Global Resource Corp Announces Contract with Minimum Annual Revenues of $2,000,000 for Steel Output from Company's Tire Plant
December 19 2006 - 8:45AM
PR Newswire (US)
WEST BERLIN, N.J., Dec. 19 /PRNewswire-FirstCall/ -- Global
Resource Corp. (OTC:GBRC) (BULLETIN BOARD: GBRC) announced today
that the company has acquired a contract with C and K Scrap Metal,
a Newark, New Jersey based company, for the purchase of 100% of the
output of steel from the Company's tire plant utilizing its patent
pending microwave technology. GBRC expects to produce a minimum of
20 million pounds of scrap steel each year from the company's tire
processing plant. At current market prices of 10 cents per pound,
it is expected that GBRC will generate revenues of $2,000,000
annually from the sale of the scrap steel. Scrap tire disposal
presents significant problems worldwide. Disposal of these tires
presents significant environmental and safety hazards including,
fire, overflowing landfills, and severe pollution of the
atmosphere. Approximately 290-300 million scrap tires are generated
in the United States each year alone. This does not include the
millions of tires currently existing in landfills that have been
neglected and/or improperly disposed of over the years. While
limited applications currently exist for the disposal of a minimal
portion of these scrape tires, the current applications are not
sufficient to properly dispose of the growing number of scrap tires
generated annually, and these limited applications are not
environmentally safe or cost effective. GBRC's patent pending
microwave technology goes beyond addressing disposal by providing a
solution that is both cost effective and environmentally safe,
while allowing for the recovery of virtually all of the original
materials found within these scrap tires. Frank Pringle, CEO of
GBRC, stated, "GBRC's technology has the means to potentially
change the way hundreds of millions of scrap tires are disposed of
annually. However, we believe in providing a method that goes
beyond proper disposal in an environmentally safe manner to address
the as important recovery aspect of valuable original materials
found in these hundreds of millions of scrap tires for reuse. A
single GBRC tire plant will process up to 11 million tires
annually. GBRC's technology will yield 19.9 pounds of resalable
material from each tire processed, including carbon black,
hydrocarbon gases, oil, and two pounds of steel. Nothing short of
remarkable when one considers all of this is from one tire
abandoned in a landfill." 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. 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 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 Corp 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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