SOURCE: Global Resource Corporation

Global Resource Corporation

December 16, 2010 08:34 ET

Global Resource Corporation Rejects Claims Issued by Universal Alternative Fuels

MORRISVILLE, NC--(Marketwire - December 16, 2010) - Global Resource Corp. (PINKSHEETS: GBRC) today announced that on December 14, 2010, Universal Alternative Fuels, Inc. ("UAF") issued a press release in which it announced that it intends to offer for sale at a public auction various properties owned by Global Resource Corporation ("GBRC"). UAF further announced that it believes that it is a secured creditor of GBRC. Because UAF is not a secured creditor of GBRC and otherwise has no legal claim to any property of GBRC, UAF has no right to sell any property of GBRC.

GBRC and UAF were parties to a License Agreement, Security Agreement and Purchase Order (collectively, the "Agreement"). The Agreement required, among other things, that UAF issue stock in UAF to GBRC and that UAF make payments totaling $1,000,000 to GBRC. UAF never issued the stock to GBRC and it never made the $1,000,000 payments that it was obligated to make. As a result, UAF has been in material breach of the Agreement. UAF's material breach eliminates any right that may have existed for them to assert any rights to the property. In any event, UAF failed to meet a deadline specified in the Agreement for making any claim to the property.

GBRC is examining all its rights relating to the baseless claims made by UAF in its December 14, 2010 press release, as their doing so has, among other things, caused significant damage to GBRC. GBRC has hired Richardson & Patel LLP to represent the company in this matter.

About Global Resource Corporation
Global Resource Corp. (PINKSHEETS: GBRC) is a developer of a patented 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: www.globalresourcecorp.com.

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.

Contact Information

  • Contact:
    Investors:
    Mark A. McPartland
    Alliance Advisors, LLC
    1.646.797.2776
    Email Contact