Planet Resource Recovery, Inc. Enters Into Settlement Agreement in the RADA Technologies Litigation
August 22 2011 - 9:00AM
Marketwired
Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) is pleased to
announce that it has resolved all lawsuits filed by Robert Arias
and David Aparicio against Planet Resource Recovery, Inc., and
agreed to dismiss all counterclaims it filed in that litigation.
The parties fully released each other from all pending claims and
counterclaims, and dismissed all lawsuits with prejudice. No monies
were paid by any party.
Mr. Arias and Mr. Aparicio have entered into Manufacturer's
Representative Agreements to distribute PetroLuxus products. The
final settlement and release agreement was fully executed on August
10, 2011, and Joint Motions to Dismiss were filed the next day.
Enrique M. Salinas III, President and CEO of Planet, stated, "We
are extremely pleased that Robert and David have joined with Planet
as Manufacturer's Reps, and look forward to a mutually beneficial
relationship."
Mr. Robert Arias is President of FMGI (Fuel Maintenance Group
International) and will distribute PetroLuxus™ to its customer
base. FMGI specializes in providing complete measurement and
distribution solutions for liquid and gas products for the
strategic storage terminal market, airports and aviation
re-fueling, and for tank farms in refineries and specialty chemical
facilities. FMGI customers include: Chevron Products Company,
Chevron Pipeline Company, Chevron Upstream, ExxonMobile Marine,
ConocoPhillips, Shell Products USA, Nustar, Valero, Kinder Morgan,
Oil Tanking, and Plains Pipeline.
Mr. Arias said, "We are very pleased to reach this agreement
with Planet Resource Recovery and put this matter behind us, so
that we can get back to what we do best, and that is providing our
customers with top-notch solutions. With PetroLuxus as one of our
primary products we will be able to service all of our customers in
all oil and gas markets."
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of PetroLuxus™, a Green Technology that maximizes
hydrocarbon recovery in the Oil & Gas industry. Documented well
history case studies indicate deployment of PetroLuxus technologies
has helped Oil & Gas Operators reduce maintenance costs,
decrease downtime and increase oil recovery. For more information
visit: www.planetresource.net.
Safe Harbor Statement Under The Private
Securities Litigation Reform Act of 1995: The statements in this
presentation that relate to the Company's expectations with regard
to the future impact on the Company's results from new products in
development are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The results
anticipated by any or all of these forward-looking statements may
not occur. Additional risks and uncertainties are set forth in the
Company's Annual Report for the year ended December. 31, 2009, the
Company's Quarterly Report for the First quarter ended March 31,
2010. The Company undertakes no obligation to publicly release the
result of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events or
changes in the Company's plans or expectations.
Contact: Planet Resource Recovery, Inc.
281-213-5622 Email Contact
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