SOURCE: Planet Resource Recovery, Inc.

August 22, 2011 09:00 ET

Planet Resource Recovery, Inc. Enters Into Settlement Agreement in the RADA Technologies Litigation

HOUSTON, TX--(Marketwire - Aug 22, 2011) - Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) is pleased to announce that it has resolved all lawsuits filed by Robert Arias and David Aparicio against Planet Resource Recovery, Inc., and agreed to dismiss all counterclaims it filed in that litigation. The parties fully released each other from all pending claims and counterclaims, and dismissed all lawsuits with prejudice. No monies were paid by any party.

Mr. Arias and Mr. Aparicio have entered into Manufacturer's Representative Agreements to distribute PetroLuxus products. The final settlement and release agreement was fully executed on August 10, 2011, and Joint Motions to Dismiss were filed the next day.

Enrique M. Salinas III, President and CEO of Planet, stated, "We are extremely pleased that Robert and David have joined with Planet as Manufacturer's Reps, and look forward to a mutually beneficial relationship."

Mr. Robert Arias is President of FMGI (Fuel Maintenance Group International) and will distribute PetroLuxus™ to its customer base. FMGI specializes in providing complete measurement and distribution solutions for liquid and gas products for the strategic storage terminal market, airports and aviation re-fueling, and for tank farms in refineries and specialty chemical facilities. FMGI customers include: Chevron Products Company, Chevron Pipeline Company, Chevron Upstream, ExxonMobile Marine, ConocoPhillips, Shell Products USA, Nustar, Valero, Kinder Morgan, Oil Tanking, and Plains Pipeline.

Mr. Arias said, "We are very pleased to reach this agreement with Planet Resource Recovery and put this matter behind us, so that we can get back to what we do best, and that is providing our customers with top-notch solutions. With PetroLuxus as one of our primary products we will be able to service all of our customers in all oil and gas markets."

About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of PetroLuxus™, a Green Technology that maximizes hydrocarbon recovery in the Oil & Gas industry. Documented well history case studies indicate deployment of PetroLuxus technologies has helped Oil & Gas Operators reduce maintenance costs, decrease downtime and increase oil recovery. For more information visit: www.planetresource.net.

Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report for the year ended December. 31, 2009, the Company's Quarterly Report for the First quarter ended March 31, 2010. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.

Contact Information

  • Contact:

    Planet Resource Recovery, Inc.
    281-213-5622
    Email Contact