STRATFORD, CT – The Tirex Corporation, the owner of a green, patented tire recycling technology, the TCS System, is making progress in its recent restructuring, undertaken to facilitate the company’s return to being quoted on the Over The Counter Bulletin Board (OTCBB). The company believes this increase its opportunities to obtain capital financing of its TCS Facility(s), according to www.businesswire.com.
In January, 2008 Tirex engaged the Otto Law Group of Seattle, Wash., to become its new SEC attorneys and assist in the restructuring and strategic planning. In February, Tirex filed in Delaware to raise its common share authorization from 250 million shares (issued and outstanding) to 1 billion shares and add a new category of blank check preferred shares, with an authorization of 100 million shares, issuable in series. A first Series A was designated with an authorization of 3 million shares.
In April, Tirex entered into a Settlement Agreement with Sequoia International to effect a debt conversion deal under Securities Act Paragraph 3(a)10. And in May, Continental Stock Transfer and Trust Company in New York City, was reinstated and is also assisting in Tirex’s efforts to service its shareholders and brokers.
Tirex is currently being audited by Moore & Associates, Chartered Accountants and Advisors, PCAOB Registered, based in Las Vegas, Nev., for the corporation’s annual financial statements for the fiscal years ended Jun. 30, 2004, 2005, 2006, and 2007. Tirex will then file amended 10-KSB documents in order to once again become a fully reporting company.