Planet Resource Recovery, Inc. Signs Stocking Distributor to Market PetroLuxus(TM) Products
May 24 2011 - 8:00AM
Marketwired
Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) is pleased to
announce the Company has executed a Stocking Distributor Agreement
to market PetroLuxus™ products with Lerro Processing Group, LP of
Dallas, Texas. Lerro Processing has made an initial purchase of
2500 gallons of PetroLuxus™ Well Clean 100 well bore and production
string cleanup, enhanced oil recovery and well stimulation product.
Lerro Processing Group, LP, formed in 2010, is comprised of
industry veteran executives, including Mr. Gregory T. Orrell of
Lancer Industries, Inc., who service a large customer base of
clients throughout the global petroleum refining, marketing and
transportation sectors. Lerro Processing Group, LLC originally
executed a partnership agreement with PLANET in 2010 and executed a
license to sell the SRU-15 Desulfurization Technology currently
under development by PLANET. The LERRO/PLANET partnership agreement
was modified earlier this year to allow LERRO to maintain all
revenues generated by PetroLuxus™ product sales to be held outside
the original agreement and not included as revenues in the original
partnership agreement. Through this agreement modification, PLANET
will profit from wholesale sales of PetroLuxus™ products to
LERRO.
LERRO has identified numerous market segments where PLANET's WC
100 can be deployed and is in the process of bringing on a sales
team to ramp up production by early summer 2011.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of PetroLuxus™, a Green Technology that maximizes
hydrocarbon recovery in the Oil & Gas industry. Documented well
history case studies indicate deployment of PetroLuxus technologies
has helped Oil & Gas Operators reduce maintenance costs and
decrease downtime and increase oil recovery. For more information
visit: www.planetresource.net.
Safe Harbor Statement Under The Private
Securities Litigation Reform Act of 1995: The statements in this
presentation that relate to the Company's expectations with regard
to the future impact on the Company's results from new products in
development are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The results
anticipated by any or all of these forward-looking statements may
not occur. Additional risks and uncertainties are set forth in the
Company's Annual Report for the year ended December. 31, 2009, the
Company's Quarterly Report for the First quarter ended March 31,
2010. The Company undertakes no obligation to publicly release the
result of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events or
changes in the Company's plans or expectations.
Contact: Planet Resource Recovery, Inc. Investor
Relations: Jillian Young 1-877-878-5333 Email Contact
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