Planet Resource Recovery, Inc. Closes on Fifty Percent Acquisition of RADA Technologies, Inc.
May 22 2007 - 9:01AM
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 closed on its transaction to
acquire a fifty percent in Pearland, Texas-based RADA Technologies.
The acquisition terms were $90,000 and 48,500 restricted common
shares of Planet Resource Recovery, Inc. RADA Technologies, Inc.
realized revenues of $ 1,020,000 in 2006. RADA Technologies, Inc.
is an engineering and design based company that provides
operational and equipment based turn-key solutions to their clients
in the oil & gas sector. Since 2004, RADA Technologies, Inc has
provided engineering and consulting services, inventory management
and custody transfer systems for liquid bulk storage facilities.
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/. This
strategic acquisition provides Planet Resource Recovery, Inc. with
the knowledge, experience and customer base of RADA Technologies,
Inc. This will allow us to expand the offering of the PetroLuxus�
family of products. RADA Technologies capabilities to engineer new
equipment and technology, coupled with PetroLuxus� will offer the
oil & gas new cost-effective, eco-friendly platforms to address
their needs. Engineering new technologies and equipment will
expedite PetroLuxus� market penetration through the offering of
complete proprietary package solutions to the industry. �The
benefits of PetroLuxus� are numerous. The potential is enormous.
This chemical will revolutionalize many aspects and applications of
the oil & gas industry,� stated Robert Arias, President of RADA
Technologies, Inc. �After interacting with Planet Resource
Recovery, Inc management, we felt we could play a critical role in
the deployment of the chemical throughout the industry with our
engineering experience and customer base. PetroLuxus� can
immediately address many issues our current customer base is
experiencing.� Mr. Kurt Neubauer, President and CEO of Planet
Resource Recovery, Inc. said, �This is an ideal acquisition for
both parties. In essence, RADA Technologies will engineer the
proverbial �razor�, while we provide the �razor blades� �
PetroLuxus�. Our joint efforts will provide much needed solutions
to the industry which will grow market penetration resulting in
increased shareholder value.� 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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