Tirex gains R&D tax credits as newly-accredited tire recyclerThe Tirex Corporation has been officially recognized as an authorized tire recycler by Recyc-Quebec, the provincial recycling agency. The company's accreditation last week follows its receipt of commercial permits from the Montreal Urban Community and the City of
Montreal, as well as a technical evaluation by Recyc-Quebec qualifying Tirex. "This accreditation as a commercial tire recycling operation permits Tirex to have direct access to scrap tires to meet its requirements and entitles us to generate revenue from tire recycling government subsidies; as a consequence of these permits and accreditations, Tirex has appreciably increased its crumb rubber production activities to meet existing market demand," said company president John L Threshie Jr. "Significantly, it also demonstrates that the company's environmentally friendly patented process is recognized technically which should assist the company with its worldwide sales efforts of our TCS technology," he added. Tirex also announced that its fiscal 2001 research and development tax credit claims with the governments of Canada and Quebec have been approved. The claims netted the company a total of almost $549,000, which has been used to pay down debt. Of more significance, noted Threshie, the federal and provincial government approvals of the R&D claims represent an important endorsement of the company's technology.Tirex has developed a patented cryogenic tire recycling process (the TCS) that produces clean crumb rubber well suited for making higher value-added products, including thermoplastic and extrusion products. More information is available from Jackie Reid at Tirex, 514/933-2518, FAX 514/ 933-6368, www.tirex.com.