Planet Resource Recovery, Inc. Receives Strategic Investment from High-Profile Energy Investment Group
February 13 2008 - 8:00AM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS:PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products, is
pleased to announce that the company has received a strategic
investment from Rightpath Energy Holdings LLC, an affiliate of
Rightpath Limited, a Nevada corporation with holdings in various
real estate, energy, aviation and entertainment-oriented projects
located throughout Arizona, Nevada and Kansas. Rightpath Energy�s
strategic investment is a multi-tranche transaction comprised of
both restricted shares and warrants. The aggregate investment will
be in excess of US$ 5,000,000 over the term of three years. Mr.
Kurt Neubauer, Planet Resource Recovery�s President/CEO, said:
�I�ve known Rightpath�s principal, Rick Burton, for a number of
years now, and am pleased to welcome his company�s participation as
Planet Resource Recovery continues to further advance its
innovative, environmentally-friendly technologies in the areas of
remediation, oil recovery and management of petroleum-based
products.� Rightpath�s founder and CEO, Mr. Rick L. Burton stated,
�The environmentally friendly technologies owned by Planet Resource
are �disruptive technologies� that we anticipate will usher in a
paradigm shift in the oil & gas and energy industry. Kurt and
his team�s capabilities in delivering innovative, energy-oriented
technologies are second to none, and I�m confident Rightpath�s
investment will accelerate the Company�s, and my own, ongoing
success.� About Rightpath Limited Rightpath Limited is a
real-estate oriented operating and development company based in
Arizona and Nevada, which now controls several hundred million
dollars of commercial real estate investments. Founded by Rick L.
Burton, Rightpath participated in the planning, development, zoning
and sale of numerous office, retail, residential and mixed-use
projects located throughout the southwest prior to forming
Rightpath Limited Development Group, LLC with partners in 2006, in
order to develop, among other things, both a 500-acre mixed-use
development in Glendale, Arizona anchored by the new $100 million
Major League Baseball spring training facility for the Los Angeles
Dodgers and Chicago White Sox (broke ground November, 2007), and a
269-acre parcel in the Desert Ridge/North Scottsdale area which is
master-planned for some 3,700 residential units. Affiliate
companies include Rightpath Aviation, Rightpath Energy Holdings,
Rightpath Oil & Gas and Rightpath Music. About Planet Resource
Recovery, Inc. Planet Resource Recovery, Inc. is a holding company
spearheaded by its Petrochemical manufacturing unit that has
developed PetroLuxus�, a proprietary environmentally friendly
chemical compound that dislodges oil in practically all natural and
man-made environments. The PetroLuxus� family of products is an
effective and efficient solution for the remediation and recovery
of petroleum-based products. PetroLuxus� applications include
Enhanced Oil Recovery, Oil Sands, oil spills, oil tank farm
cleaning, marine ship cleaning, remediation of oil sludge pits,
treatment of raw fuel feedstocks, waste oil segregation and
biodiesel, to name a few. Through the acquisition and formation of
wholly owned subsidiaries, Planet Resource Recovery, Inc. deploys
the PetroLuxus� products. RADA Technologies, Inc. engineers new
mechanical processing equipment proprietary to PetroLuxus� products
while simultaneously providing fuel inventory management services
reducing loss to increase gain for its customers. Oil Recovery
Ventures, Inc. deploys PetroLuxus� through joint ventures in the
Enhanced Oil Recovery market. For an audio/visual demonstration of
PetroLuxus�, click on the link
http://www.planetresource.net/index-21.html For more information
visit: http://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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