HOUSTON, TX--(Marketwire - June 3, 2009) - Planet Resource Recovery, Inc. (PLANET)
(
PINKSHEETS:
PRRY), developer, manufacturer and marketer of the
PetroLuxus™ family of green technology products, issues a letter from
Kurt E. Neubauer, Chairman of the Board and CEO, to Shareholders.
Dear Fellow Shareholder:
After five years of intensive research and development, the field results
and agency endorsements of the Planet Resource Recovery science have been
sufficiently validated, to the point where we are now engaging contracts
for broad-scale application of our PetroLuxus™ platform of products
across various industry sectors.
If you are not familiar with the compelling story and legacy of Planet, I
encourage you upon receipt of this letter to visit our new website:
www.planetresource.com. It may surprise you to learn that fewer than 400
miles from the site of the very first oil well -- in Titusville,
Pennsylvania -- Planet Resource Recovery successfully treated an EPA Super
Fund site 150 years later! More importantly, Planet is now uniquely poised
to change the way hydrocarbons are managed and harvested and remediation
and recovery of soil is accomplished using nano-scale, environmentally
friendly technology.
It gives me great pleasure to provide the following update of the
activities on promising endeavors at your Company as we close our fiscal
first quarter of 2010. I am proud to inform you that the first part of 2009
has been filled with many accomplishments, as outlined in our business
plan. We have enjoyed successes in the pilot testing of our PetroLuxus™
green family of products and the expansion of our executive management
team, both efforts intended to further propel the Company to attain its
goals and shareholder value. I can unequivocally state that based on the
successful execution of our recent activities, we are poised to move into
our next phase of operations on an exceptional and firm foundation.
Remediation Successes
At its inception, PetroLuxus™ was designed and developed as an
Environmental Remediation product. We have made many strides in forwarding
this aspect of product application, as outlined in our original business
plan.
In February - March 2009, we were invited by a New Jersey engineering firm
to review the potential use of PetroLuxus™ on toxic sludge which
contaminated an underground storage tank -- railcar -- in Oreland,
Pennsylvania. This test is so important to the outcome of our potential
future relationship with the Region III, Federal EPA, that Michael
Smallwood, our Chief Science Officer, traveled to the site to personally
manage and oversee the remediation of the buried railcar. The original
time allotted to perform the remediation -- using conventional methods --
was estimated at 4-6 weeks. Under Smallwood's supervision, a special blend
of PetroLuxus™ was prepared on site and the remediation was completed in
six days, far exceeding the stringent requirements of the EPA.
So resounding were the results of this field test that the EPA, with full
support of the host engineering firm, awarded the contract to Planet
Resource for the exclusive use of PetroLuxus™ in the remediation of the
railcar.
Also in February 2009, independent laboratory studies on coal tar samples
were conducted by a New Jersey engineering firm. The independent lab tests
were designed to determine the effects of PetroLuxus™ on the remediation
of the heavy metals resident in coal tar -- known-carcinogens -- which
litter the U.S. at most former manufactured gas plants. Again, in the
laboratory, the testing was successful, opening the door to proceed with
further testing, refinement and the development of soil washing equipment.
We can thus plan to remediate the hundreds of manufactured gas plants in
the U.S. with PetroLuxus™.
The culmination of successful testing on coal tar, coupled with the
remediation of the railcar, prompted a request by the EPA Super Fund
Technology Chief for us to work with one of the EPA's largest contractors,
beginning laboratory studies on coal tar soil samples. Once this testing is
completed and successful, the contractor is to present the studies to the
EPA who anticipates designating PetroLuxus™ as the best available
technology for an acceptable method of soil remediation.
On-Going Collaborations
We continue to work with Cedar Marine Terminals, a subsidiary of Vertex
Energy, LP, to develop a method to remediate waste oil into a more
environmentally friendly source of fuel. Testing to date has proven to be
successful, but additional work is required to achieve a workable platform.
In February 2009, I was interviewed for an article that was published in
the Calgary Herald in Alberta, Canada concerning Canada's "Dirty Oil"[oil
sands] Industry. This article caught the attention of the Department of
Energy in Canada, which subsequently directed us to numerous Canadian
research entities who could more closely examine our PetroLuxus™
products. We commenced dialogue with various research entities regarding
the potential uses of PetroLuxus™ on some of Canada's toxic messes. We
entered into an agreement with a prominent University in Canada to conduct
studies on the remediation technology. Our plan is to extract and recover
additional oil and contaminants from the hundreds of tailing ponds that
litter the Alberta landscape from the Canadian oil sands industry. Tailing
pond samples have arrived at our testing and development facility and the
studies have commenced.
We will keep you informed of our progress as we continue to explore
additional uses for PetroLuxus™ in the environmental remediation
industry.
Oil and Gas Industry
In February 2008, we commenced pilot testing PetroLuxus™ oil recovery
products in the oil & gas industry. Our goal was to treat 15 marginally
producing oil wells with PetroLuxus™ WC-100 and PetroLuxus™ MMMF to
fully evaluate the effectiveness of our products. In both situations we far
exceeded our internal goals of PetroLuxus™ treatments.
The evaluation metrics established to determine the effectiveness of
PetroLuxus™ products were identified as: increase/decrease in oil
production, equipment performance and reduction of common inherent
inhibitors of oil production such as scaling, corrosion, paraffin and
asphaltenes. The period of evaluation was identified as a period of six
months following treatment to determine the longevity of treatment. For
accuracy purposes, oil production data was to be procured solely from the
Texas Railroad Commission, the governing body of oil production in the
State of Texas.
By December 2008, the full six month evaluation period was completed on the
first five pilot tested wells. Based on the evaluation metrics, the
confidential results were positive and significantly above the industry
standard of 20-30% in increased oil production.
Based on the positive preliminary data, management elected to proceed with
allocation of resources to bolster the PetroLuxus™ oil recovery
products. We are retooling our marketing efforts by expanding our direct
mail campaign, television marketing campaign in Texas, attendance of Planet
representatives to exhibit PetroLuxus™ products at oil & gas industry
trade shows and the addition of veteran oil & gas personnel and salesmen.
These efforts are beginning to realize a positive impact on all aspects of
Planet Resource Recovery.
Based on the early positive evaluation data, an article was published in
the February 2009 issue of the American Oil & Gas Reporter. This article
garnered much new interest in the PetroLuxus™ technology.
Upon completion of reporting to the Texas Railroad Commission of our
pilot-well testing program, we expect to share with you positive results
from the well operators. The pilot testing evaluation data will demonstrate
the effectiveness of PetroLuxus™ oil recovery products and how they can
assist in U.S. energy independence.
SEC Counsel and Independent Auditors
At the end of our first fiscal quarter of 2010 (which ended on May 31,
2009), our SEC counsel completed the necessary reviews for the preparation
of documentation to be filed with the appropriate governing bodies. This
filing should result in Planet Resource Recovery's elevation to a higher
listing exchange, upon SEC approval. Our Company's audited financials for
the fiscal years ending 2007 and 2008 are complete and published. The
Company awaits final review of its financials for fiscal 2009 by its
independent auditing firm. Upon completion of the 2009 audit and the
necessary documentation from our SEC counsel, the Company has expectations
that an initial public filing of the Company's financial condition will be
prepared and filed.
Management Expansion
With the numerous successes in the oil and gas industry and the
environmental remediation industry, it became necessary to expand our
management to prepare for the commercial launch of our PetroLuxus™
products and technology. I am very pleased to announce the appointment of
our new President, Mr. Rick Burton, who brings 35 years of experience,
knowledge and expertise to our company as stated in a prior news release.
Mr. Burton has a longstanding and successful career in the field of real
estate and aviation, resulting in hundreds of millions of dollars of
business development. This addition broadens our management capabilities
tremendously and brings years of management experience, business contacts
and marketing resources whose impact will be felt immediately. Under the
direction of Mr. Burton, we are updating our corporate image to be more
representative of a NASDAQ company.
As part of the revamping of our corporate image, we are pleased to launch
and unveil our new corporate website at
www.planetresource.com which
focuses on environmental remediation and oil and gas enhancement, the two
driving forces for the company's business model.
In addition to these stellar individuals, we are in the process of
expanding our Advisory Board with veteran industry notables recognized the
world over, to glean from their advice and counsel. These additions to our
Advisory Board will bring unique and substantial qualities to Planet
Resource and the direction of our company.
In closing, I can affirm that our future has never been brighter and we
will continue to work hard to earn your respect and support. As I
contemplate the successes we have attained to-date, I am very proud of what
has been achieved. As we enter a new era at Planet, we are poised to
commercialize our products in numerous markets, thus vastly expanding our
revenue streams and shareholder value. We continue to work on many
transactions and opportunities which will only bolster our endeavors to
profitability and success. As these transactions and opportunities are
realized we will issue press releases to keep you up to date. On behalf of
Planet, our executive team and staff, I personally thank you for your
continued support.
Sincerely,
/S/Kurt E. Neubauer
Chairman & CEO
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer
of the PetroLuxus™ family of green technology products, a proprietary
environmentally friendly chemical compound that dislodges oil in
practically all natural and man-made environments. The PetroLuxus™
family of products are effective and efficient solutions for the
remediation and recovery of petroleum-based products. PetroLuxus™
applications include Enhanced Oil Recovery, Oil Sands, oil spills, oil tank
farm cleaning, marine ship cleaning, remediation of oil sludge pits,
treatment of raw fuel feedstocks, waste oil segregation and biodiesel, to
name a few. Through the acquisition and formation of wholly owned
subsidiaries, Planet Resource Recovery, Inc. deploys the PetroLuxus™
products. Oil Recovery Ventures, Inc. deploys PetroLuxus™ through joint
ventures in the Enhanced Oil Recovery market.
For more information visit:
http://www.planetresource.com or
http://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.
Contact Information: Company Contact:
Enrique M. Salinas III
Planet Resource Recovery, Inc.
281-996-5315
Media Contact:
Rod Mitchell
281-350-5506