Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of the PetroLuxus(TM) family
of green technology products, issues a letter from Kurt E.
Neubauer, Chairman of the Board and CEO, to Shareholders.
Dear Fellow Shareholder:
After five years of intensive research and development, the
field results and agency endorsements of the Planet Resource
Recovery science have been sufficiently validated, to the point
where we are now engaging contracts for broad-scale application of
our PetroLuxus(TM) platform of products across various industry
sectors.
If you are not familiar with the compelling story and legacy of
Planet, I encourage you upon receipt of this letter to visit our
new website: www.planetresource.com. It may surprise you to learn
that fewer than 400 miles from the site of the very first oil well
-- in Titusville, Pennsylvania -- Planet Resource Recovery
successfully treated an EPA Super Fund site 150 years later! More
importantly, Planet is now uniquely poised to change the way
hydrocarbons are managed and harvested and remediation and recovery
of soil is accomplished using nano-scale, environmentally friendly
technology.
It gives me great pleasure to provide the following update of
the activities on promising endeavors at your Company as we close
our fiscal first quarter of 2010. I am proud to inform you that the
first part of 2009 has been filled with many accomplishments, as
outlined in our business plan. We have enjoyed successes in the
pilot testing of our PetroLuxus(TM) green family of products and
the expansion of our executive management team, both efforts
intended to further propel the Company to attain its goals and
shareholder value. I can unequivocally state that based on the
successful execution of our recent activities, we are poised to
move into our next phase of operations on an exceptional and firm
foundation.
Remediation Successes
At its inception, PetroLuxus(TM) was designed and developed as
an Environmental Remediation product. We have made many strides in
forwarding this aspect of product application, as outlined in our
original business plan.
In February - March 2009, we were invited by a New Jersey
engineering firm to review the potential use of PetroLuxus(TM) on
toxic sludge which contaminated an underground storage tank --
railcar -- in Oreland, Pennsylvania. This test is so important to
the outcome of our potential future relationship with the Region
III, Federal EPA, that Michael Smallwood, our Chief Science
Officer, traveled to the site to personally manage and oversee the
remediation of the buried railcar. The original time allotted to
perform the remediation -- using conventional methods -- was
estimated at 4-6 weeks. Under Smallwood's supervision, a special
blend of PetroLuxus(TM) was prepared on site and the remediation
was completed in six days, far exceeding the stringent requirements
of the EPA.
So resounding were the results of this field test that the EPA,
with full support of the host engineering firm, awarded the
contract to Planet Resource for the exclusive use of PetroLuxus(TM)
in the remediation of the railcar.
Also in February 2009, independent laboratory studies on coal
tar samples were conducted by a New Jersey engineering firm. The
independent lab tests were designed to determine the effects of
PetroLuxus(TM) on the remediation of the heavy metals resident in
coal tar -- known-carcinogens -- which litter the U.S. at most
former manufactured gas plants. Again, in the laboratory, the
testing was successful, opening the door to proceed with further
testing, refinement and the development of soil washing equipment.
We can thus plan to remediate the hundreds of manufactured gas
plants in the U.S. with PetroLuxus(TM).
The culmination of successful testing on coal tar, coupled with
the remediation of the railcar, prompted a request by the EPA Super
Fund Technology Chief for us to work with one of the EPA's largest
contractors, beginning laboratory studies on coal tar soil samples.
Once this testing is completed and successful, the contractor is to
present the studies to the EPA who anticipates designating
PetroLuxus(TM) as the best available technology for an acceptable
method of soil remediation.
On-Going Collaborations
We continue to work with Cedar Marine Terminals, a subsidiary of
Vertex Energy, LP, to develop a method to remediate waste oil into
a more environmentally friendly source of fuel. Testing to date has
proven to be successful, but additional work is required to achieve
a workable platform.
In February 2009, I was interviewed for an article that was
published in the Calgary Herald in Alberta, Canada concerning
Canada's "Dirty Oil"[oil sands] Industry. This article caught the
attention of the Department of Energy in Canada, which subsequently
directed us to numerous Canadian research entities who could more
closely examine our PetroLuxus(TM) products. We commenced dialogue
with various research entities regarding the potential uses of
PetroLuxus(TM) on some of Canada's toxic messes. We entered into an
agreement with a prominent University in Canada to conduct studies
on the remediation technology. Our plan is to extract and recover
additional oil and contaminants from the hundreds of tailing ponds
that litter the Alberta landscape from the Canadian oil sands
industry. Tailing pond samples have arrived at our testing and
development facility and the studies have commenced.
We will keep you informed of our progress as we continue to
explore additional uses for PetroLuxus(TM) in the environmental
remediation industry.
Oil and Gas Industry
In February 2008, we commenced pilot testing PetroLuxus(TM) oil
recovery products in the oil & gas industry. Our goal was to
treat 15 marginally producing oil wells with PetroLuxus(TM) WC-100
and PetroLuxus(TM) MMMF to fully evaluate the effectiveness of our
products. In both situations we far exceeded our internal goals of
PetroLuxus(TM) treatments.
The evaluation metrics established to determine the
effectiveness of PetroLuxus(TM) products were identified as:
increase/decrease in oil production, equipment performance and
reduction of common inherent inhibitors of oil production such as
scaling, corrosion, paraffin and asphaltenes. The period of
evaluation was identified as a period of six months following
treatment to determine the longevity of treatment. For accuracy
purposes, oil production data was to be procured solely from the
Texas Railroad Commission, the governing body of oil production in
the State of Texas.
By December 2008, the full six month evaluation period was
completed on the first five pilot tested wells. Based on the
evaluation metrics, the confidential results were positive and
significantly above the industry standard of 20-30% in increased
oil production.
Based on the positive preliminary data, management elected to
proceed with allocation of resources to bolster the PetroLuxus(TM)
oil recovery products. We are retooling our marketing efforts by
expanding our direct mail campaign, television marketing campaign
in Texas, attendance of Planet representatives to exhibit
PetroLuxus(TM) products at oil & gas industry trade shows and
the addition of veteran oil & gas personnel and salesmen. These
efforts are beginning to realize a positive impact on all aspects
of Planet Resource Recovery.
Based on the early positive evaluation data, an article was
published in the February 2009 issue of the American Oil & Gas
Reporter. This article garnered much new interest in the
PetroLuxus(TM) technology.
Upon completion of reporting to the Texas Railroad Commission of
our pilot-well testing program, we expect to share with you
positive results from the well operators. The pilot testing
evaluation data will demonstrate the effectiveness of
PetroLuxus(TM) oil recovery products and how they can assist in
U.S. energy independence.
SEC Counsel and Independent Auditors
At the end of our first fiscal quarter of 2010 (which ended on
May 31, 2009), our SEC counsel completed the necessary reviews for
the preparation of documentation to be filed with the appropriate
governing bodies. This filing should result in Planet Resource
Recovery's elevation to a higher listing exchange, upon SEC
approval. Our Company's audited financials for the fiscal years
ending 2007 and 2008 are complete and published. The Company awaits
final review of its financials for fiscal 2009 by its independent
auditing firm. Upon completion of the 2009 audit and the necessary
documentation from our SEC counsel, the Company has expectations
that an initial public filing of the Company's financial condition
will be prepared and filed.
Management Expansion
With the numerous successes in the oil and gas industry and the
environmental remediation industry, it became necessary to expand
our management to prepare for the commercial launch of our
PetroLuxus(TM) products and technology. I am very pleased to
announce the appointment of our new President, Mr. Rick Burton, who
brings 35 years of experience, knowledge and expertise to our
company as stated in a prior news release. Mr. Burton has a
longstanding and successful career in the field of real estate and
aviation, resulting in hundreds of millions of dollars of business
development. This addition broadens our management capabilities
tremendously and brings years of management experience, business
contacts and marketing resources whose impact will be felt
immediately. Under the direction of Mr. Burton, we are updating our
corporate image to be more representative of a NASDAQ company.
As part of the revamping of our corporate image, we are pleased
to launch and unveil our new corporate website at
www.planetresource.com which focuses on environmental remediation
and oil and gas enhancement, the two driving forces for the
company's business model.
In addition to these stellar individuals, we are in the process
of expanding our Advisory Board with veteran industry notables
recognized the world over, to glean from their advice and counsel.
These additions to our Advisory Board will bring unique and
substantial qualities to Planet Resource and the direction of our
company.
In closing, I can affirm that our future has never been brighter
and we will continue to work hard to earn your respect and support.
As I contemplate the successes we have attained to-date, I am very
proud of what has been achieved. As we enter a new era at Planet,
we are poised to commercialize our products in numerous markets,
thus vastly expanding our revenue streams and shareholder value. We
continue to work on many transactions and opportunities which will
only bolster our endeavors to profitability and success. As these
transactions and opportunities are realized we will issue press
releases to keep you up to date. On behalf of Planet, our executive
team and staff, I personally thank you for your continued
support.
Sincerely,
/S/Kurt E. Neubauer
Chairman & CEO
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer
and marketer of the PetroLuxus(TM) family of green technology
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 more information visit: http://www.planetresource.com 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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