Planet Resource Recovery, Inc. Issues Shareholder Update on Progress
October 01 2008 - 6:00AM
Business Wire
Planet Resource Recovery, Inc. (Planet) (Pink Sheets: PRRY),
provides shareholder update on activities and progress. Despite a
slowdown in production due to Hurricane Ike and the volatility of
the market place, Planet continues to make positive progress on all
facets of its business plan. As of September 28, 2008 the company�s
production facility was completely back online with the restoration
of electrical power. All procured generators have been taken
offline and set up for return shipment to providers. Manufacturing
facility personnel are resuming production of PetroLuxus� products
and R&D continues in the lab. The expansion project of the
manufacturing facilities is anticipated to resume this week.
Corporate offices in Houston have been operational for the past
week. Sales Although the PetroLuxus� line of products has numerous
applications in the oil and gas industry, the company is currently
strictly focused on the development and commercialization of three
specific applications: Enhanced Oil Recovery, pretreatment of Brine
water and treatment of waste brown grease for the capture of oil as
a biodiesel feedstock. The Enhanced Oil Recovery market is where
Planet is currently deriving its revenues. Sales of PetroLuxus�
MMMF and WC -100 for Q109 and Q209 were $ 30,284 and $ 61,194
respectfully. Planet continues to treat new wells as a result of
its marketing efforts. Other applications of pretreatment of Brine
water and waste brown grease are being pursued aggressively to
complete technology development to commercialize these processes.
Since the commencement of our collaboration on the waste brown
grease, Planet has received numerous inquires both domestically and
internationally for this technology. Marketing Planet launched its
marketing campaign to Texas-based oil and gas operators at the
beginning of Q209 with the release of 60 sec and 30 sec
commercials. Both of these commercials have and/or will be airing
in the Houston, Austin and San Antonio markets raising the
awareness of oil producers to the benefits of the PetroLuxus� line
of products. Additionally, Planet has launched a direct mail
campaign to oil & gas operators in the State of Texas. The
direct mail campaign coupled with the television advertisements are
resulting in numerous inquiries by operators. On September 3, 2008,
Planet was the feature story in the Houston Chronicle article
titled �Making every drop count� Houston startup joins others in
trying to get more oil from existing wells.� Planet continues its
media relations efforts and anticipates more industry, mainstream
and financial media coverage in the near future. Oil Recovery
Ventures, LLC With positive results of increased production in the
EOR market, Planet�s wholly-owned subsidiary, Oil Recovery
Ventures, LLC commenced efforts to locate potential candidates for
acquisition. After considerable due diligence, Oil Recovery
Ventures, LLC has identified two potential candidates in West
Texas. Oil Recovery Ventures, LLC is commencing negotiations with
the selling parties. The primary acquisition target is currently
producing 120 BOPD (Barrels of Oil per day). Based on recent
engineering reports, consultants estimate that once wells are
worked over, the increased field production to be over 500 BOPD.
Completion of these acquisitions are dependent upon complete due
diligence, negotiations, funding and approval by the board. On
April 8, 2008, Planet�s independent auditors completed the
company�s audited financials � available at www.pinksheets.com.
Since completion, the company has been working with SEC counsel to
complete and file the regulatory documentation for application to
become effective for a higher exchange. Progress is being made in
this area but the company cannot give a specific date on becoming
effective due the regulatory process. About Planet Resource
Recovery, Inc. Planet Resource Recovery, Inc. is the developer,
manufacturer and marketer of the PetroLuxus(TM) family of products,
a proprietary environmentally friendly chemical compound that
dislodges oil in practically all natural and man-made environments.
The PetroLuxus(TM) family of products are effective and efficient
solutions for the remediation and recovery of petroleum-based
products. PetroLuxus(TM) applications include Enhanced Oil
Recovery, Oil Sands, oil spills, oil tank farm cleaning, marine
ship cleaning, remediation of oil sludge pits, treatment of raw
fuel feedstocks, waste oil segregation and biodiesel, to name a
few. Through the acquisition and formation of wholly owned
subsidiaries, Planet Resource Recovery, Inc. deploys the
PetroLuxus(TM) products. Oil Recovery Ventures, Inc. deploys
PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery
market. For an audio/visual demonstration of PetroLuxus(TM), click
on the link http://www.planetresource.net/index-21.html For more
information visit: http://www.planetresource.net or
http://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.
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