TXMC Tirex Corporation (CE)

NORWALK, Conn., Aug. 2, 2012 /PRNewswire/ -- The Tirex Corporation (Pinksheets: TXMC) today filed an 8-K information report with the Securities and Exchange Commission providing management's estimated, unaudited and unreviewed financial statements for the year ended June 30, 2010.

"We are making this filing of a previously-announced step to keep shareholders informed of the financial status at Tirex as we pursue obtaining financing for prospective projects in various markets as well as accumulating financing to engage an independent PCAOB certified accounting firm to bring all records up to date through our latest fiscal year, June 30, 2012," according to President and CEO, John L. Threshie Jr.

There were no revenues for fiscal 2010 and net cash loss and net cash loss per share were not significant and in line with 2009.  Basic weighted average number of shares outstanding in 2010 were 1,483,685,430 compared with 740,673,574 in 2009.  Net loss differences between the two fiscal years were primarily due to treatments of non-operational items characterized as unrealized changes in fair value of embedded derivative securities.

This link is to the 8K filing and its financial statements: http://www.otcmarkets.com/stock/TXMC/filings 

It should be noted that there is a significant difference between "expenses" as defined under US-GAAP and "cash outflows".  The filed statements have been prepared in accordance with US-GAAP as to revenue and expense recognition and that very substantial differences exist between accounting-defined expenses and actual cash outlays, which, in the current presentation, are substantially less than accounting-recorded expenses.  Statement of cash flows, in conjunction with an income statement, illustrates such differences.

Tirex's TCS (Tirex Cryo System) process freeze 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.)

SOURCE The Tirex Corporation