Tirex signs tentative deal with Hongli

DEZHOU, China (Jan. 10)—Montreal-based Tirex Corp. has signed a memorandum of understanding to sell "the major proprietary portion" of one of its patented TCS-1 tire cryogenic grinding systems to the Shandong Hongli Group of Dezhou for $2.25 million. The memorandum also includes an understanding that Tirex and Hongli will negotiate a long-term agreement for Hongli to obtain the exclusive right to manufacture and market the TCS-1 in China. The memorandum does not guarantee a licensing agreement, but Tirex said it "remains confident that a mutually satisfactory license agreement will be entered into in the near future."