MARCH 2011
                                        

Tire International engages banker for debt financing

Tire International Environmental Solutions, Inc., a tire recycling and finished consumer and industrial product company, has engaged Stone & Youngberg, LLC, of New York for assistance in structuring and marketing a debt offering as part of its project financing.

The project financing will allow the company to establish United States facilities to recycle tires and manufacture recycled rubber products currently produced in China for consumer and industrial use throughout North America. The proposed debt financing would provide $20 million of net proceeds to acquire, equip and operate the new facilities.

Tire International announced in January that it has agreed to acquire Tonmik Import Export Solutions, Inc., a Montreal-based distributor of recycled rubber products that are currently manufactured at its facilities in China. The company intends to develop a fully integrated scrap-tire-to-finished-product tire recycling business in the United States.