Planet Resource Recovery Chairman and CEO Kurt E. Neubauer Issues Shareholder Update Letter
HOUSTON, Nov. 19, 2010 /PRNewswire/ — Planet Resource Recovery, Inc. (Pink Sheets: PRRY) issues a shareholder update letter from Kurt E. Neubauer, Chairman of the Board and CEO. You can listen to it on Planet’s website at www.planetresource.net/InvestorUpdate.
Dear Fellow Investor and Shareholder:
We have been extremely busy at your Company devoting our concentrated energies to the execution of our business plan. It has been my goal since the beginning of this year to elevate Planet from an R&D Company to a revenue generating concern. The first half of 2010, we identified our potential revenue streams and invested heavily in our technologies and the development of new technologies that could have a direct and immediate impact on our sales so that we could meet the goals delineated in our 2010 business strategy. While some technologies or business units have been more successful than others, we are still primarily focused on the commencement of significant revenues.
Shortly after the closing of 3Q 2010, I evaluated our progress and the expected additional investments needed to meet our goals. Upon review, I made some decisions that I felt were in the best interest of the Company, its shareholders and shareholder value. Below is a brief summary of our current state of affairs at Planet. This brief summary is to bring you up-to-date.
Company Audits and SEC Filing
We continue to work with our Auditors and SEC Legal Counsel to assemble and prepare all necessary documentation to be submitted to the SEC in the process of becoming a fully-reporting company.
As of November 15, 2010 we posted our financials through 3Q 2010 on the website and www.otcmarkets.com/stock/PRRY/financials These filings were posted on time and put us one step closer to meeting the requirements of the move up higher on the OTCMarkets as a fully-reporting company. A fully-reporting designation will open the door to additional Market Makers and Brokers.
We have made new strides with our core product line – PetroLuxus(TM). The testing by Core Labs to analyze the characteristics and potentials for the use of PetroLuxus in waterflood situations have been coming back with positive results. We previously announced the Interfacial Tension capabilities of PetroLuxus to break down the tension and detach oil from its environment. The above study, along with the demonstration that the addition of PetroLuxus to a standard waterflood would increase recovery by 8 percent, were the first studies conducted.
We have known for some time that if PetroLuxus was allowed residence time in a crude oil environment it would increase recovery. This was recently analytically validated with the conclusion of the latest testing results from the battery of tests being performed by Core Labs. The latest test performed showed that when PetroLuxus was introduced into a crude oil environment and allowed residence time, it would remove up to 95% of oil entrained in the matrix within a four hour period. These results were very well received by Planet. These results lend credence to the next battery of tests where Core Labs will simulate a waterflood situation as in the above test, but allow for residence time of 24 and 48 hours to demonstrate the effectiveness of PetroLuxus in waterflood applications.
Inspar Robotics Technologies
Planet acquired the intellectual property and technologies of Inspar Field Services in early Q2 2010. We acquired these technologies as we saw value and synergies with our business plan. Regrettably, after considerable investment of capital and time, the technologies have not been completed and brought to market within the planned timeframe. Due to numerous setbacks and anticipated need for significant additional capital investment, I elected to wind down Inspar operations and redirect all Planet’s capital and energy to technologies and businesses that would have an immediate impact on revenue and cash generation in 2010. I felt this action was in the best interest of the Company, its shareholders and shareholder value. I am in talks with counsel and management to evaluate the best strategy to gain value from these assets. Once this decision is made a press release or a material events filing will be made.
Raptor Ventures, SRL
Our Bolivian antimony mining operations are progressing very well. Since the commencement of operations at the Sorpresa Antimony mine on September 15, 2010 we have steadily increased production throughout the ramp up phase. Our target is to reach 300 metric tons of production on a monthly basis. While we have not yet attained this goal, our ore production is increasing on a weekly basis.
We have set aside the first 300 metric tons for shipment. We are currently in talks with potential buyers discussing the terms of sale. We anticipate receiving our assay samples soon to determine the overall quality of the ore, enabling us to establish a price with the buyer. We anticipate completing and entering into a purchase contract with the buyer in the near future. Upon execution of the contract we will issue a press release which will include the anticipated revenue from our first Antimony shipment.
I hope this brief update has brought you up to speed. We will issue expanded press releases on the above as warranted. Right now we remain focused on attaining our goal of making 2010 our first year of significant revenue generation. On behalf of myself and the staff of Planet we appreciate your support and confidence in us.
Chairman & CEO Kurt E. Neubauer
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is “Spearheading the Charge for the Maximum Economic Recovery of our Planet’s Resources through New-Age Technology and Products.” The company develops, manufactures, and markets products, processes and technologies based on scientific research and understanding of silicon and siloxane sciences to enhance the recovery of the planet’s resources including metals, minerals and hydrocarbons and to provide enhanced coatings resistant to metal corrosion. Our goal is to create new methodologies to optimize Oil & Gas production, maximize the harvesting of base and precious metals, the remediation of toxic heavy metal environmental contamination and the reduction or elimination of corrosion of metal through the use of proprietary with breakthrough technologies utilizing advanced science and chemistry to increase efficiencies, reduce costs, protect the environment and resources.
Our vision is to develop new chemical compounds and related processes to maximize efficiencies in the Oil & Gas Industry, Mining Industry, Environmental Cleanup Industry and Corrosion Industry through environmentally-friendly, cost-effective and profitable platforms that are considered “disruptive technology” and will usher in new paradigm shifts in industry.
Presently, the company is primarily focused on four distinct markets: 1) Oil & Gas Industry, 2) Remediation of industry toxic metals & byproducts, 3) Mining of base and precious metals and 4) Metal Corrosion Industry. The company has developed the proprietary compounds and is currently developing their related processes that will result in new technologies and methodologies for industry. 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 Third quarter ended September 30, 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. Investor Relations: Jillian Payne 1-877-878-5333 firstname.lastname@example.org
SOURCE Planet Resource Recovery, Inc.