SOURCE: Planet Resource Recovery, Inc

February 17, 2009 07:00 ET

Planet Resource Recovery, Inc. Enters Into Agreement With Cedar Marine Terminals, a Subsidiary of Vertex Energy, L.P. to Develop Technology Utilizing PetroLuxus™ Products

HOUSTON, TX--(Marketwire - February 17, 2009) - Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY), developer, manufacturer and marketer of the PetroLuxus™ family of products, is pleased to announce the completion of an agreement with a recognized leader in the recovery and recycling of waste oil, Houston, Texas-based Cedar Marine Terminals, a subsidiary of Vertex Energy, L.P. The agreement defines a clear path to developing treatment protocols for the use of PetroLuxus™ products utilizing the resources & experience of Cedar Marine Terminals. PetroLuxus™ products will be utilized in processing waste oil to enhance the quality by reducing undesirable metals and additive residuals in the oil resulting in higher quality re-refined fuels and feedstocks and reduced processing and production costs.

Waste oil retains metals from the additives of the original manufacturer and an assortment of wear metals that are concentrated during use. The presence of these metals presents problems in recycling the oil for certain applications and current methods are inadequate for removal. PetroLuxus™ products have been tested and shown to effectively precipitate (separate) metals from oil and water in a variety of applications that benefit remediation, recycling, and production processes. Development will be done at Cedar Marine Terminals' 19 acre facility in Baytown, Texas.

The agreement provides for long term options that promote the expansion of Cedar Marine Terminals as a leader in the oil recycling markets and the growth of Planet Resource Recovery, Inc. as a developer of chemical solutions to meet demanding problems. Based on estimated projections, Cedar Marine Terminals is anticipated to initially use up to 2000 gallons of PetroLuxus™ products per month rendering a revenue stream to Planet Resource of $60,000 monthly. The U.S. generates an estimated 1.3 billion gallons of used motor oil annually of which only 380 million gallons are re-refined. The potential for reduction of crude oil use by better recycling and use of waste oil could reduce crude consumption. The recovery of one gallon of used oil will produce 2.5 quarts of high quality lube oil and two gallons of recovered oil which can be used to power a generator to produce enough electricity to heat an average home for twenty four hours.

About Cedar Marine Terminals L.P.

Cedar Marine Terminals L.P. is a waterfront facility located on 19 acres at the mouth of Cedar Bayou in Baytown, Texas. The terminal is positioned adjacent to the Houston ship channel providing the essential functions of supply and distribution of agricultural and petro-chemical products. Being strategically located near major metropolitan industrial districts, the location is ideal for unlimited processing capabilities and terminal expansion. Cedar Marine Terminal currently serves as a truck-in, barge out facility providing through-put operations for the marketing of petroleum products and biofuels by barge into the Houston market. The management team of CMT is a unique group of individuals, each specializing in various aspects of petroleum production and terminal management offering the best truck to barge solution in the Port of Houston. Cedar Marine Terminals L.P. is a subsidiary of Vertex Energy, L.P., a leader in the recovery and recycling of waste oil to multiple markets for use as marine and bunker fuel, to refineries as cutter stock, and for re-refining. Vertex Energy, L.P. is a middle market consolidator, refiner and re-refiner of distressed petroleum streams, such as used oil, transmix, fuel oils and off-specification commercial chemical products. Vertex Energy succeeds by delivering outstanding performance serving as buyer and logistical manager of petroleum products used for fuels and feedstock throughout the United States.

About Planet Resource Recovery, Inc.

Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of the PetroLuxus™ family of 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 an audio/visual demonstration of PetroLuxus™, click on the link http://www.planetresource.net/index-21.html

For more information visit: http://www.planetresource.net 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
    Email Contact

    Media Contact:
    Rod Mitchell
    281-350-5506
    Email Contact