Global Resource Agrees to Acquire Virginia based Specialized Tooling and Manufacturing Firm
November 20 2006 - 9:00AM
PR Newswire (US)
NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- Global Resource
Corporation (OTC:GBRC) (BULLETIN BOARD: GBRC) announced today that
it has entered into an agreement with an understanding of terms to
acquire a Virginia firm specializing in tooling and manufacturing
with trailing annual revenues estimated at $4.0 million. This
acquisition is expected to close prior to the end of the current
fiscal year. "This acquisition provides us with a strong team of
manufacturing experts that will reduce our cost to manufacture
machines by up to 40%, compared to the conventional bid process,"
noted Global President Frank Pringle. "We have a number of test
facilities that we will begin to manufacture over the next several
months that will pay for this acquisition in cost savings to our
shareholders." Global Resources has a patent pending process that
allows for removal of oil and alternative petroleum products at
very low cost from various resources, including shale deposits, tar
sands and waste oil streams with significantly greater yields and
lower costs than are available utilizing existing known
technologies. The process uses specific frequencies of microwave
radiation to extract oils and alternative petroleum products from
secondary raw materials, and is expected to dramatically reduce the
cost for oil and gas recovery from a variety of unconventional
hydrocarbon resources. Global's technology will not only be
developed to extract oil from shale, but from depleted oil fields
in the US and elsewhere, many of which still contain more than half
of the hydrocarbons originally in these fields, because the
residual hydrocarbons are too viscous to extract with conventional
technology. Contact: Global Resource Corporation Phone: (856)
767-2450 Fax: (856) 767-2490 This news release contains
forward-looking statements regarding Global Resources business
strategies and future plan of operations. Forward-looking
statements involve known and unknown risks and uncertainties. The
company's risk and uncertainties include: intense price
competition, economic, political and regulatory uncertainties, and
the need to raise additional capital for growth and expansion. The
forward-looking statements contained in this news release speak
only as of the date hereof and Mobilestream disclaims any
obligation to provide public updates, revisions or amendments to
any forward- looking statements made herein to reflect changes in
Global Resource's expectations or future events. DATASOURCE: Global
Resource Corporation CONTACT: Global Resource Corporation,
+1-856-767-2450, or Fax, +1-856-767-2490, or
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