Global Resources Announces the Finalization of the Asset Purchase Agreement With Mobilestream Oil, Inc. and Anticipates an Addit
November 29 2006 - 11:18AM
PR Newswire (US)
WEST BERLIN, N.J., Nov. 29 /PRNewswire-FirstCall/ -- Global
Resource Corp. (OTC:GBRC) (BULLETIN BOARD: GBRC) announced today
that it has finalized its 100% Asset Purchase Agreement with
Mobilestream Oil, which includes exclusive ownership of all of the
revolutionary and patented pending microwave technology currently
being commercialized by GBRC. The acquired technology includes the
recovery for resale of all of the raw ingredients of automobile and
truck tires, the gasification of previously unrecoverable refinery
waste oil, the ability to economically extract oil from shale and
tar sands, and the recovery of oil from previously capped oil
wells. With the asset, purchase agreement of Mobilestream Oil
completed, and the near term implementations of the acquired
technologies, GBRC anticipates the company will realize revenues in
excess of $50 - $150 million annually. Mobilestream Oil has engaged
the independent third party valuation firm, Corporate Valuation
Advisors, Inc., to issue an independent "fairness opinion"
regarding the transaction. GBRC fully expects that the independent
"fairness opinion" will be consistent with GBRC's own internal due
diligence. Pursuant to the terms of the purchase agreement, GBRC's
board has authorized the payment of 11,145,225 newly issued GBRC
restricted common stock to the shareholders of Mobilestream
representing 13.65% of Mobilestream and 70,422,376 newly issued
restricted shares of preferred stock representing 86.35% of the
Company to Frank Pringle and other inside shareholders of
Mobilestream Oil. Frank Pringle is the inventor and patent holder
of the technology. The newly issued restricted preferred shares
issued to Mr. Pringle and the insiders shall be restricted for a
period of not less than two years. Jeffrey Andrews, CFO of Global
Resources stated: "I am extremely pleased with the acquisition. The
ownership of the Mobilestream technologies presents the potential
for astronomical growth as we apply the technologies to both our
existing projects as well as the many additional applications of
the technologies. As we further develop these technologies our
shareholders should see a substantial increase in value. Over the
next few months we will be publicly releasing our plan for the
commercialization of these new technologies." 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 GlobalResource'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 Global Resource 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/
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