Planet Resource Recovery (PK) (USOTC:PRRY)
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From Jul 2019 to Jul 2024
Planet Resource Recovery, Inc. (Pink Sheets:PRRY), developer,
manufacturer and marketer of the PetroLuxus™
family of products, announced today that the company has entered into
talks to acquire 100 percent interest of RADA Technologies, Inc., making
the entity a wholly-owned subsidiary.
On May 22, 2007, Planet Resource Recovery, Inc. acquired a 50 percent
interest in RADA Technologies, Inc. Planet Resource Recovery, Inc.
management believes the complete acquisition of RADA Technologies, Inc.
will benefit the company in its commercialization of PetroLuxus™
and shareholder value.
RADA Technologies, Inc. is an engineering and design-based company that
provides operational and equipment-based turnkey solutions to their
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, the US Department of Defense, the US Department of Energy,
and the National Aeronautics and Space Administration (NASA) Johnson
Space Center – Houston, Texas. For more
information visit - http://www.radatechnologies.com/
This strategic acquisition provides Planet Resource Recovery, Inc. with
the knowledge, experience and customer base of RADA Technologies, Inc.
This will allow us to expand the offering of the PetroLuxus™
family of products. RADA Technologies, Inc.’s
capabilities to engineer new equipment and technology, coupled with
PetroLuxus™, will offer the oil & gas industry
new, cost-effective, eco-friendly platforms to address their needs.
Engineering new technologies and equipment will expedite PetroLuxus™’
market penetration through the offering of complete proprietary package
solutions to the industry.
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.