Planet Resource Recovery, Inc. Enters into LOI to Acquire Fifty Percent Stake in Oil & Gas Process Equipment & Instrumentation F
April 26 2007 - 9:00AM
Business Wire
Planet Resource Recovery, Inc. (PINK�SHEETS:PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products,
announced today that the company has entered into a Letter of
Intent to acquire a fifty percent interest in Pearland, Texas-based
RADA Technologies, Inc. Planet Resource Recovery, Inc., will
acquire its stake through a combination of cash and stock. The
transaction is anticipated to be closed by mid-May 2007, subject to
performance of complete due diligence by both parties. Founded in
2004, RADA Technologies, Inc., designs and manufactures inventory
management and custody transfer systems for liquid bulk storage and
distribution applications in the oil & gas industry. RADA
Technologies� systems provide solutions for the efficient handling
of liquid and dry bulk products so that the customer can minimize
their losses and maximize their gains. In addition, the company has
developed solutions for its customers that focus on liquid product
integrity and quality. The company services major oil & gas
companies, commercial & general aviation facilities, US
Department of Defense, US Department of Energy, and National
Aeronautics and Space Administration (NASA) the Johnson Space
Center � Houston, Texas. For more information visit -
http://www.radatechnologies.com/ RADA Technologies, Inc. is an
engineering and design based company that provides operational and
equipment based solutions to their clients. The association of the
two companies will provide the capability to expand Planet Resource
Recovery�s offering of PetroLuxus� to include equipment and
technology packages that are complimentary and proprietary to the
use of our products in a variety of enhanced oil recovery and
remediation markets. RADA Technologies is a profitable entity that
has realized an annual growth rate of over forty percent annually
since inception in 2004. The company is a member of the Houston
Minority Business Council. About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is an innovative PetroChemical/Oil
Services company that has developed a proprietary,
environmentally-friendly chemical that dislodges hydrocarbons in
practically all-natural and man-made environments. The company�s
flagship product, PetroLuxus�, and its derivative product lines
have a strong affinity` and rapid dispersement qualities to break
hydrocarbon chains on a molecular level for cost-effective
remediation and recovery of petroleum products. The company�s
prospective markets for remediation and recovery include: oil tank
farm cleaning, marine ship cleaning, oil sludge pits, contaminated
soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar
sands, and Enhanced Oil Recovery, to name a few. Planet Resource
Recovery�s pilot manufacturing plant is fully operational with
PetroLuxus� ready for commercialization. For an audio/visual
demonstration of PetroLuxus�, click on the link below.
http://www.planetresource.net/test76u31b.htm For more information
please visit www.planetresource.net or http://www.petroluxus.com
"Safe Harbor" Statement: Certain statements in this release are
"forward-looking" statements as defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
numerous risks and uncertainties. Actual results may vary
significantly from the results expressed or implied in such
statements. Factors that could cause actual results to materially
differ from forward-looking statements include, but are not limited
to, the Company's ability to meet the terms and conditions required
to obtain its project financing, risks and delays associated with
product development, risk of market acceptance of new products,
risk of technology or product obsolescence, competitive risks,
reliance on development partners and the need for additional
capital.
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