Planet Resource Recovery Enters Into Joint Venture Agreement With Project Funding and Construction Partner
December 17 2009 - 12:42PM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus(TM) and other
"Green" technologies for the remediation and recovery of the
planet's resources, is pleased to announce that the company has
entered into a Joint Venture agreement with MidWest General, LLC to
provide funding on multiple Planet Resource Recovery mining and
remediation projects. Through the Joint Venture Agreement, Planet
will provide its proprietary Green technologies and expertise while
MidWest General will provide capital funding, construction,
construction management and on-site operational oversight on
mining, environmental remediation and other projects.
Planet has spent the last year continuing to complete R&D
efforts on its PetroLuxus(TM) technologies while also developing
new green technologies for the mining and remediation of metals.
The mining and remediation R&D efforts were embarked upon as
the result of observations of the effects of PetroLuxus(TM) and
other compounds on metals in crude oil. As 2009 comes to a close,
Planet is ready to deploy the new mining and remediation
technologies in 2010 and will be introducing new PetroLuxus(TM)
technologies for the Oil & Gas industry.
Privately-held MidWest General, LLC, with revenues in excess of
$200 million a year, is a well capitalized full service commercial
construction company. They offer clients general contracting,
construction management, construction consulting and real estate
development services. Most notable, MidWest General, LLC is one of
three exclusive contractors for JP Morgan Chase Bank. Additionally,
amongst many other projects, the company is the construction
manager for the $68 million Thomas Jefferson School of Law
construction project as well as the construction manager for
multi-national Kyocera Corporation's construction of its San Diego
Office Building and Solar Grove project. MidWest General's
forecasted revenue for 2010 is in excess of $300 million.
Planet and MidWest General are currently working diligently to
secure contracts for the remediation of a multi-million gallon
Cadmium laced water project, precious and base metal mining
projects and the environmental cleanup and recovery of metals from
a large slag site of a former foundry.
Mr. Erich Aragon, President & CEO of MidWest General,
commented on the joint venture, "Planet has developed compelling
new Green technologies for the mining and Environmental Remediation
industries. These new technologies offer cutting-edge platforms
that will change the way these industries operate resulting in
meeting the environmental demands and efficiencies mandated today.
MidWest General sees an incredible business opportunity with these
new technologies that we had to be a part of."
Kurt Neubauer, President & CEO of Planet, stated, "This
relationship brings a dynamic shift in the way Planet will be able
to do business going forward becoming an operational company after
four years of R&D. Planet will be the aggressor in locating and
acquiring projects that meet the qualifications for its new mining
and metal recovery technologies. Along with numerous business
opportunities for Planet's technology of their own, MidWest General
brings Planet the necessary start-up capital, construction and
management experience for their successful execution. The
combination of Planet's technologies and MidWest General's capital
and construction management expertise will provide Planet the edge
required for the deployment of our new technologies that will
generate the Company's first operational revenue streams for
positive shareholder appreciation."
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus(TM), 2) Remediation of mining toxic byproducts and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. For more information visit:
www.planetresource.com or 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. Planet takes no
obligation to update or correct forward-looking statements, and
also takes no obligation to update or correct information prepared
by third parties that are not paid for by Planet.
Company Contact: Enrique M. Salinas III 281-996-5315 ext. 3006
Email Contact Media Contact: Rod Mitchell 281-350-5506 Email
Contact
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