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): May 10, 1999
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
The Tirex Corporation has noted an increase in both the trading volume and
the market price of its common stock on the OTC Bulletin Board, pursuant to
which the respective average low bid and high ask prices rose from $0.108 and
$0.124 during the fifteen trading days ended May 14, 1999 to $0.158 and $0.218
during the five trading days ended May 21, 1999. The volume of trading also
increased from a daily average of 344,933 shares during the fifteen trading days
ended May 14, 1999 to a daily average of 1,822,940 during the five trading days
ended May 31, 1999. The closing price on Friday, May 21, 1999 was $0.156 per
share.
The Company is not aware of any facts or circumstances which reasonably
might be expected to give rise to increases of such magnitude other than
increased public awareness of the Company, its business, and prospects which may
have resulted from a research report prepared by Capital Research Group Inc.
based upon information supplied by the Company and other sources relied upon by
Capital Research. This report was posted by Capital Research on its website at
http://www.thesubway.com. On May 7, 1999, Capital Research and Tirex entered
into a six-month financial public relations consulting agreement pursuant to
which Capital Research will endeavor to increase public awareness of Tirex.
Under the terms of the consulting agreement, Capital Research is to receive
compensation consisting of: (i) 300,000 shares of Tirex common stock for the
first month; (ii) 200,000 shares of Tirex common stock for the second month;
(iii) $35,000 for the third month; and (iv) $15,000 for each of the fourth,
fifth, and sixth months. The last four monthly payments may consist of cash,
stock, or a combination of both. There are currently 87,428,779 shares of Tirex
common stock issued and outstanding. To date, Capital Research has received
300,000 shares of Tirex common stock. This compensation was paid on the
Company's behalf by an individual who has served as a marketing and business
consultant to Tirex since November 1997. Capital Research has disclosed its
position in Tirex on its website.
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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: May 24, 1999 By /s/ Terence C. Byrne
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Terence C. Byrne, Chairman and
Chief Executive Officer
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