Global Resource Corp. Signs Letter of Intent With Warwick Communications for Exclusive Canadian License
December 19 2007 - 7:36AM
PR Newswire (US)
Warwick Will Exchange Two Million Shares for License of Global
Resource Corp.'s Microwave Technology for Extracting Hydrocarbons
from Oil Shale, Tar Sands and Waste Resources in Canada WEST
BERLIN, N.J., Dec. 19 /PRNewswire-FirstCall/ -- Global Resource
Corp. (OTC Pink Sheets: GBRC), a developer of a patent-pending
microwave technology and machinery for extracting oil and gas,
announced today that it has signed a letter of intent with Warwick
Communications, (WARK: CNG), Calgary, Alberta, Canada, for an
exclusive twenty-year license to use the company's revolutionary
microwave machinery to recover energy from oil, gas, mining and
waste resources in Canada. Under the terms of the agreement, which
were approved by the Boards of both companies yesterday, Warwick
will give Global Resource Corp. in exchange for the license two
million shares of its stock and warrants to purchase additional
shares. Also, Warwick promises to purchase a minimum of one
microwave machine each year for the next five years. This will
total $25,000,000.00 or $5,000,000.00 per year. Chairman Frank
Pringle of Global Resource Corp. said, "This licensing agreement
will enable us to get Global Resource Corp.'s extraordinary
technology working to produce energy in Canada right away. Warwick
CEO, President and CFO Jeremy P. White and his management team are
experienced in oil & gas exploration, mining and waste
management. Additionally, they have access to Canadian government
grant financing for new up-grading technologies. Therefore they are
ideal partners to launch our microwave technology in Canada." White
said, "Global Resource's 'hydrocarbon extraction' microwave
technology, invented by Frank Pringle, will be one of the most
significant small-scale upgrading technologies introduced in Canada
for upgrading its diverse wealth of natural resources in: oil
sands, heavy oil, shale oil, coal and its abundance of hydrocarbon
waste steams such as: tires, plastic and organic municipal waste.
Warwick is pleased to be part of this exciting development
opportunity for Canada." Along with CEO, President and CFO Jeremy
White, Warwick's management team and board of directors include
Executive Vice President Jules Roy and Chief Technology Director
James C. Speight. White is currently CEO of AAA Power, Inc.,
Calgary, a venture company focused on new technology start ups. He
has many years of experience in oil refining, exploration and
development as well as mining operations in Canada. James C.
Speight has headed his own consulting firm, CD&W, Laramie, WY,
since 1998. An eminent consultant, author and lecturer on energy,
from 1990 to 1998, he was chief executive officer of the Western
Research Institute, Laramie, WY, with which he has been associated
since 1984. Jules Roy has 15 years business experience in financing
new company start- ups, investment, management, administration and
real-estate development with extensive experience in the
environmental and recycling industry as well as the steel industry.
He sits on the boards of two Toronto Stock Exchange companies as
well as several non-listed private companies. The agreement also
specifies that Warwick has a first right of refusal to negotiate
for Brazil, Morocco, Panama, Trinidad & Tobago and China. In
addition, the agreement grants Warwick exclusive first right to
purchase an exclusive Canadian license rights to any new
technologies Global Resource Corp. develops. A member of the Global
Resource Corp., board of directors will join Warwick's board upon
the successful conclusion of the agreement. About Global Resource
Corp. Global Resource Corp., (OTC:GBRC.PK), is a developer of a
patent-pending microwave technology and machinery that extracts oil
and petroleum products from shale deposits, tar sands, capped oil
wells, bituminous coal and processed materials such as tires and
plastics as well as dredged soil from harbors and river bottoms.
Its process produces significantly greater yields and lower costs
than are available using existing technologies. Because the process
takes place in an enclosed environment it is emission-free and an
efficient and cost-effective tool for cleaning environmental wastes
and toxic materials. For more information see:
http://www.globalresourcecorp.com/ Forward-Looking Statements This
news release contains forward-looking statements regarding Global
Resource Corp.'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. PR/Media Relations Contact: Richard Stern Stern
& Co. Tel: 212-888-0044 Jeff Andrews CFO Global Resource
Corporation Bloomfield Business Park 408 Bloomfield Dr. Unit 3 West
Berlin, NJ 08091 Main: 856-767-5661 Investors, Arun Chakraborty,
Stern & Co. 212 888 0044 DATASOURCE: Global Resource Corp.
CONTACT: PR/Media Relations, Richard Stern, +1-212-888-0044, , or
Investors, Arun Chakraborty, +1-212-888-0044, , both of Stern &
Co.; or Jeff Andrews, CFO of Global Resource Corporation,
+1-856-767-5661, Web site: http://www.globalresourcecorp.com/
Copyright