Global Resources Enters Final Negotiations for the Sale and Development of the First Pilot Plant Utilizing Its Newly Acquired Re
November 30 2006 - 9:08AM
PR Newswire (US)
WEST BERLIN, N.J., Nov. 30 /PRNewswire-FirstCall/ -- Global
Resources (OTC:GBRC) (BULLETIN BOARD: GBRC) announced today the
sale of the first continuous feed shale oil cracking system. This
system is being designed and is using GBRC's patent pending
process. The system will release hydro-carbons contained in the oil
shale rock into gaseous form. The gasses will immediately be heat
exchanged into diesel fuel, heating fuel and other heavy fuels
on-site. The machine will utilize the Company's recently acquired
revolutionary microwave technology. The company's agreement is with
Qcell Limited located in the country of Estonia. In Estonia 13
million tons of oil shale per year are processed. The agreement is
for the development of a continuous feed pilot plant capable of
gasifying 33 pounds of Estonian oil shale per hour. The companies
are scheduled to finalize their agreement during their meeting at
Global Resource corporate offices in New Jersey. Upon the
successful operation of the pilot plant, Qcell Limited intends for
GBRC to build an initial full-scale plant, utilizing GBRC's
revolutionary microwave technology, capable of handling 3 million
tons per year. GBRC's current test unit has delivered excellent
gasification results from the Qcell Limited shale tested to date.
To date these tests utilizing GBRC's Gas Chromatograph Mass
Spectrometer on the oil captured from Qcell Limited's shale
indicate a higher conversion of the oil shale to diesel and heating
oil while yielding a higher percentage of oil extraction than any
other known competing technology. While GBRC's technology gasified
the oil out of the shale, reducing the weight of the shale by 45%,
Qcell Limited's existing technologies currently is only able to
extract 15% by weight. These results lead GBRC to believe that the
company will be able to extract oil from the shale in the ground
directly onsite without negatively impacting the surrounding
environment and as the oil is recovered it could be fractionalized,
thus reducing the need for additional refining. GBRC's Chief
Financial Officer Jeffrey Andrews said: "I am thrilled to state
that the company has officially moved from the lab testing phase to
the commercial development and sales of its ground-breaking
technology. We look forward to having Qcell Limited experience
first hand what GBRC's revolutionary microwave technology can do
for their company and embarking on a long and prosperous
relationship." GBRC has also received indication from Qcell Limited
for the exclusive licensing rights to GBRC's patent pending
technology (patent pending #60/750098) for all of Northern Europe.
Further details on this license will be forthcoming. 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 Resource'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
forward- looking statements contained in this news release speak
only as of the date hereof and disclaim 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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