Planet Resource Recovery (PK) (USOTC:PRRY)
Historical Stock Chart
From Jul 2019 to Jul 2024
Planet Resource Recovery, Inc. (Planet) (Pink Sheets: PRRY), provides
shareholder update on activities and progress. Despite a slowdown in
production due to Hurricane Ike and the volatility of the market place,
Planet continues to make positive progress on all facets of its business
plan.
As of September 28, 2008 the company’s
production facility was completely back online with the restoration of
electrical power. All procured generators have been taken offline and
set up for return shipment to providers. Manufacturing facility
personnel are resuming production of PetroLuxus™
products and R&D continues in the lab. The expansion project of the
manufacturing facilities is anticipated to resume this week. Corporate
offices in Houston have been operational for the past week.
Sales
Although the PetroLuxus™ line of products has
numerous applications in the oil and gas industry, the company is
currently strictly focused on the development and commercialization of
three specific applications: Enhanced Oil Recovery, pretreatment of
Brine water and treatment of waste brown grease for the capture of oil
as a biodiesel feedstock.
The Enhanced Oil Recovery market is where Planet is currently deriving
its revenues. Sales of PetroLuxus™ MMMF and WC
-100 for Q109 and Q209 were $ 30,284 and $ 61,194 respectfully. Planet
continues to treat new wells as a result of its marketing efforts.
Other applications of pretreatment of Brine water and waste brown grease
are being pursued aggressively to complete technology development to
commercialize these processes. Since the commencement of our
collaboration on the waste brown grease, Planet has received numerous
inquires both domestically and internationally for this technology.
Marketing
Planet launched its marketing campaign to Texas-based oil and gas
operators at the beginning of Q209 with the release of 60 sec and 30 sec
commercials. Both of these commercials have and/or will be airing in the
Houston, Austin and San Antonio markets raising the awareness of oil
producers to the benefits of the PetroLuxus™
line of products. Additionally, Planet has launched a direct mail
campaign to oil & gas operators in the State of Texas. The direct mail
campaign coupled with the television advertisements are resulting in
numerous inquiries by operators.
On September 3, 2008, Planet was the feature story in the Houston
Chronicle article titled “Making every drop
count– Houston startup joins others in trying
to get more oil from existing wells.” Planet
continues its media relations efforts and anticipates more industry,
mainstream and financial media coverage in the near future.
Oil Recovery Ventures, LLC
With positive results of increased production in the EOR market, Planet’s
wholly-owned subsidiary, Oil Recovery Ventures, LLC commenced efforts to
locate potential candidates for acquisition. After considerable due
diligence, Oil Recovery Ventures, LLC has identified two potential
candidates in West Texas. Oil Recovery Ventures, LLC is commencing
negotiations with the selling parties. The primary acquisition target is
currently producing 120 BOPD (Barrels of Oil per day). Based on recent
engineering reports, consultants estimate that once wells are worked
over, the increased field production to be over 500 BOPD. Completion of
these acquisitions are dependent upon complete due diligence,
negotiations, funding and approval by the board.
On April 8, 2008, Planet’s independent
auditors completed the company’s audited
financials – available at www.pinksheets.com.
Since completion, the company has been working with SEC counsel to
complete and file the regulatory documentation for application to become
effective for a higher exchange. Progress is being made in this area but
the company cannot give a specific date on becoming effective due the
regulatory process.
About Planet Resource Recovery, Inc.
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.