MONTREAL (Nov. 26, 2001)—Tirex Corp. said it has been granted government accreditation as an authorized tire recycler following a technical evaluation by Quebec's provincial government and the granting of commercial permits from the Montreal Urban Community and the City of Montreal. Meanwhile, the company said its provincial and federal Research and Development Tax Credit claims also were approved.
Tirex´ tax credit from the province of Quebec totaled $231,686 (U.S.), which after subtracting payroll taxes, netted the company $54,301.
Tax credits granted by Canada's federal government totaled $324,692 or $288,934 after subtracting payroll deductions. The full amount of the federal credit was retained by Canada Economic Development for Quebec Regions and applied against loans previously made to the company, which Tirex President John L. Threshie Jr. said the credits will significantly reduce the company's debt.
Mr. Threshie said Tirex has appreciably increased its crumb rubber production
in order to meet existing market demand.
He said accreditation also demonstrates the company´s patented cryogenic tire recycling process is recognized technically, which should assist the company's world-wide sales effort.