Tirex Announces Management Estimates for Fiscal 2009

The Tirex Corporation (OTC:TXMC) today publicly posted unaudited financial results for the year ended June 30, 2009 in an 8-K with the Securities and Exchange Commission noting that the company had filed for an extension due to the previously-announced change in auditing firms.

“We are highly confident that the audited numbers will not be materially different from the estimates filed today that show: we are still a developmental stage company seeking our first sales contracts based on our patented technology; we have completed our research and development; and we reduced our liabilities and long-term debt,” according to Tirex President and CEO John L. Threshie Jr.

“Furthermore, we are generally pleased with the progress of our previously-announced marketing activities and fully expect a signed sales contract from one or more of them in fiscal 2010,” Threshie said. “Several opportunities have presented themselves that have merited the expenditure of considerable effort to close a purchase and sales agreement in the Middle East, Malaysia, Spain, South America the USA and Canada,” he pointed out.

In the management analysis for the year, the company stated the relevant accounting principle related to its previously-announced $20.8 million TCS facility Memorandum of Understanding with Exchangtex in Malaysia (and any other similar contract):

“…generally accepted accounting principles in effect in the USA have the effect that the revenues to Tirex resulting from such transactions will not be recognizable until the systems will have been accepted by the customers. Given the time line required to manufacture, install and have accepted these systems, it is unlikely that any revenues would become recognizable during our fiscal year, which will end June 30, 2010.”

“However, the company could benefit from any cash inflows resulting from possible progress payments during the production stage of the next (approximately) twelve months pending the closing of a TCS purchase agreement,” Threshie pointed out.

Tirex’s TCS (Tirex Cryo System) process freezes scrap tire pieces with cold air – as opposed to expensive liquid nitrogen – and then “breaks” the rubber into granules in a patented “fracturing mill”, instead of cutting and shredding it. This process separates the marketable strands of steel and fiber from the frozen ground rubber with a “green,” environmentally-friendly, economically-attractive tire recycling system. For more information go to www.tirex-tcs.com.

(The statements which are not historical facts contained in this news release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.)

Tirex (CE) (USOTC:TXMC)
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