Planet Resource Recovery, Inc. Enters Into Agreement With Cedar Marine Terminals, a Subsidiary of Vertex Energy, L.P. to Develop
February 17 2009 - 7:00AM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of the PetroLuxus(TM) family
of products, is pleased to announce the completion of an agreement
with a recognized leader in the recovery and recycling of waste
oil, Houston, Texas-based Cedar Marine Terminals, a subsidiary of
Vertex Energy, L.P. The agreement defines a clear path to
developing treatment protocols for the use of PetroLuxus(TM)
products utilizing the resources & experience of Cedar Marine
Terminals. PetroLuxus(TM) products will be utilized in processing
waste oil to enhance the quality by reducing undesirable metals and
additive residuals in the oil resulting in higher quality
re-refined fuels and feedstocks and reduced processing and
production costs.
Waste oil retains metals from the additives of the original
manufacturer and an assortment of wear metals that are concentrated
during use. The presence of these metals presents problems in
recycling the oil for certain applications and current methods are
inadequate for removal. PetroLuxus(TM) products have been tested
and shown to effectively precipitate (separate) metals from oil and
water in a variety of applications that benefit remediation,
recycling, and production processes. Development will be done at
Cedar Marine Terminals' 19 acre facility in Baytown, Texas.
The agreement provides for long term options that promote the
expansion of Cedar Marine Terminals as a leader in the oil
recycling markets and the growth of Planet Resource Recovery, Inc.
as a developer of chemical solutions to meet demanding problems.
Based on estimated projections, Cedar Marine Terminals is
anticipated to initially use up to 2000 gallons of PetroLuxus(TM)
products per month rendering a revenue stream to Planet Resource of
$60,000 monthly. The U.S. generates an estimated 1.3 billion
gallons of used motor oil annually of which only 380 million
gallons are re-refined. The potential for reduction of crude oil
use by better recycling and use of waste oil could reduce crude
consumption. The recovery of one gallon of used oil will produce
2.5 quarts of high quality lube oil and two gallons of recovered
oil which can be used to power a generator to produce enough
electricity to heat an average home for twenty four hours.
About Cedar Marine Terminals L.P.
Cedar Marine Terminals L.P. is a waterfront facility located on
19 acres at the mouth of Cedar Bayou in Baytown, Texas. The
terminal is positioned adjacent to the Houston ship channel
providing the essential functions of supply and distribution of
agricultural and petro-chemical products. Being strategically
located near major metropolitan industrial districts, the location
is ideal for unlimited processing capabilities and terminal
expansion. Cedar Marine Terminal currently serves as a truck-in,
barge out facility providing through-put operations for the
marketing of petroleum products and biofuels by barge into the
Houston market. The management team of CMT is a unique group of
individuals, each specializing in various aspects of petroleum
production and terminal management offering the best truck to barge
solution in the Port of Houston. Cedar Marine Terminals L.P. is a
subsidiary of Vertex Energy, L.P., a leader in the recovery and
recycling of waste oil to multiple markets for use as marine and
bunker fuel, to refineries as cutter stock, and for re-refining.
Vertex Energy, L.P. is a middle market consolidator, refiner and
re-refiner of distressed petroleum streams, such as used oil,
transmix, fuel oils and off-specification commercial chemical
products. Vertex Energy succeeds by delivering outstanding
performance serving as buyer and logistical manager of petroleum
products used for fuels and feedstock throughout the United
States.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer
and marketer of the PetroLuxus(TM) family of products, a
proprietary environmentally friendly chemical compound that
dislodges oil in practically all natural and man-made environments.
The PetroLuxus(TM) family of products are effective and efficient
solutions for the remediation and recovery of petroleum-based
products. PetroLuxus(TM) 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(TM) products. Oil Recovery Ventures, Inc. deploys
PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery
market.
For an audio/visual demonstration of PetroLuxus(TM), 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.
Company Contact: Enrique M. Salinas III Planet Resource
Recovery, Inc. 281-996-5315 Email Contact Media Contact: Rod
Mitchell 281-350-5506 Email Contact
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