HOUSTON, TX--(Marketwire - July 7, 2010) - Planet Resource Recovery, Inc. (PLANET) (
The technology development is designed for the reduction of Sulfur compounds in Transmix and other high Sulfur fuel streams. In keeping with the company's mantra to create new and innovative ways to utilize available resources, it was determined there was need for a way to reduce Sulfur compounds in off spec diesel fuel to meet the latest federally mandated regulations for ULSD (Ultra Low Sulfur Diesel).
Transmix is a readily available source of feedstock for use in the production of diesel fuel and naptha. It is a by-product of several industries related to the production, storage and transportation of hydrocarbon based products, including the following:
- Pipeline gas/gas transmix
- Cross-dumps of gas and diesel
- Barge Strippings
- Petroleum and chemical site/tank cleaning and remediation
- Interface and purge of non-compatible products in tankers, pipelines, and tankage
- Re-refining of red-dye products
Transmix is a costly by-product of these processes and results in a cross mixture of products that must be re-refined at the refinery, which is wasteful and displaces refinery volume for incoming crude oil, or processed into diesel and naptha in smaller distillation plants. Because Transmix is typically high in Sulfur compounds its becoming increasingly difficult for the Transmix processors to produce diesel fuel to meet ULSD standards of less than 15 ppm.
Recognizing this problem and the opportunity it presented, PLANET committed in April 2010 to develop a solution utilizing a chemistry/technology based process. Further, the company's management challenged its team to fast-track the project for conception and laboratory testing to an operating prototype in 90 days and dedicated a budget of $450,000 to conceptualize, prove, design, build and test the technology. The system incorporates a design that can be pre-fabricated in modules for cost effective manufacture and transportation and readily "plug in" to the client's distillation system.
As previously stated in a press release dated June 23, 2010, PLANET has formally partnered with Lerro Processing LP to market the technology and through this partnership, an agreement has been established with an independent Transmix processor to install and operate the first SRU-15 as a beta site for testing. The terms of the agreement include a contract with the company to pay a per gallon treatment price for fuel processed through the system from the date it begins operation. PLANET will own, maintain and operate the system through the limited partnership and plans are to market the concept to a large number of potential customers facing the dilemma of meeting ULSD standards.
The process is patentable and patent application will be initiated following the appropriate testing and documentation phase of the project.
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.net 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.
Contact Information:
Planet Resource Recovery, Inc.
281-996-5315