PRNewswire/ -- The Tirex Corporation (OTC BULLETIN BOARD: TXMC - news) announced today that it is now operating its first fully integrated cryogenic scrap tire recycling system (''TCS-1'') on a continuous ten-hour per day shift. Terence C. Byrne, Tirex's Chief Executive Officer, stated that, ''This represents a momentous milestone for Tirex, signifying the end of the primary development and the beginning of commercial exploitation of our technology.'' The patented TCS-1, which was designed and is manufactured by Tirex, breaks down used tires into cleanly separated and re-saleable rubber crumb, steel wire, and fiber. Tirex also manufactures finished products molded out of recycled rubber. Based on currently anticipated requirements, Tirex expects to use at least 400,000 pounds of TCS-1 recycled rubber per month in its own product manufacturing business. Mr. Byrne stated further that the vertical integration of Tirex's operations should provide significant competitive advantages in the market for molded rubber products, especially since ''...results from earlier testing have already established that the rubber crumb produced by the TCS-1 Plant is the cleanest ground rubber we have seen being offered in the market today.'' The TCS-1 Plant is a patented ''turn-key,'' automated, cryogenic scrap tire recycling system designed and manufactured by Tirex. According to Mr. Byrne, the achievement of continuous 10-hour running capability will allow Tirex to obtain the performance data needed to confirm that this model of the TCS-1 Plant is ready to be duplicated in commercial production. Tirex plans to continue to run the TCS-1 Plant on daily ten-hour shifts through the second week of April and, thereafter, barring any presently unforeseen operational problems, to add a second daily ten-hour shift. Today's announcement marks the completion of stage three testing of the TCS-1 Plant using a single freezing tower and single fracturing mill. Tirex will begin final installation of the second freezing tower and fracturing mill in the first week of April 1999. All sub assemblies needed to complete the second freezing tower and fracturing mill are at the Tirex Plant ready for final assembly. Tirex has taken orders for fourteen TCS-1 Plants, based upon which it has a present backlog of $41,750,000. Although such backlog may be used as a guideline in determining the value of orders received, it is subject to change by reason of several factors including possible cancellation of orders, change in the terms of the contracts, and other factors beyond Tirex's control and should not be relied upon as being necessarily indicative of the revenues or profits which Tirex might ultimately realize from such orders. The ultimate consummation of a sale pursuant to any order included in the backlog will be entirely depended upon the TCS-1 Plant's continuing to meet all performance expectations, each customer's obtaining lease or other financing as well as all required permits and licenses. SOURCE: Tirex Corporation