FOR IMMEDIATE RELEASE

TIREX PATENT APPLICATION ALLOWED
BANK OF MONTRÉAL GRANTS $937,000 (CDN) LINE OF CREDIT

MONTRÉAL, CANADA, March 3, 1998. The Tirex Corporation (OTC BULLETIN BOARD "TXMC") announced today that The United States Patent and Trademark Office has allowed its patent application covering the Tirex scrap tire disintegration process and that a patent is expected to be issued before the end of this month.

Tirex also announced that the Bank of Montréal has granted a line of credit in the amount of $937,000 Canadian dollars (US $659,367 at the current exchange rates) to 3143619 Canada, Inc (known and doing business as "Tirex Canada"). The Société de Développement Industriel du Québec has provided the Bank with a Certificate of Guarantee covering repayment of 80% of the said loan. This will give Tirex Canada immediate access to 75% of the funds which it expects to receive by way of "refundable tax credits", from provincial and federal governments, through the end of the fiscal year ending June 30, 1998. All borrowings made under this line of credit will be repaid out of the proceeds of such tax credit refunds upon their receipt by Tirex. Tirex notes that under Canadian regulations approved research and development tax credits are paid by the government, even when the recipient has no taxes payable.

The Tirex Corporation is engaged in designing and developing, and in the early stages of manufacturing and selling, scrap tire disintegration equipment.