FOR RELEASE – 0800 hrs, Monday, March 5, 2001

 Contact:  Jackie Reid

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The Tirex Corporation

(OTC BULLETIN BOARD – “TXMC”)

Tel: 514.933.2518, Fax: 514.933.6368, www.tirex.com

 

TIREX SECURES FINANCING OF UP TO US$5,000,000

TO FUND TIRE RECYCLING TECHNOLOGY

  

MONTREAL, CANADA, March 5, 2001 - The Tirex Corporation (OTCBB-TXMC) announced today that the Company had recently entered into an investment arrangement with an international group of institutional investors.  The arrangement involves a multi-stage financing under which the Company could obtain, at its option, up to US$5,000,000.  The financing is in the form of debentures convertible into the Company’s common stock and provide warrants proportional to the actual amount invested for the purchase of additional common stock.  A first traunch of US$750,000 has been completed; further traunches will be completed as required by the Company.  The first traunch will enable the Company to complete the conversion of the Company’s patented tire recycling prototype and demonstration unit, the TCS-1, into a commercial production unit.  In doing so, the Company intends to create a revenue stream from the sale of the output of the system and, in addition, will provide the technology showcase for potential buyers of TCS Systems.   As a further benefit, the production of rubber crumb will also provide the material required to further the Company’s research and development efforts in the field of composite materials formulations in the rubber and plastics industries and will initiate the manufacturing of crumb rubber products.  Tirex President, John L. Threshie Jr., added, “The company we have today which is prepared to enter international markets with our new technology is the result of years of research and development.  We believe that we have succeeded in creating an economically viable and environmentally friendly tire recycling process unlike any other in the industry.   This funding provides the resources for us to move towards production and begin to generate sales and revenues.”