September 24, 2008
Planet Resource Recovery, Inc. To Expand Manufacturing Plant; Increase Manufacturing Capacity By 500%
Planet Resource Recovery, Inc. (Pink Sheets:PRRY), is pleased to announce that the company has reached an agreement with the landlord of the company's manufacturing and R&D facility in Pearland, Texas to expand the building space to accommodate expansion of manufacturing capacity. The Landlord has commenced the survey and retention of a contractor to add on approximately an additional 8,000 square feet to the existing 5,000 square feet currently occupied by Planet Resource Recovery, Inc. Additional space will provide room for additional proprietary PetroLuxus(TM) manufacturing units that will increase capacity by 500 percent.
Planet Resource Recovery, Inc. currently leases 5,000 square feet on approximately 1.3 acres in Pearland, Texas. The additional manufacturing square footage will allow the company to increase PetroLuxus(TM) manufacturing capacity by 500 percent. Surveying and permits are anticipated to be completed and acquired in the next 60 days. Construction of new additional square footage is anticipated to be completed 120 days after surveying and permits. Once building is completed, the company anticipates a term of 60 days to bring additional capacity on line to provide PetroLuxus(TM) products to the growing demand.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of the PetroLuxus(TM) family of 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 an audio/visual demonstration of PetroLuxus(TM), click on the link http://www.planetresource.net/index-21.html
For more information visit: http://www.planetresource.net 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.