Planet Resource Recovery, Inc. Enters Negotiations to Acquire 100% of RADA Technologies, Inc.
July 03 2007 - 10:31AM
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 talks to acquire
100 percent interest of RADA Technologies, Inc., making the entity
a wholly-owned subsidiary. On May 22, 2007, Planet Resource
Recovery, Inc. acquired a 50 percent interest in RADA Technologies,
Inc. Planet Resource Recovery, Inc. management believes the
complete acquisition of RADA Technologies, Inc. will benefit the
company in its commercialization of PetroLuxus� and shareholder
value. RADA Technologies, Inc. is an engineering and design-based
company that provides operational and equipment-based turnkey
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,
the US Department of Defense, the US Department of Energy, and the
National Aeronautics and Space Administration (NASA) 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, Inc.�s capabilities to engineer new
equipment and technology, coupled with PetroLuxus�, will offer the
oil & gas industry 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. 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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