Tires International, TIRES S.p.A. sign agreement
Tire International Environmental Solutions Inc. has signed a joint venture agreement with TIRES S.p.A., an Italian manufacturer of heavy industrial processing and recycling equipment.
Under the terms of the agreement, Tire International will own 50% of the U.S. patent pending for the TIRES state-of-the-art tire recycling plant, method and installation of recycling of used tires for conversion into finished products for the North American market.
TIRES will own approximately eight million shares of the company's common stock in exchange for approximately $4 million in capital expense contribution out of equipment costs under a purchase agreement by the company of approximately $13 million.
Antonio Care, CEO of Tire International, says, "This agreement marks a joint cross-border commitment between two companies, each dedicated to dealing with one of the greatest threats known to the environment, waste tire stockpiles around the world.
“The joint venture with TIRE S.p.A. establishes a footprint design for the company's future plans to develop one or more 'waste to value' tire recycling locations around the United States…”