Polyurethane tire maker Amerityre Corp. said it has halted development work on automotive and composite tires because of funding problems.
The Boulder City-based company, which develops, manufactures and sells polyurethane tires, said in a stock filing that because of the company’s “limited resources, tire projects which are contingent on additional development, such as composite and automotive tires, have been put on hold and will be revisited at a later date.”
Amerityre reported an operating loss of $184,345 on revenue of $1.35 million for the three months ended Sept. 30. That compares with an operating loss of $298,287 on revenue of $917,646 in the same period a year earlier.
Sales increased to $837,000 from $500,000, the company said, and Amerityre raised $40,000 from sales of equipment in the 2011 period.
Amerityre has invented new polyurethane foam and elastomer materials that are superior to rubber in many tire and tire product applications. At the same time, Amerityre has developed manufacturing processes and equipment that simplify and reduce costs in the tire making process.
Amerityre is focused on five tire and tire product markets for its ElastothaneTM polyurethane tire technologies:
Foam Tires for low speed, light weight applications
Tire Fill for industrial and mining applications
Solid Tires for low speed, heavy weight utility vehicles like fork lifts and skid-steer refuse handlers
Composite Tires for applications where special treads are required and for retreads for commercial trucks to large OTR (off the road) mining tires
Pneumatic Tires for passenger cars and light truck applications
The advanced polyurethane materials developed by Amerityre and used in these applications are environmentally friendly and can be recycled.