SOURCE: Planet Resource Recovery, Inc.

December 17, 2009 12:42 ET

Planet Resource Recovery Enters Into Joint Venture Agreement With Project Funding and Construction Partner

HOUSTON, TX--(Marketwire - December 17, 2009) - 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 entered into a Joint Venture agreement with MidWest General, LLC to provide funding on multiple Planet Resource Recovery mining and remediation projects. Through the Joint Venture Agreement, Planet will provide its proprietary Green technologies and expertise while MidWest General will provide capital funding, construction, construction management and on-site operational oversight on mining, environmental remediation and other projects.

Planet has spent the last year continuing to complete R&D efforts on its PetroLuxus™ technologies while also developing new green technologies for the mining and remediation of metals. The mining and remediation R&D efforts were embarked upon as the result of observations of the effects of PetroLuxus™ and other compounds on metals in crude oil. As 2009 comes to a close, Planet is ready to deploy the new mining and remediation technologies in 2010 and will be introducing new PetroLuxus™ technologies for the Oil & Gas industry.

Privately-held MidWest General, LLC, with revenues in excess of $200 million a year, is a well capitalized full service commercial construction company. They offer clients general contracting, construction management, construction consulting and real estate development services. Most notable, MidWest General, LLC is one of three exclusive contractors for JP Morgan Chase Bank. Additionally, amongst many other projects, the company is the construction manager for the $68 million Thomas Jefferson School of Law construction project as well as the construction manager for multi-national Kyocera Corporation's construction of its San Diego Office Building and Solar Grove project. MidWest General's forecasted revenue for 2010 is in excess of $300 million.

Planet and MidWest General are currently working diligently to secure contracts for the remediation of a multi-million gallon Cadmium laced water project, precious and base metal mining projects and the environmental cleanup and recovery of metals from a large slag site of a former foundry.

Mr. Erich Aragon, President & CEO of MidWest General, commented on the joint venture, "Planet has developed compelling new Green technologies for the mining and Environmental Remediation industries. These new technologies offer cutting-edge platforms that will change the way these industries operate resulting in meeting the environmental demands and efficiencies mandated today. MidWest General sees an incredible business opportunity with these new technologies that we had to be a part of."

Kurt Neubauer, President & CEO of Planet, stated, "This relationship brings a dynamic shift in the way Planet will be able to do business going forward becoming an operational company after four years of R&D. Planet will be the aggressor in locating and acquiring projects that meet the qualifications for its new mining and metal recovery technologies. Along with numerous business opportunities for Planet's technology of their own, MidWest General brings Planet the necessary start-up capital, construction and management experience for their successful execution. The combination of Planet's technologies and MidWest General's capital and construction management expertise will provide Planet the edge required for the deployment of our new technologies that will generate the Company's first operational revenue streams for positive shareholder appreciation."

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.

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