HOUSTON, TX--(Marketwire - October 22, 2009) - Planet Resource Recovery, Inc. (PLANET)
(
PINKSHEETS:
PRRY), developer, manufacturer and marketer of PetroLuxus™
and other green remediation and recovery technologies, issues shareholder
update letter from Kurt E. Neubauer, Chairman of the Board and CEO.
Dear Fellow Shareholder:
It gives me great pleasure to inform you that the summer months of 2009
have been extremely busy with new advances in our new technologies and
endeavors. Years of development of our core technology, PetroLuxus™, has
opened the door to numerous new green technologies and applications which
will be environmentally friendly and economically beneficial technologies
that we anticipate will change many of the existing technologies in the
remediation and recovery of commodities on a worldwide basis.
We originally launched Planet Resource Recovery with the goal to develop
and commercialize our green technology, PetroLuxus™, for the recovery of
hydrocarbons to the Oil and Gas Industry. Throughout our R&D efforts on the
development of PetroLuxus™ we continually observed the effects of our
experimental compounds and lab processes on metals in heavy oil and other
hydrocarbon bearing materials. These observations, coupled with requests
from EPA contractors after the successful remediation of a contaminated
underground storage tank in Oreland, Pennsylvania, we embarked on
additional R&D efforts for the development of new green technologies for
the remediation and recovery of metals, heavy metals and precious metals.
As we begin the final calendar quarter of 2009, our R&D efforts in the
remediation & recovery of metals is bearing fruit. We have completed the
first phase of the development of compounds for the harvesting of metals
and have devoted the last few months in the development of the mechanical
processes to prove up our proof of concept. Our preliminary results have
been very encouraging which we are extremely excited about the development
of these proprietary compounds and processes as the remediation and
recovery of metals is a multi-billion dollar market.
PetroLuxus™
We continue to deploy our PetroLuxus™ product through our Oil Recovery
Ventures, LLC subsidiary to the Oil & Gas industry. We have been marketing
the product to Oil & Gas operators for the treatment of marginal oil wells
in the US. We continue to realize oil production increases and efficiencies
in equipment performance. Every well we treat is one more well to add to
our growing list of treated wells for validation of the effectiveness of
PetroLuxus™ for different formation types, depths and crude oils of
marginal wells.
On-Going Collaborations
We continue working with Cedar Marine Terminals, a subsidiary of Vertex
Energy, LP, to develop a compound and method to remediate waste oil into a
more environmentally friendly source of fuel. Testing continues with
successes as we develop and pilot special blends of PetroLuxus™ to
attain the stated goals. The creation of a new platform to refine a new
cleaner source of fuel from a recyclable material will provide the company
with a steady source of revenue while additionally providing a much needed
green technology. As we progress we will issue update press releases.
We are excited about the developments that our technical personnel have
achieved on the experimental compounds and concept design of new
technologies for the recovery of base and precious metals. We continued to
collaborate with Gold and Minerals Company, Inc., and El Capitan Precious
Metals Inc. for the development of green technologies to enhance the
recovery of metals at their 7000 acre property in New Mexico. We feel we
are well positioned in these mining technologies with the soaring prices of
commodities on a global basis.
Our work in the development of remediation and recovery technologies for
metals has opened the door to other potential markets. We are currently
conducting preliminary testing and proof of concept on green technologies
to address the many toxic heavy metals EPA Superfund sites that litter the
nation and globally. These technologies, once proven, can have a
positive impact on our planet and the recovery of commodity metals.
Personnel Changes
The Company has terminated Mr. Rick Burton's employment with the Company
effective September 16, 2009. The Company additionally terminated Mr.
Patrick Richard's employment agreement on September 1, 2009. Mr. Neubauer,
Chairman of the Board and CEO, has been reinstated as the company's
President.
We re-allocated, contracted and expanded our technical research staff to
expedite our R&D efforts on the above stated new technologies. These
internal personnel allocations have bolstered these efforts while adding
creative minds to these new technologies. Their progress has been
remarkable and anticipate to launch the commercialization of these
technologies in the very near future.
In closing, the future for Planet is extremely promising. We are expanding
from a company primarily focused in the Oil & Gas Industry and
Environmental remediation industries to a developer of environmentally
friendly technologies for the remediation and recovery of the Earth's
commodities and resources. We will continue to generate revenues from our
PetroLuxus™ product in the Oil & Gas industry while we continue the
development of technologies for new applications in the remediation and
recovery of Earth's resource that represent multi-billion dollar markets. I
am very proud of what has been accomplished and look forward to the
deployment of these new technologies. On behalf of Planet Resource
Recovery, Inc., I personally want to thank you for your support and
confidence in our company.
Sincerely,
/s/ Kurt E. Neubauer
Chairman & CEO
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc (the "Company") has developed a proprietary
product known as PetroLuxus™. The Company manufactures and markets
PetroLuxus™ which represents a disruptive technology for use in
petrochemical industries. PetroLuxus™ is comprised of a series of
compounds with a wide array of applications, all of which benefit from its
unique ability to dislodge hydrocarbons from organic and inorganic
materials. The Company's Phase I revenue approach is comprised of three
distinct business units: i) Environmental Remediation ("ER"), ii) Enhanced
Oil Recovery ("EOR") and iii) Strategic Business Combinations.
PetroLuxus™ is a "Green Technology." It is a non-toxic, nonflammable and
environmentally friendly method of separating hydrocarbons from both
man-made and naturally occurring materials. PetroLuxus™ truly is a
Disruptive Technology. It will disrupt currently accepted best practices
and change the way hydrocarbons are being managed and harvested throughout
the world. Founded in 2005, the Planet corporate offices are located in
Houston, Texas. For more information visit:
www.planetresource.com or
www.petroluxus.com.
Safe Harbor Statement
Certain statements in this release are "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995. Such
statements are subject to numerous risks and uncertainties. Actual results
may vary significantly from the results expressed or implied in such
statements. Factors that could cause actual results to materially differ
from forward-looking statements include, but are not limited to, the
Company's ability to meet the terms and conditions required to obtain its
project financing, risks and delays associated with product development,
risk of market acceptance of new products, risk of technology or product
obsolescence, competitive risks, reliance on development partners and the
need for additional capital. Planet takes no obligation to update or
correct forward-looking statements, and also takes no obligation to update
or correct information prepared by third parties that are not paid for by
Planet.
Contact Information: Company Contact:
Enrique M. Salinas III
281-996-5315 ext. 3006
Media Contact:
Rod Mitchell
281-350-5506