MONTREAL (March 14, 2002)—Cryogenic tire recycling firm Tirex Corp. is having financial and business problems, according to the company's latest 10-QSB form filed with the Securities and Exchange Commission.
“The company's uncertainty as to its productivity and its ability to raise sufficient capital raise substantial doubt about the entity's ability to continue as a going concern,” the SEC document said.
Tirex President John L. Threshie Jr., however, insists the company's situation is not nearly as dire as the SEC filing states.
“The lawyers made me put that in,” said Mr. Threshie, who said the company would be fine as soon as it gets sufficient capitalization to set up a commercial plant. Tirex posted a net loss of $3.1 million for the fiscal year ended June 30, 2001 and another loss of $925,000 for the six months ended Dec. 31, 2001.