Planet Resource Recovery, Inc. Signs Stocking Distributor to Market PetroLuxus(TM) Products
HOUSTON - May 24, 2011 - Planet Resource Recovery, Inc. (PINK SHEETS:PRRY) is pleased to announce the Company has executed a Stocking Distributor Agreement to market PetroLuxus(TM) products with Lerro Processing Group, LP of Dallas, Texas. Lerro Processing has made an initial purchase of 2500 gallons of PetroLuxus(TM) Well Clean 100 well bore and production string cleanup, enhanced oil recovery and well stimulation product.
Lerro Processing Group, LP, formed in 2010, is comprised of industry veteran executives, including Mr. Gregory T. Orrell of Lancer Industries, Inc., who service a large customer base of clients throughout the global petroleum refining, marketing and transportation sectors. Lerro Processing Group, LLC originally executed a partnership agreement with PLANET in 2010 and executed a license to sell the SRU-15 Desulfurization Technology currently under development by PLANET. The LERRO/PLANET partnership agreement was modified earlier this year to allow LERRO to maintain all revenues generated by PetroLuxus(TM) product sales to be held outside the original agreement and not included as revenues in the original partnership agreement. Through this agreement modification, PLANET will profit from wholesale sales of PetroLuxus(TM) products to LERRO.
LERRO has identified numerous market segments where PLANET's WC 100 can be deployed and is in the process of bringing on a sales team to ramp up production by early summer 2011.
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About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of PetroLuxus�, a Green Technology that maximizes hydrocarbon recovery in the Oil & Gas industry.Documented well history case studies indicate deployment of PetroLuxus technologies has helped Oil & Gas Operators reduce maintenance costs and decrease downtime and increase oil recovery. 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 First quarter ended March 31, 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:
Planet Resource Recovery, Inc.
Investor Relations:
Jillian Young, 1-877-878-5333
jn.young@hotmail.com