Planet Resource Recovery Acquires Innovative, Eco-Friendly "Sprayed in Place Pipe(TM)" Technology
April 29 2010 - 7:00AM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus™ and other
"Green" technologies for the remediation and recovery of the
planet's resources, is pleased to announce that the company has
closed on an asset purchase agreement for the acquisition of new,
innovative, eco-friendly technologies to remediate existing piping
infrastructure. These technologies target the remediation and
rebuilding of structural pipe "in place" thus significantly
reducing the high costs associated with removal, replacement and
downtime expenditures. PLANET has purchased the technology,
including robotic intellectual property and proprietary pipe lining
blends from Inspar Field Services, LLC to remediate and extend the
life of pipes to save associated pipe replacement costs and
maintenance. The cost of the acquisition of the assets was 15
million shares of PLANET's restricted common stock.
Founded in 1996 by Mr. Kent Weisenberg, Inspar Field Services,
LLC of Florida provides custom-engineered pipelining solutions to a
wide array of global industry and market segments. PLANET's
pipelining solutions acquired by Inspar rebuild existing pipes
while addressing issues such as: internal pressures, soil loads,
high heat, abrasives and chemical erosion. Mr. Weisenberg is the
developer of numerous technologies utilizing robotic pipelining
systems and applications that virtually eliminate any requirement
for personnel to work in potentially unsafe and confined spaces.
Inspar's intellectual portfolio which was purchased by PLANET
consists of 7 US and Foreign patents with multiple new inventions
in various stages of the patent process for the pipeline
remediation marketplace.
The assets purchased from Inspar include innovative technologies
serving diverse industries such as nuclear, coal-fired and
gas-fired power plants, chemical and petroleum processing
facilities, mining sites, fossil fuel transmission lines and
facilities, public entities working on local, state, federal and
international levels. Clients include General Motors, Pfizer,
ConocoPhillips, XcelEnergy, Kiewit, Progress Energy, Entergy,
Veolia, American Electric Power, PPG, Citgo, etc. For a complete
overview and history of Inspar visit
http://www.planetresource.net/pdf/inspar_abstract.pdf or
http://www.inspar.com
PLANET has formed a new wholly-owned subsidiary, Inspar Robotic
Technologies, Inc., to operate the assets acquired from Inspar. Mr.
Weisenberg has been appointed President, CEO and Director of
Technology Development of the new subsidiary.
Mr. Kurt Neubauer, President and CEO of PLANET, said about the
acquisition, "The acquisition of Inspar's technology assets is
extremely synergistic with PLANET. We believe that the combined
technologies of Inspar and PLANET will provide a complete solution
to corrosion mitigation and pipeline remediation to the
marketplace. Utilizing PLANET's corrosion products to mitigate
corrosion and then rehabilitating pipes with Inspar's technologies
will provide the one stop solution. Additionally, Inspar's
footprint and reputation within the industries opens the door for
PLANET to offer its other products to Inspar's customers."
PLANET will provide additional detailed information on these
technologies and market segments in the future.
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus™, 2) Remediation of mining toxic byproducts, and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. 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.
Media Contact: Rod Mitchell 281-350-5506 Email Contact A.S.
Austin Company 858-537-7439 Email Contact
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