HOUSTON, Nov. 19, 2010 /PRNewswire/ -- Planet Resource
Recovery, Inc. (Pink Sheets: PRRY) issues a shareholder update
letter from Kurt E. Neubauer,
Chairman of the Board and CEO. You can listen to it on Planet's
website at www.planetresource.net/InvestorUpdate.
Dear Fellow Investor and Shareholder:
We have been extremely busy at your Company devoting our
concentrated energies to the execution of our business plan.
It has been my goal since the beginning of this year to
elevate Planet from an R&D Company to a revenue generating
concern. The first half of 2010, we identified our potential
revenue streams and invested heavily in our technologies and the
development of new technologies that could have a direct and
immediate impact on our sales so that we could meet the goals
delineated in our 2010 business strategy. While some technologies
or business units have been more successful than others, we are
still primarily focused on the commencement of significant
revenues.
Shortly after the closing of 3Q 2010, I evaluated our progress
and the expected additional investments needed to meet our goals.
Upon review, I made some decisions that I felt were in the best
interest of the Company, its shareholders and shareholder value.
Below is a brief summary of our current state of affairs at Planet.
This brief summary is to bring you up-to-date.
Company Audits and SEC Filing
We continue to work with our Auditors and SEC Legal Counsel to
assemble and prepare all necessary documentation to be submitted to
the SEC in the process of becoming a fully-reporting company.
As of November 15, 2010 we posted
our financials through 3Q 2010 on the website and
www.otcmarkets.com/stock/PRRY/financials These filings were posted
on time and put us one step closer to meeting the requirements of
the move up higher on the OTCMarkets as a fully-reporting company.
A fully-reporting designation will open the door to additional
Market Makers and Brokers.
PetroLuxus
We have made new strides with our core product line –
PetroLuxus™. The testing by Core Labs to analyze the
characteristics and potentials for the use of PetroLuxus in
waterflood situations have been coming back with positive results.
We previously announced the Interfacial Tension capabilities of
PetroLuxus to break down the tension and detach oil from its
environment. The above study, along with the demonstration that the
addition of PetroLuxus to a standard waterflood would increase
recovery by 8 percent, were the first studies conducted.
We have known for some time that if PetroLuxus was allowed
residence time in a crude oil environment it would increase
recovery. This was recently analytically validated with the
conclusion of the latest testing results from the battery of tests
being performed by Core Labs. The latest test performed showed that
when PetroLuxus was introduced into a crude oil environment and
allowed residence time, it would remove up to 95% of oil entrained
in the matrix within a four hour period. These results were very
well received by Planet. These results lend credence to the next
battery of tests where Core Labs will simulate a waterflood
situation as in the above test, but allow for residence time of 24
and 48 hours to demonstrate the effectiveness of PetroLuxus in
waterflood applications.
Inspar Robotics Technologies
Planet acquired the intellectual property and technologies of
Inspar Field Services in early Q2 2010. We acquired these
technologies as we saw value and synergies with our business plan.
Regrettably, after considerable investment of capital and time, the
technologies have not been completed and brought to market within
the planned timeframe. Due to numerous setbacks and anticipated
need for significant additional capital investment, I elected to
wind down Inspar operations and redirect all Planet's capital and
energy to technologies and businesses that would have an immediate
impact on revenue and cash generation in 2010. I felt this action
was in the best interest of the Company, its shareholders and
shareholder value. I am in talks with counsel and management to
evaluate the best strategy to gain value from these assets. Once
this decision is made a press release or a material events filing
will be made.
Raptor Ventures, SRL
Our Bolivian antimony mining operations are progressing very
well. Since the commencement of operations at the Sorpresa Antimony
mine on September 15, 2010 we have
steadily increased production throughout the ramp up phase. Our
target is to reach 300 metric tons of production on a monthly
basis. While we have not yet attained this goal, our ore production
is increasing on a weekly basis.
We have set aside the first 300 metric tons for shipment. We are
currently in talks with potential buyers discussing the terms of
sale. We anticipate receiving our assay samples soon to determine
the overall quality of the ore, enabling us to establish a price
with the buyer. We anticipate completing and entering into a
purchase contract with the buyer in the near future. Upon execution
of the contract we will issue a press release which will include
the anticipated revenue from our first Antimony shipment.
I hope this brief update has brought you up to speed. We will
issue expanded press releases on the above as warranted. Right now
we remain focused on attaining our goal of making 2010 our first
year of significant revenue generation. On behalf of myself and the
staff of Planet we appreciate your support and confidence in
us.
Sincerely,
Chairman & CEO Kurt E.
Neubauer
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is "Spearheading the Charge for
the Maximum Economic Recovery of our Planet's Resources through
New-Age Technology and Products." The company develops,
manufactures, and markets products, processes and technologies
based on scientific research and understanding of silicon and
siloxane sciences to enhance the recovery of the planet's resources
including metals, minerals and hydrocarbons and to provide enhanced
coatings resistant to metal corrosion. Our goal is to create new
methodologies to optimize Oil & Gas production, maximize the
harvesting of base and precious metals, the remediation of toxic
heavy metal environmental contamination and the reduction or
elimination of corrosion of metal through the use of proprietary
with breakthrough technologies utilizing advanced science and
chemistry to increase efficiencies, reduce costs, protect the
environment and resources.
Our vision is to develop new chemical compounds and related
processes to maximize efficiencies in the Oil & Gas Industry,
Mining Industry, Environmental Cleanup Industry and Corrosion
Industry through environmentally-friendly, cost-effective and
profitable platforms that are considered "disruptive technology"
and will usher in new paradigm shifts in industry.
Presently, the company is primarily focused on four distinct
markets: 1) Oil & Gas Industry, 2) Remediation of industry
toxic metals & byproducts, 3) Mining of base and precious
metals and 4) Metal Corrosion Industry. The company has developed
the proprietary compounds and is currently developing their related
processes that will result in new technologies and methodologies
for industry. For more information visit:
www.planetresource.net.
"Safe Harbor Statement"
Under The Private Securities Litigation Reform Act of 1995: The
statements in this presentation that relate to the Company's
expectations with regard to the future impact on the Company's
results from new products in development are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The results anticipated by any or all of these
forward-looking statements may not occur. Additional risks and
uncertainties are set forth in the Company's Annual Report for
the year ended December. 31, 2009, the Company's Quarterly
Report for the Third quarter ended September 30, 2010. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events or changes in the Company's plans or
expectations.
Contact:
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Planet Resource Recovery,
Inc.
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Investor Relations:
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Jillian Payne
1-877-878-5333
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jn.young@hotmail.com
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SOURCE Planet Resource Recovery, Inc.