CEO of Global Resources Issues Letter to Shareholders, Recap of 4th Quarter and Guidance of the Year to Come.
January 08 2007 - 9:09AM
PR Newswire (US)
WEST BERLIN, N.J., Jan. 8 /PRNewswire-FirstCall/ -- Global Resource
Corp (OTC:GBRC) (BULLETIN BOARD: GBRC) issues State of the Company
Letter to Shareholders for summary of 2006, and forward statements
for 2007. January 8, 2007 AN OPEN LETTER TO SHAREHOLDERS To: GBRC
Shareholders From: Frank Pringle, CEO Re: 2006 Summary Dear
Shareholders: I would like to take this opportunity to wish you a
happy, healthy and prosperous new year, and to thank you for your
continued interest in and support of our company. Last year was an
exciting transition year for our Company in so many ways. We
effected a reverse merger and entered into the domain of public
trading companies, where we were able to access the capital
markets, and to raise financing for the development and marketing
of our proprietary technology in the energy field. As a part of the
merger, we changed our name to Global Resource Corporation. Our new
name more accurately reflects the true nature of the breadth and
scope of the applications for our patent pending technology. Post
merger, we acquired Virginia based Equipment Service Parts, Inc.,
(ESP) a specialized tooling and manufacturing firm. This
acquisition generates in excess of four million dollars in annual
revenues, as well as further reduces equipment costs, thus making
us more competitive. In July we accepted delivery of our test unit
which generated results that exceeded our initial expectations
through the use of our revolutionary patent pending technology. We
cracked refinery waste oil and were successful in removing all but
.01% of the hydrocarbons from oil drilling cuttings. These results
were confirmed by Intertek Plc, one of the world's leading
independent testing organizations. Our test results, and the
release of the information throughout the industry, resulted in a
request from one of the world's leading petrochemical companies to
deliver a specifications report for a microwave unit, using our
patent pending technology, capable of processing 10 tons of oil
drilling cuttings per hour. Upon the successful installation and
operation of this unit, this company plans to purchase 40 more
units. We also proved that we could successfully and economically
gasify and remove oil from shale. These results led to our first
contract for the sale and development of the first pilot plant
using our proprietary technology. Qcell Limited has agreed to
purchase a continuous feed shale cracking system. Upon the
successful operation of the pilot plant, Qcell plans to have GBRC
build a full scale plant capable of processing three million tons
of shale a year. Our Company was accepted into the US Department of
Energy's Rocky Mountain Oil Field Testing Center Program in which
we will use our technology to extract oil from previously capped
wells. As part of the testing process, we will be assigned a
government owned and capped well, as well as funding to assist in
the use of our microwave technology to extract old from these
previously capped wells. As much as 65% of the oil in a typical oil
well is too heavy to extract through conventional means and is
therefore left in the ground when the well is capped. Because the
oil is not considered to be conventionally extractable, it is not
even included in the US oil reserve estimates. One of our most
exciting accomplishments of the year occurred as the year came to a
close. It involved the commencement of negotiations for a contract
for the sale of 50,000 tons of tire chips, to a leading US Energy
Producer, at a price of $35 a ton. The tire chips will be used as
tire derived fuels in the company's power producing operations.
Within the next few weeks we will announce that our Tire Derived
Fuel deal has been finalized Being affiliated with such a prominent
energy player devoted to helping develop emerging technologies can
only help increase our exposure both among other energy companies
and the public in general. We also added some tremendous personnel
to our team in 2006. Dr. Ram B. Roy joined our scientific board and
agreed to serve as a consultant to the company. Dr. Roy brings to
GBRC his vast experience in both research academia and the private
sector where he led projects with several leading scientific
companies. Dr. Roy's extraordinary experience in both the
scientific and management sides of business will be invaluable as
we continue to grow. We also added several prominent business and
civil leaders to our Board of Directors including lobbyist Fred
Clark. Fred brings to GBRC his vast experience in investment
banking and finance. His presence on our board will greatly enhance
our ability to effectively navigate through the murky waters of
governmental agencies. In my opinion, 2007 promises to be a pivotal
year for GBRC in the following ways: * We anticipate that we will
announce that our Tire Derived Fuel deal has been finalized; * We
anticipate our pilot plant for the processing of shale to be fully
operational and at 100% capacity; * We will continue to look for
strategic partners and additional acquisition candidates that will
increase our economies of scale * We anticipate additional
contracts for the sales of our technology; * We look forward to our
joint venture with the US Department of Energy. We had a great
2006, however I believe that as good as it was, we are on the brink
of some exciting breakthroughs that will not only benefit all of us
as shareholders of the company, but will make us proud to be
involved in a company that will have an impact on the energy and
natural resources of the world in order to make it a better place
for all of us. Once again I would like to thank you for your
support. Very truly yours, Frank Pringle Chairman and CEO, Global
Resource Corp. 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 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
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