WESTPORT, Con. (Aug. 4, 2011)—Tire recycler Tirex Corp. has compensated three officers with stock options instead of salaries, and taken a $1 million loan to address $2 million in debt obligations.
The company—whose process freezes scrap tire pieces and breaks the rubber into granules—said it gave the three Tirex officers due $1 million in total the stock options instead. The firm also will take a loan with the Laurus Master Fund (New York) for about $1 million in principal and interest.
“Tirex will work with its auditors to file its 2010 and 2011 annual and quarterly financial reports so it can once again become current as we move forward with our business plan,” said Tirex President John L. Threshie.