MONTREAL (March 20, 2001)—Montreal-based tire recycling firm Tirex Corp. has secured up to $5 million in financing from an international group of institutional investors.
The first $750,000 of the financing is being used to complete the conversion of the company´s patented TCS-1 cryogenic tire grinding system into a commercial production unit, according to Tirex President John L. Threshie Jr.
The unit will be fully operational "within days," Mr. Threshie said, and negotiations are ongoing with potential buyers for Tirex´s crumb rubber. Crumb rubber production also will allow Tirex to continue its research and development into composite materials formulations for thermoplastic extrusion products, he said.
Mr. Threshie declined to name the investors´ group, saying it requested anonymity, but did say it was headquartered in New York.