Global Resources Corp. Enters Final Stages of Negotiations for Licensing Agreement Utilizing its Technology in Eastern Europe
December 07 2006 - 8:58AM
PR Newswire (US)
WEST BERLIN, N.J., Dec. 7 /PRNewswire-FirstCall/ -- Global Resource
Corp. (OTC:GBRC) (BULLETIN BOARD: GBRC) announced today that it is
in the finalized negotiations for its first licensing agreement for
its revolutionary microwave technology. Qcell Corporation will be
the exclusive licensee for the utilization of the GBRC technology
for the recovery of oil from shale, in the shale rich countries of
Eastern Europe including but not limited to Latvia, Lithuania and
Estonia. Although the agreement for these territories is complete
except for the U.S. Dollars per barrel in royalties to be paid,
this is expected to be finalized January 2007. Qcell has already
expressed interest in expanding its exclusive license to other
parts of Europe. In recent tests on shale provided by Qcell, GBRC
was able to extract a sufficient amount of oil from the shale to
reduce its total weight by 40%. Estonian, Qcell's location, is
currently only capable of reducing the weight of its shale by 15%.
This increase in oil recovery translates in Qcell being able to
extracting three times the amount of oil from the shale using
GBRC's technology. Based in large part on these exciting results,
Qcell has already agreed to purchase a pilot plant from GBRC for
the processing of its shale. With the success of that unit, the
company plans to purchase a full-scale plant capable of processing
3 million metric tons of shale a year and extracting up to
10,500,000 million barrels of high-grade diesel fuel, heating fuel
and other fuel oils a year. These high-grade oils currently sell
for $60-80 dollars a barrel. When asked to comment on the License
Agreement, GBRC President Frank Pringle stated, "This is a huge
step for our company to become revenue producing and a leader our
industry. We are extremely excited about the revenues this deal
will generate for GBRC. We are currently finalizing negotiations on
the total dollars per barrel GBRC will receive in royalties for
each barrel of oil Qcell generates using our patent pending
technology. This means that once Qcell's full-scale plant is
operational and producing the expected 10,500,000 million barrels a
year. This also means that for every barrel of oil produced if GBRC
only receive one dollar in royalties for a barrel we would get
$10,500,000 in revenues every year for the Qcell agreement." Mr.
Pringle went on to say, "The Agreement is only the first in a
succession of licensing agreement we have planned for the various
applications of our technology around the world." 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)
767-5661 Fax: (856) 767-5664 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 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,
+1-856-767-5661, or fax +1-856-767-5664, or Web site:
http://www.mobilestreamoil.com/
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