Global Resource Corp. Receives a $150,000,000 US Valuation on Its Asset Purchase of CRC, Inc. Tire Recycling Process
November 27 2006 - 11:08AM
PR Newswire (US)
WEST BERLIN, N.J., Nov. 27 /PRNewswire-FirstCall/ -- Global
Resource Corp. (OTC:GBRC) (BULLETIN BOARD: GBRC) is pleased to
announce that it has received a valuation of its recently purchased
technology from CRC, Inc. of $150,000,000 US from Corporate
Valuation Advisors, Inc. (CVA). The assets were valued by Corporate
Valuation Advisors, a Wisconsin based firm that has over 20 years
experience in the valuation of private and public assets, using
both the fair market and income approaches to valuation. The
process allows for a low emission reactor that meets or exceeds
guidelines for "green processing" in many states and
municipalities, allowing scrap tires to be broken down efficiently
into their component materials at low cost, and results in
by-products that have significant value, including tire derived
fuels (TDF). The valuation of the business enterprise was based
upon the application of the Income and Market Approaches. The Cost
Approach was considered, but determined to be inapplicable to the
valuation of the Company. The Income Approach was based upon the
use of a discounted pro forma cash flow model for the operating
entity and produced an equity value indication of $154.34 million.
In addition to valuing the equity of CRC, CVA has also estimated
the value of its technology rights. The technology rights were
valued in order to demonstrate economic support for the equity
valuation. In valuing the technology rights, CVA applied an Income
Approach based upon the royalty income method. The royalty income
method is premised upon the assumption that the Company is
sublicensing its rights to the technology to others in exchange for
a royalty payment rather than build and operate recycling plants of
its own. Based upon the valuation procedures employed, CVA places a
Fair Value of equity at $150,000,000 and a Fair Value of Technology
Rights at $144,000,000. Global President Frank Pringle stated,
"This process competes with heating and burning technologies well,
especially as communities are more cognizant of the pollution
elements associated with burning. Our process is like a computer,
but the burning is like the abacus. It just is better in every way.
If you examine cost, benefits and current availability of
institutional debt for physical facilities, you would be excited
about our growth potential. We are ecstatic with where our company
is going. With the assets, we purchased from CRC, Inc. and with our
other acquisitions underway we feel that we will be the industry
leader in our market. This valuation is not even inclusive of the
technologies we are acquiring from Mobilestream Oil which will also
include our petrochemical applications." About Global Resource
Corporation: 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 Resource's business
strategies and future plans of operations. Forward-looking
statements involve known and unknown risks and uncertainties. The
company's risks 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 Web site:
http://www.mobilestreamoil.com/
Copyright