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Tirex Enters Into Joint Venture Agreement With Wyoming Corporate Headquarters / Altgen, LLC
Jan 6, 2012 9:31:00 AM
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WESTPORT, Conn., Jan. 6, 2012 /PRNewswire/ -- The Tirex Corporation (OTCBB/PK: TXMC) - owner of a patented tire recycling technology, the TCS System – announced today that it entered into a Joint Venture Agreement with Wyoming Corporate Headquarters LLC (WCH) of West Columbia, SC, to recycle scrap tires.

"With the successful collection of scrap tires, this joint venture moves Tirex from its 'Developmental Stage' to a commercial entity with revenue generating operations and is just the tip of the iceberg for the expansion of our technology into the market," said Tirex President, John L. Threshie Jr. "Since we own 25% of the joint venture, revenues to Tirex could be significant in 2012," he pointed out.

JECC of Quebec, Canada, an engineering construction firm, has been identified to undertake the fabrication and installation of the TCS system, estimated at a cost of $7.5 million gross, which is subject to financing, and which accrues a negotiated commission to Tirex.

WCH, the majority owner of Altgen LLC of Evanston, IL, has recently been awarded the issuance of a statewide license from the State of Tennessee giving them the legal right to collect, store and process used and rejected tires at its 100,000 sq. ft. leased facilities in the Memphis city area. Tirex's TCS-2 tire recycling system has been selected for use at this new facility and represents the first commercial installation of a TCS-2 system.

"Tennessee generates more than 45,000 tons of scrap tires annually, and we are negotiating, on a county-by-county basis, the collection and recycling fees it generates ranging from $50-$90 per ton received at collection," said WCH's CEO, Brooks Stanton.

"Herculean efforts have gone underway to get Altgen LLC in the position of readiness that we are in today to support the Altgen-Tirex plant in Tennessee," added Mr. Stanton. "I'm excited about the alignment with Tirex because the move not only allows an opportunity to leverage new technology faster, it also creates a strong strategic position for growth and expansion in a timely manor. This is one of the final critical pieces needed to help all parties expeditiously transition through implementation to production stage," he pointed out

"This represents the culmination of many years of developmental work on our technology, and I am delighted to be getting our first commercial system into the marketplace with WCH and Altgen," stated Louis Muro, founder of The Tirex Corporation and inventor of the TCS technology.

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