Planet Resource Recovery, Inc. Acquires 100% of RADA Technologies, Inc.
09 July 2007 - 10:00PM
Business Wire
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.
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