Tirex denies former business partner´s fraud charges

WILMINGTON, Del. (March 21)—Tirex Corp., the Montreal-based cryogenic tire recycler, "adamantly denies" the fraud charges former business partner IM2 Merchandising and Manufacturing has levied against Tirex and its former president, Terence C. Byrne. Quebec-based IM2 signed an agreement with Tirex in December 1998 to produce rubber floor mats at Tirex´s facility. But in a lawsuit filed in the Wilmington federal court, IM2 accused Tirex of being "fully aware" that its TCS-1 cryogenic grinding system "was a total failure," and also of using its connection with IM2 to boost the price of its stock. Current Tirex President John Threshie said it was IM2 which did not abide by the terms of the contract, and Byrne said he planned to file a counter-suit in the case.