Tirex Grants License to Ocean Equipment Manufacturing and Sales Co. to Manufacture Patented Tirex Recycling Technology in the United States

Business Wire, Nov 18, 1999

MONTREAL--(BUSINESS WIRE)--Nov. 18, 1999--

The Tirex Corp. (OTCBB:TXMC) announced Thursday a grant to license Ocean Equipment Manufacturing and Sales Co. (OEMSC) of Toms River, N.J. to manufacture Tirex's patented tire recycling system, the TCS-1, in the United States.

The license to OEMSC includes the sale of products produced by the TCS-1 and the sale and/or lease of the TCS-1 System within the United States.

Under the agreement, Tirex is to be paid $250,000 US for the license. Tirex also receives 16.7% of the total gross amount for each TCS-1 sale.

The Tirex Corp. is near completion of some design changes and improvements to the TCS-1 freezing chamber. The proprietary, patented fracturing mill of the TCS-1 is fully operational and Tirex is on schedule to run the entire system continuously by the end of the month.

The President of OEMSC, Louis Sanzaro, resigned as president of the Tirex Corp. to avoid a conflict of interest. "The license agreement is a win/win deal for Tirex and OEMSC," Sanzaro was quoted as saying. "The TCS-1 technology," he went on to say, "is still the most efficient and economical system in the world that produces higher value added crumb rubber from recycled tires. Combined with Tirex's efforts throughout the world and OEMSC in the States, we hope to exploit the scrap tire industry as we increase our capabilities two fold."