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HOUSTON, TX -- April 21, 2011 -- Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY), developer, manufacturer and marketer of PetroLuxus(TM) and other green remediation and recovery technologies, issues shareholder audio update from Kurt E. Neubauer, Chairman of the Board and CEO. Complete transcript below or can be heard at - http://www.planetresource.net/audio/audio_update_04_20_11.wma
Dear Shareholder:
Hello, this is Kurt Neubauer, President and CEO of Planet Resource Recovery. Thank you for taking the time to join us for this audio update. I wanted to inform you of some of the events occurring at Planet.
Inspar Litigation
Due to the current litigation, the only news we can relay concerning Inspar is that a preliminary hearing was started on the 28th of March, and was concluded on April 14th. Upon advice of counsel, we have been instructed to not comment on this pending litigation. We would, however, like to bring you updated information on other activities going at Planet.
Form 10 Filing
We continue to work toward our goal to file the Company's Form 10 information statement, which unfortunately has slowed down due to the ongoing Inspar litigation. However, as of this date, we have posted our unaudited financials through the first quarter of 2011 on our website and on www.Pinksheets.com.
SRU-15 Desulfurization Unit
Planet and Lerro Processing have decided to defer R&D efforts for the completion of the SRU-15 diesel fuel desulfurization units until adequate financing can be arranged. The Company and Lerro have worked diligently together to bring this new and exciting technology to market. However, until Planet has established a stronger financial foundation, no further investment will be made in this system. This is only an intermission as we plan to complete the development of this technology when adequate capital is available.
Raptor Ventures LLC and Bolivia Mining Operations
Operations in Bolivia are currently on hold. Due to capital shortfalls, Planet was not able to complete the antimony sale with the Chinese buyer. Ore was shipped to the Chilean port, but due to a missing export document, the ore got hung up because of the missing paperwork. Once the paperwork was produced, the Chilean government required us to truck the ore back to the Bolivian border to restart the export process. Planet did not have and could not raise the necessary funds to deal with this unexpected turn of events and the ore was eventually taken back by its' owner. Regardless of the setback, Planet sees a vast opportunity in Bolivia, not only for mining but also for the sale of it PetroLuxus products.
PetroLuxus Sales
The Company has completed its' initial studies on PetroLuxus and has begun to market the product. Mr. Enrique Salinas accepted the position of VP - Marketing - PetroLuxus as of January 1 of this year. Since accepting the position, Mr. Salinas has sold over $84,000 in PetroLuxus product for the first quarter of 2011 to former, current and new customers. The first quarter sales mark doubles full year sales of PetroLuxus in 2010. Sales for the second quarter have already begun and Mr. Salinas' goal is to improve the Company's first quarter sales performance results by 25%.
Corporate Office Move
In February 2011, the lease for Corporate Head Quarters in Houston, Texas was up. Due to the current capital requirements, we did not enter into a new lease, but consolidated our Corporate Offices with our Production Facilities. Due to the consolidation, we were unable to move our phone number to the Pearland facilities. Our Corporate Office address and phone number are as follows:
Planet Resource Recovery, Inc.
8815 Industrial Drive
Pearland, Texas 77584
And our new corporate phone number is 281-213-5622.
In Conclusion:
The Company understands that many have been waiting a long time for news. We were not able to publish any news on advice of counsel up to this point. It became obvious to management that investment capital could not be raised due to the recent drop in share pricing and that PetroLuxus sales production had to be established before continued investment could be made. Planet's management had no desire to further dilute our shareholders at such low share pricing and believes through sales of our PetroLuxus products the Company's stock price will turn around. Therefore, we are now totally focused on the sale of PetroLuxus products. We expect the sales of PetroLuxus products to continue to increase through the upcoming quarters, thereby establishing a firm financial foundation for the company to work from. Once this base has been established, we will begin selectively resuming other operations, but with a better understanding of the issues to give us an improved chance for success. Regardless of our current state of affairs, our management and employees are committed to the success of your company. Once again the Company realizes the success we seek is mutual with our shareholders and will not be possible without the vision of investors and support of shareholders like you. We will remain focused on attaining our marketing goals for PetroLuxus for the remainder of 2011, as we feel it will be our best year for revenue generation ever.
Special Message from Kurt Neubauer:
Many have probably wondered why Planet elected to take on these other technologies and challenges rather than just bringing PetroLuxus to market. The answer is that PetroLuxus was, at that time, still in testing and trials, and it seemed essential to create other more immediate revenue streams to slow down or stop share dilution through continued investment. This is the reason we went after these other opportunities. In an effort to minimize share dilution from these continued sales of equity to fund the Company, it was proposed to us immediate revenue streams could be created through these endeavors. Through the creation of Raptor Ventures to do Antimony mining in Bolivia or our previous acquisitions such as RADA Technologies or others, the driving force behind these projects was their expected capability to create immediate revenue streams for the Company allowing us to operate without further outside capital investment. That way any future capital investment could be used solely to expand our operations or to make acquisitions to expand our markets in the future. Obviously, this has not worked out for us. So, until solid revenue streams are established, we are concentrating on the sale of our core technology, PetroLuxus, and internal capital formation.
I would like to express one last thought. The ongoing litigation toward the Company and myself has created many distractions and consumed a great deal of my time not to mention the high stress levels it has created by all the false information placed on the internet. Only a few people are aware of the fact that in the summer of 2008, I underwent open-heart surgery having a quadruple bypass operation. Although my recovery has been complete except for a few additional pills I now take along with vitamin supplements, the stress of all the negative postings and the battering that has gone on has and continues to take its toll on me.
At this time, I want to regretfully announce that I will be stepping aside from Planet from the position as President, Chief Executive Officer and from the Board of Directors of the Company. The Company requires more attention and energy than I am prepared to give.
My last day of employment was April 15, 2011.
I want to take this opportunity to thank all of you for your support throughout the years. I have enjoyed building this company from the beginning to now. Mr. Enrique Salinas has been with Planet from its inception and I am very pleased that he has accepted the Company's appointment from me as the Company's new President and CEO. These changes took place, at a special Board meeting held on April 4th, 2011, when Mr.. Salinas was also appointed to the Board of Directors. I wish Mr. Salinas all the best in his efforts to take the company to the next level and feel confident he is up to the task. I hope you will support his efforts to bring Planet into a full revenue generating company as you have supported my efforts to bring the company this far. So long and God Bless this Company, all who work here and all that have and are invested here.
That concludes this shareholder audio update. Please continue to look for upcoming news announcements as they develop in 2011.
The Company looks forward to announcing its next audio update and results. Keep in touch with our updates by viewing our website at www.planetresource.net. We are available to answer your queries and hope that you will send an email to us with your comments or questions. Please email your questions to us at investors@planetresource.net or call us at 281-213-5622. We are happy to answer your questions but keep in mind that our responses can only reflect that information that is already publicly available.
Thank you for your support. We appreciate you standing steadfast with the company and its employees. Signing off for the last time.
Regards,
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About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. 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. 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.
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
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