Planet Resource Recovery, Inc. Reaches Settlement Agreement on Cause No. 4:10-cv-05086
April 02 2012 - 10:20AM
Marketwired
Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) and Kent
Weisenberg are pleased to announce that they have entered into a
Settlement Agreement and Mutual Release, effective March 8, 2012,
fully and finally resolving all disputes between all parties. By
virtue of that Agreement, all parties have fully released one
another and dismissed all lawsuits, 17,964,285 shares of restricted
PRRY common stock issued in connection with the underlying
transaction have been returned to Planet, and all intellectual
property acquired from Weisenberg by Planet has been returned to
Weisenberg. All other terms of the Agreement remain confidential.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of PetroLuxus™ Technology Platform products, 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 and 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,
2011. 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.
281-213-5266 Email Contact
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