Tirex definition

Tirex means The Tirex Corporation and 3143619 Canada Inc. (known and doing business as "Tirex Canada Inc."), and all other corporations, partnerships, or other entities, now or in the future controlled by, under common control with, or in control of, The Tirex Corporation, jointly and severally.
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Tirex or the "Company"). At the time of the Merger, RPM will have cash assets, representing the net proceeds from the sale of the Units offered hereby, all of which will inure to the benefit of Tirex. It is estimated that, after deducting estimated offering expenses and commissions, such net proceeds will be approximately $266,000 (the "Minimum") assuming the minimum of 30 Units are sold and $761,000 (the "Maximum") assuming the maximum of 85 Units are sold. Tirex intends to utilize all of the net proceeds from the Minimum to pay the costs of completing the first production model of the TCS-1 System. Unless circumstances require otherwise, to the extent Tirex raises more than the Minimum, the proceeds will be expended in the order of priority set forth in the table, below. A discussion of the use of the combined proceeds from this Offering and from the Tirex Offering which is being made concurrently herewith (the "Combined Proceeds"), is included below (see "CONCURRENT OFFERING AND PROPOSED MERGER", above). If both this Offering and the Tirex Offering are fully subscribed, Tirex expects to use all of the proceeds within six months from the final closings of both offerings. Tirex will have to seek other financing, for all items not payable out of the proceeds. Possible alternative financing sources may include, but not be limited to: (i) Canadian government grants, loans, and/or refundable tax credits and (ii) debt financing from banks or other lending institutions. Even if this Offering is completed and closed, there can be no assurance that the concurrent Tirex Offering will be completed. Nor can there be any assurance that Tirex will be able to obtain alternative sources of financing on beneficial terms, if at all. The failure to accomplish either of the foregoing would have a material adverse effect upon Tirex's ability to commence business operations on a timely basis, if at all. Approximate Application Dollar Amount --------------- ----------------------- Minimum Maximum ------- ------- Capital Expenditures Completion of First Production Model of TCS-1 System (1) ------------------------- Cryogenic - Freezing Section $266,000 $273,500 Disintegration System -0- 175,000 Comprehensive Engineering and Design -0- 175,000 Working Capital Corporate Headquarters (4)(9) -0- 10,000 Manufacturing Facility (5)(9) -0- 50,000 Employee Salaries (6)(9) 77,500 -------- -------- Total $266,000 $761,000 Notes to this table follow the "USE OF COMBINED PROCEEDS" table, below.
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Examples of Tirex in a sentence

  • The Tirex Corporation is (i) duly organized corporation, validly existing and in good standing under the laws of the State of Delaware; (ii) has full power to own all of its properties and carry on its business; and (iii) is qualified to do business as a foreign entity in each of the jurisdictions in which it operates, if any, unless the character of the properties owned by it or the nature of the business transacted by it, does not make qualification necessary in any other jurisdiction or jurisdictions.

  • Any notices permitted or required under this Agreement shall be delivered by hand, certified mail, or recognized overnight courier, in all cases with written proof of receipt required, addressed to the parties as set forth below and shall be deemed given upon receipt to the Corporation at: The Tirex Corporation ▇▇▇ ▇▇.

  • The Tirex Corporation (the "Corporation"), is a publicly-held Delaware corporation, the common stock of which is traded in the over-the-counter market in the United States and quoted on the electronic bulletin board of the National Association of Securities Dealers (the "OTC Bulletin Board").

  • The Company has entered into confidentiality and invention assignment agreements with certain employees and consultants which limit access to, and disclosure or use of, the Tirex technology.

  • In consideration of the Executive's agreeing to discontinue his other business activities in order to enter into this agreement, the Corporation will issue to the Executive, upon execution of this Agreement, 500,000 shares of the common stock of The Tirex Corporation.

  • Based upon the foregoing, unregistered shares of Tirex America's common stock, which cannot be sold into the public market for an extended period of time, have a value which reflects the Company's poor financial position and uncertain future, and can be expected to be saleable by the Company, in arm's length transactions, for not more than fifty percent (50%) of the current market value of the publicly traded stock of Tirex America, or for substantially less.

  • On January 28, 1998, Tirex authorized the issuance of an aggregate of 4,000,000 shares to two of its executive officers and to its corporate attorney, at a price of $.001 per share, as follows: ▇▇▇▇▇▇▇ ▇.

  • On January 28, 1998 Tirex authorized the issuance of 600,000 shares of Common Stock to ▇▇▇▇▇ ▇.

  • Although management believes that the Tirex Technology has distinct advantages over other existing tire disintegration methods, the Company will face competition from other equipment manufacturers, virtually all of whom will be larger than the Company, and will have substantially more assets and resources than the Company has.

  • Requests should be directed to ▇▇▇▇ ▇▇▇▇▇▇▇▇, Secretary, The Tirex Corporation, ▇▇▇ ▇▇.