Global Resource Corp Acquires Equipment Service Parts, Inc., a Specialized Tooling and Manufacturing Firm
December 08 2006 - 5:58PM
PR Newswire (US)
WEST BERLIN, N.J., Dec. 8 /PRNewswire-FirstCall/ -- Global Resource
Corp (OTC:GBRC) (BULLETIN BOARD: GBRC) announces that it has
completed its acquisition of Equipment Service Parts, Inc. (ESP), a
Virginia based firm specializing in tooling and manufacturing,
which has been in business for three decades. ESP reports annual
revenues estimated at $4.0 million and net assets of approximately
$2.5 million. The acquisition will become effective no later than
January 15, 2007, as both companies have a calendar fiscal year
end. "This acquisition will immediately improve our balance sheet
and give us an additional revenue stream which was not previously
accounted for. In addition to the immediate positive impact to our
balance sheet our company will save approximately 40% from the
conventional biding process on the manufacturing of our patent
pending microwave technology units. We anticipate an increase in
the existing business of ESP by 200% to 300% over the next 18
months," stated GBRC's President Frank Pringle. Frank Pringle
continued, "We are once again tremendously excited with the growth
and progress we have made as a company in a very short period of
time and remain extremely confident our company is taking all of
the necessary steps in becoming a leader in this remarkable and
groundbreaking industry." About Global Resource Corp: 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 Corp Phone: (856) 767-5661 Fax: (856) 767-5664 This
news release contains forward-looking statements regarding Global
Resource's business strategies and future plan 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 the company
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
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