Planet Resource Recovery (PK) (USOTC:PRRY)
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Planet Resource Recovery, Inc. (PLANET) (PINK SHEETS:PRRY), developer,
manufacturer and marketer of the PetroLuxus™
family of products, is pleased to announce that the company has acquired
100 percent interest in RADA Technologies, Inc. (RADA) making the entity
a wholly-owned subsidiary. The transaction was effective on July 5,
2007. Terms of the acquisition were 1,500,000 restricted common shares
of Planet Resource Recovery, Inc.
Planet’s acquisition of RADA is a synergistic
transaction for the companies. Planet’s
management elected to acquire 100% of RADA with the intent to expedite
PetroLuxus™ applications to commercialization
and bring immediate revenue streams to Planet through RADA’s
continuing operations.
RADA’s design & engineering capabilities
coupled with their knowledge of PetroLuxus™
unique characteristics will provide for accelerated design &
construction of proprietary processing equipment for numerous PetroLuxus™
applications in the oil and gas sector. In addition, RADA’s
ongoing expanding revenue streams will be reported on the company’s
consolidated financial statements commencing with the 3rd
quarter 2007. Planet management’s skill set
and experience will increase and bolster RADA’s
resources to expand its operations. Since Planet acquired a 50% interest
in RADA on May 22, 2007, RADA has generated new business surpassing
their complete 2006 revenues. News of RADA contracts will be released in
the near future while Planet dedicates its efforts to develop its
proprietary processing equipment and applications for field deployment
in the oil & gas sector.
Mr. Robert Arias will remain as President and CEO of RADA Technologies,
Inc. He will additionally assume the position of Chief Technology
Officer of Planet Resource Recovery, Inc. and become a member of the
Board of Directors of Planet.
RADA Technologies, Inc. is an engineering and design company that
provides operational and equipment based turn-key solutions to clients
in the oil & gas sector. Since 2004, RADA Technologies, Inc. has
provided engineering and consulting services, inventory management and
custody transfer systems for liquid bulk storage facilities. The company
services major oil & gas companies, commercial & general aviation
facilities, US Department of Defense, US Department of Energy, and
National Aeronautics and Space Administration (NASA) the Johnson Space
Center - Houston, Texas. For more information visit - http://www.radatechnologies.com/
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is an innovative 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™,
click on the link below. http://www.planetresource.net/test76u31b.htm
For more information please visit 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.