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Tirex Patent Application Allowed; Bank of Montreal Grants $937,000 (CDN) Line of Credit

3 March 1998

Tirex Patent Application Allowed; Bank of Montreal Grants $937,000 (CDN) Line of Credit

    MONTREAL, March 3 -- The Tirex Corporation
(OTC Bulletin Board: TXMC) announced today that The United States Patent and
Trademark Office has allowed its patent application covering the Tirex scrap
tire disintegration process and that a patent is expected to be issued before
the end of this month.
    Tirex also announced that the Bank of Montreal has granted a line of
credit in the amount of $937,000 Canadian dollars (US $659,367 at the current
exchange rates) to 3143619 Canada, Inc. (known and doing business as "Tirex
Canada").  The Societe de Developpement Industriel du Quebec has provided the
Bank with a Certificate of Guarantee covering repayment of 80% of the said
loan.  This will give Tirex Canada immediate access to 75% of the funds which
it expects to receive by way of "refundable tax credits," from provincial and
federal governments, through the end of the fiscal year ending June 30, 1998.
All borrowings made under this line of credit will be repaid out of the
proceeds of such tax credit refunds upon their receipt by Tirex.  Tirex notes
that under Canadian regulations approved research and development tax credits
are paid by the government, even when the recipient has no taxes payable.
    The Tirex Corporation is engaged in designing and developing, and in the
early stages of manufacturing and selling, scrap tire disintegration
equipment.

SOURCE  Tirex Corporation