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American Biodiesel Fuels Corp. Enters Into Letter of Intent to Acquire Planet Resource Recovery, Inc.

Posted on: Monday, 12 February 2007, 09:00 CST

American Biodiesel Fuels Corp. (Pink Sheets:ABDL) announced today that the company has entered into a Letter of Intent to acquire Houston-based Planet Resource Recovery, Inc. The transaction is through a share exchange agreement on a basis of one share of American Biodiesel Fuels Corp. for one share of Planet Resource Recovery, Inc.

Planet Resource Recovery, Inc. is a PetroChemical/Oil Services company that has developed a proprietary, environmentally friendly chemical that dislodges hydrocarbons in practically all natural and man-made environments. The company's flagship product, PetroLuxus™, and its derivative product lines have a strong affinity and rapid dispersement qualities to break hydrocarbon chains on a molecular level for cost-effective remediation and recovery of petroleum products. The company's prospective markets for remediation and recovery include: oil tank farm cleaning, marine ship cleaning, oil sludge pits, contaminated soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to name a few. Planet Resource Recovery's pilot manufacturing plant is fully operational with PetroLuxus™ ready for commercialization.

For an audio/visual demonstration of PetroLuxus™ in action, click on the link for a 3 minute video of an oil sands capture lab test. http://www.planetresource.net/test76u31b.htm.

Pending the completion of full due diligence by both entities, the transaction is anticipated to be completed during the first half of March 2007. Planet Resource Recovery, Inc. will be the surviving company.

For more information please visit www.planetresource.net 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.

Source: Business Wire

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