SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 14, 1998
THE TIREX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-17598-NY 22-2824362
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
740 St. Maurice, Suite 201
Montreal, Quebec H3C 1L5
(Address of principal executive offices) (Zip Code)
(514) 878-0727
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
Page 1 of 3 pages
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ITEM 5. Other Events
On September 14, 1998, the Company issued the following press release:
FOR IMMEDIATE RELEASE
Contact: John L. Threshie, Jr.
The Tirex Corporation
(OTC BULLETIN
BOARD - "TXMC")
Tel: (514) 933-2518
Fax: (514) 933-6368
TIREX TO RETAIN BEAUDOIN, HURENS AND ASSOCIATES
STAGE TWO TEST PHASE TO BE EXTENDED APPROXIMATELY TWO MONTHS
MONTREAL, CANADA, September 14, 1998 -- The Tirex Corporation (OTC
BULLETIN BOARD - "TXMC") announced today that it intends to retain the
engineering firm of Beaudoin, Hurens and Associates, Inc. ("BHA"), of Montreal,
Canada to prepare and/or finalize all design and engineering drawings, operation
and technical manuals, and other documentation respecting Tirex's patented
cryogenic tire recycling system (the "TCS-1 Plant"). Tirex's president, Terence
C. Byrne, stated today that BHA's participation should insure Tirex's ability to
efficiently and accurately replicate the TCS-1 Plant commercially, as a complete
"turnkey" tire recycling system.
BHA will also make an independent engineering assessment of Tirex's
findings from its first and second stage testing of the TCS-1 Plant. This will
enable BHA to independently verify and authenticate the requirements for certain
modifications which Tirex has identified under continuous testing conditions.
All major components of the TCS-1 Plant were successfully tested and were
operational on a non-continuous running basis by May 1998. Approximately 85% of
the TCS-1 Plant components presently meet all of Tirex's specifications and
Tirex intends to begin commercial manufacture of such components by November
1998. However, under continuous operating conditions in the second phase of
testing, Tirex found that modifications were required in certain components in
order for the TCS-1 Plant to operate fully in accordance with Tirex's
specifications. Continuous testing of the Plant components has also enabled
Tirex to identify opportunities to increase the TCS-1 Plant's cost and operating
efficiency. BHA will assist Tirex in implementing any required or recommended
changes and will serve as engineering project manager during what Tirex believes
will be the final stage of preparation for full scale commercial operations.
Tirex has
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retained Plasti-Systemes Inc. of Montreal to do all mechanical fabrications
required during this final stage of the project. In order to accomplish the
foregoing, Tirex will extend the stage two test phase of the TCS-1 Plant.
Present estimations for completion of all test procedures and commencement of
full scale commercial manufacturing are now projected for mid-November 1998. The
cost of all required modifications, including engineering fees, is expected to
be $500,000. The Company believes it will have sufficient working capital to
complete this stage.
ITEM 7. EXHIBITS
No Exhibits are being filed with this Report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE TIREX CORPORATION
Dated: September 17, 1998 By /s/ Terence C. Byrne
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Terence C. Byrne, President
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