UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of Report (Date of earliest event reported): DECEMBER 9, 2010
(DECEMBER 7, 2010)
TIRE INTENATIONAL ENVIRONMENTAL SOLUTIONS INC.
(Exact name of registrant as specified in its charter)
NEVADA 000-28323 98-0368586
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1530-9TH AVENUE S.E., CALGARY, ALBERTA, CANADA T2G 0T7
(Address of principal executive offices) (Zip Code)
(403) 693-8000
Registrant's telephone number, including area code
NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On December 8, 2010 Tire International Environmental Solutions Inc. (the
"Company") completed a General Release and Settlement Agreement (the
"Settlement") with Dean Petkanas terminating his employment and certain
contractual agreements with the Company. As part of the Settlement Mr. Petkanas
received $10,452.71 and 150,000 unregistered non-qualifying common stock options
that can be exercised during the next 5 years at $.30 per share. The underlying
common stock is also unregistered.
On December 8, 2010 the Company entered into an Employment Agreement (the
"Agreement") with Martin Sergi. The Agreement provides for monthly compensation
to Mr. Sergi of $10,000 and provides the Company with certain non-compete and
confidentiality protections.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
RESIGNATION OF OFFICERS:
On December 8, 2010, Mr. Dean Petkanas, Interim Chief Operating Officer and
Acting Chief Financial Officer of Tire International Environmental Solutions
Inc. (the "Company"), informed the Board of Directors of the Company that he was
resigning as Interim Chief Operating Officer and Acting Chief Financial Officer
effective December 8, 2010. Mr. Petkanas did not resign as the result of any
disagreement with the Company of any matter relating to the Company's
operations, policies, or practices.
APPOINTMENT OF MARTIN SERGI AS CHIEF FINANCIAL OFFICER AND TO THE BOARD OF
DIRECTORS:
On December 8, 2010, Mr. Sergi was appointed to the Board of Directors and Chief
Financial Officer of Tire International Environmental Solutions Inc. (the
"Company"). Mr. Sergi, 53, has over 25 years of experience in running private
and publicly owned waste management companies in the tire recycling business. He
has raised over $1 billion in debt and equity financings over the years and has
successfully built companies from inception to $200 million in sales and $350
million in assets. Mr. Sergi served as Chief Executive Officer of PermaLife
Products from 2001 to 2010. Prior to that he was Chief Executive Officer and
Chief Financial Officer of KTI Holdings, a major waste to energy and recycling
firm that managed waste streams for hundreds of municipalities. He built or
acquired over 100 recycling facilities in 20 states and Canada and managed an
operating staff of over 500 employees. Mr. Sergi is currently president of Mall
at the Galaxy in Guttenberg, NJ. He formerly was a senior manager for Ernst &
Whinney. He holds a BA in Accounting degree from St. John's University. In 2006
Ernst and Young named him entrepreneur of the year for the New Jersey region for
his work as CEO of PermaLife.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TIRE INTERNATIONAL ENVIRONMENTAL SOLUTIONS INC.
December 9, 2010
By: /s/ Antonio Care
Antonio Care
President and Chief Executive Officer
