SOURCE: Global Resource Corp.

Global Resource Corp.

January 20, 2010 08:30 ET

Global Resource Corp. Announces $12 Million Joint Venture With Phoenix Renewable Energy

Joint Venture Is to Develop, Construct, Own and Operate Facilities Utilizing GBRC's Microwave Technology in Processing Scrap Tire; Phoenix Renewable Energy Provides Extensive Experience in the Renewable Energy Sector as Well as Financial Expertise

MOUNT LAUREL, NJ--(Marketwire - January 20, 2010) - Global Resource Corp. (PINKSHEETS: GBRC), a developer of patented energy-efficient microwave-based technologies for recycling tires, upgrading petroleum products and converting other materials to higher value hydrocarbon-based fuels or carbon materials, announced today a Joint Venture to develop, build, own and operate several facilities with Phoenix Renewable Energy for the processing of scrap tires. The JV will have rights to develop and operate all facilities located in Arkansas, Louisiana, Mississippi, and South Carolina. The first facility as part of the Joint Venture will be located in Jonesboro, Arkansas and is estimated to be worth $12 million.

The Joint Venture will be for the processing of scrap tire derived fuel (TDF) into high margin commercial hydrocarbons and carbon products utilizing GBRC's groundbreaking patented microwave technology. Phoenix Renewable Energy and GBRC will leverage their technical and commercial capabilities to fund, develop and operate a Patriot Facility. The Facility will have a nameplate throughput capacity of 20,000 Tons of TDF with projected annual, recurring revenue of approximately $13 million and environmentally positive outputs of electricity and carbon products.

"GBRC is extremely pleased to have formed a Joint Venture with such a well respected renewable energy company that has the knowledge and financial capabilities to assist in the commercialization of our disruptive technology," said Mr. Ken Kinsella, CEO of GBRC. "The signing of this JV is a major milestone as we begin to commercialize our technology and further validates the power and need of our technology for converting waste tires into high value carbons. Our entire management team is excited to be working with Phoenix Renewable Energy to begin the design, building and operation of several profitable scrap tire facilities. The signing of this JV is a great way for GBRC to start 2010 as it is the first step in increasing value for our shareholders as we begin to build several revenue generating facilities in the near future with several other JV partners that we are currently negotiating with. The Joint Venture with Phoenix Renewable Energy enables us to be cash flow positive for the build and rollout of our first machine."

"We are pleased to have formed this Joint Venture with Global Resource to bring this new groundbreaking technology to commercialization in the Southern United States," commented, Steve Walker, COO of Phoenix Renewable Energy. "It is our intention to construct approximately 9 of GBRC's facilities for tire recycling over the next 3 years. Our industry relationships and vast knowledge of renewable energy facilities combined with GBRC's technology will allow us to be environmentally friendly while generating significant earnings for both companies."

Under the Joint Venture agreement GBRC will provide research and development, design, engineering and construction of the Patriot machine that is capable of processing 3 tons per hour.

Phoenix Renewable energy will be responsible for all other aspects of the facility, including the design, construction, and commissioning the physical facility, all auxiliary equipment including all gas, oil, and carbon black processing outside of the GBRC reactor. The Joint Venture also allows an equal 50/50 split of revenue generated from each plant between GBRC and Phoenix Renewable Energy.

For full details of the Joint Venture please review the filed 8K.

About Global Resource Corporation

Global Resource Corp., (PINKSHEETS: GBRC), is a developer of a patent-pending microwave technology and machinery that extracts oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms. Its process produces significantly greater yields and lower costs than are available using existing technologies. Because the process takes place in an enclosed environment it is emission-free and an efficient and cost-effective tool for cleaning environmental wastes and toxic materials. For more information see:

About Phoenix Renewable Energy

Phoenix Renewable Energy was established in 2008 with a team of power project development individuals with one goal in common-alternative energy and the demand for it. The opportunity emerged from a combination of major changes in the woody biomass, the concern over energy issues, and the disapproval of major coal fired plants across the nation. This combination allowed Phoenix Renewable Energy the key ingredients for development of several successful biomass fired power generation facilities. With the abundance of woody biomass we are able to produce wood pellets and power at competitive prices over long terms to our customers.

Forward-Looking Statements

This news release contains forward-looking statements regarding Global Resource Corporation's business strategies and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. The forward-looking statements contained in this news release speak only as of the date hereof and Global Resource disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Global Resource's expectations or future events.

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