SOURCE: Planet Resource Recovery, Inc.

April 02, 2012 10:20 ET

Planet Resource Recovery, Inc. Reaches Settlement Agreement on Cause No. 4:10-cv-05086

HOUSTON, TX--(Marketwire - Apr 2, 2012) - Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) and Kent Weisenberg are pleased to announce that they have entered into a Settlement Agreement and Mutual Release, effective March 8, 2012, fully and finally resolving all disputes between all parties. By virtue of that Agreement, all parties have fully released one another and dismissed all lawsuits, 17,964,285 shares of restricted PRRY common stock issued in connection with the underlying transaction have been returned to Planet, and all intellectual property acquired from Weisenberg by Planet has been returned to Weisenberg. All other terms of the Agreement remain confidential.

About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of PetroLuxus™ Technology Platform products, 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 and 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, 2011. 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.
    281-213-5266
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