SOURCE: Tire International Environmental Solutions, Inc.

Tire International Environmental Solutions, Inc.

June 29, 2011 09:30 ET

Tire International Announces New Tire Recycling and Rubber Products Manufacturing Facility in South Carolina

$25 Million Investment Expected to Create 150 New Jobs

MONCKS CORNER, SC--(Marketwire - Jun 29, 2011) - Gov. Nikki Haley, the South Carolina Department of Commerce, Berkeley County and the Charleston Regional Development Alliance today announced that Tire International (OTCQB: TRIE) (PINKSHEETS: TRIE), a tire recycler and maker of rubber products, is establishing a new recycling and manufacturing facility in Berkeley County. The $25 million investment is expected to generate 150 new jobs.

Tire International has established a third-generation recycling and manufacturing operation in Moncks Corner. The company is currently in the process of upgrading its facility there to prepare for full operations. The company previously based its tire recycling and rubber manufacturing work in China, but now is bringing all of those operations to Berkeley County.

Gov. Nikki Haley said, "Tire International's $25 million job-creating investment in the Lowcountry -- that is expected to generate as many as 1,000 jobs -- is something we're going to celebrate. Our administration works day in and day out to make South Carolina the most attractive in the country for business development, and bring jobs to every part of our state, and we're excited to see that work pay off for Berkeley County."

"South Carolina continues to have a strong reputation in the materials recycling sector. Tire International's decision to locate in Berkeley County will further bolster that reputation. The company's decision to locate its operations in South Carolina is another indication that our state's business-friendly climate, skilled workforce and exceptional market access are working to attract new investment and international companies," said Bobby Hitt, Secretary of Commerce.

Tire International CFO and Director Marty Sergi said, "We are delighted to start up operations in the business friendly environment of South Carolina and Berkeley County. This was the key in our decision to not only expand our operations but also to move our production operations from China to South Carolina. In addition, the existing infrastructure of the facility has enabled us to commence operations quicker than we could have done in any other location. The ability to have our raw material delivered by rail along with the proximity of the Charleston port will be critical to the success of our business."

Andy Acho, former worldwide director of environmental outreach and strategy for Ford Motor Co., also a director of Tire International, said, "It is no longer sufficient for a good company to meet consumer demands by just providing innovative products with excellent durability, quality and reliability. A company's products must also be environmentally responsible. By incorporating recycled materials into their offerings, they not only meet consumer demand but also society's goals. That's what our company is all about."

At the plant, Tire International will recycle tires by breaking them down into raw materials and will produce finished consumer products including environmentally responsible and high quality commercial and residential flooring, artificial fields, playgrounds, landscaping materials and rubberized asphalt.

Berkeley County Supervisor Dan Davis welcomed the company to Berkeley County. "We are excited another global company has chosen our community as its preferred place to do business. Tire International joins a growing list of international companies drawn to our region by a productive port, an integrated transportation system and a business-friendly environment. We look forward to their continued success," Davis said.

Charleston Regional Development Alliance Chairman Sean Bennett echoed that sentiment. "Tire International's decision to locate in the Charleston region sends a strong message and further validates the trend of companies choosing to on-shore manufacturing operations in the United States. Our workforce is once again proving to be a key asset in our ability to attract businesses from around the world."

Tire International will be ramping up during the summer and fall and expects to have the plant fully operational by the end of the year. The company plans to begin hiring for the new positions at the end of September and will work with readySC during the hiring process. Anyone interested in job opportunities with the company should contact the Moncks Corner Workforce Center at 843-761-4400 at that time.

Tire International is a publicly traded developmental stage company committed to clean green recycling technology and value added manufacturing. Through innovative process manufacturing, negative cost recycled raw materials and waste-to-value manufacturing into finely crafted products, Tire International plans to become a leader in third generation recycling, the newest American movement in fully integrated clean green recycled products. The company is committed to creating new jobs and finding new and improved ways to reduce extensive waste tire stockpiles. The company expects to become a leading North American manufacturer of finished products available for export and domestic consumption. Visit the company's website at http://www.tireinternational.net.

About the Charleston Regional Development Alliance (CRDA)
The Charleston Regional Development Alliance serves as a catalyst for long-term, sustainable economic growth in South Carolina's Berkeley, Charleston and Dorchester counties. The CRDA leads a global marketing effort to retain and attract world-class business and talent, and to facilitate the site selection process for companies considering the Charleston region for competitive expansion or relocation investments. The CRDA drives regional competitiveness through research and engages top business, academic and elected leaders in economic development. To learn more, visit www.charlestoneconomicdevelopment.com

About S.C. Department of Commerce
The S.C. Department of Commerce works closely with economic development professionals throughout the state to recruit new jobs and investments and help existing businesses grow. In 2010, Commerce recruited a record 20,453 new jobs and $4.1 billion in capital investment. Commerce won the Gold Shovel Award and the Deal of Year Award in 2011 from Area Development magazine. Trade & Industry Development magazine selected two projects recruited by Commerce and its allies in 2010 for the magazine's annual Corporate Investment & Community Impact Award. Commerce's efforts have resulted in the successful recruitment of numerous world-class companies such as Boeing, Monster.com, Heinz, ZF Group, BMW and Google Inc. In addition to job and investment recruitment, the agency provides a range of business support services and offers grants for community development and infrastructure improvements. For more information, visit www.SCcommerce.com.

Forward-Looking Statements
This release contains "forward-looking statements" and information provided by Tire International Environmental Solutions, Inc., such as online, printed documents, publications or information available via Tire International Environmental Solutions, Inc's website. It may contain certain forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause Tire International Environmental Solutions, Inc's results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words, including but not limited to, statements regarding corporate plans, strategies and objectives of management; statements regarding products, services or developments; statements regarding future economic conditions; and assumptions underlying any of the foregoing.

Contact Information

  • Investor Contacts
    Martin Sergi
    Chief Financial Officer
    Tire International
    (201) 401-7077

    Frank Hawkins
    Julie Marshall
    Hawk Associates
    (305) 451-1888
    Tire_International@hawkassociates.com