Tirex aims to eliminate $2 million in obligations

LSRUNQI

Tirex aims to eliminate $2 million in obligations
Monday, August 8, 2011

Westport, CT - Tirex, owner of a patented tire recycling technology, the TCS System, is taking steps to eliminate $2 million of its obligations, it was announced today. “As unanimously voted for in a recent board resolution, the three principal Tirex officers who were due approximately $1 million in salaries for past services, will be compensated with stock options in lieu of salaries.” “As unanimously voted for in a recent board resolution, the three principal Tirex officers who were due approximately $1 million in salaries for past services, will be compensated with stock options in lieu of salaries,” according to president John L. Threshie Jr. “The other portion is a loan with The Laurus Master Fund (New York) for approximately $1 million in principal and interest,” Threshie said. “Tirex management recently determined that the statute of limitations for the loan and other legal and financial obligations in New York and Canada would permit Tirex to formally address its expiration,” Threshie added.