MOUNT LAUREL, NJ--(Marketwire - 11/24/09) - Global Resource Corp. (Pinksheets:GBRC - News), a development-stage company focused on energy-efficient microwave-based technologies for recycling tires, upgrading petroleum products and converting other materials to higher value hydrocarbon-based fuels or carbon materials, today provided a shareholder update and filed financial results for the third quarter ended September 30, 2009.
Key Shareholder Updates and Company Achievements:
�
-- In early 2009, the Company announced a licensing agreement with a
large oil services company for up to $600,000 for phase 1 to develop
applications for heavy oil.
-- In October 2009, Global Resource announced a licensing agreement with
Universal Alternative Fuels, Inc. ("UAF") worth $750,000 for coal and oil
shale. UAF purchased a prototype machine from Global Resource, for $3.5
million. The machine is a one-ton processing machine to be used with oil
shale.
-- The Company reported the Patriot PPS-TR prototype produced a high-
grade carbon black that has been independently verified by Akron Rubber
Development Laboratory, Inc. The tests indicate that the prototype system
can consistently produce a high-quality carbon black product. The quality
range of the carbon black produced is potentially suitable for multiple
applications, including tire treads for tires. The current global market
for consistent, high-grade carbon black ranges between $500 and up to
$2,500 per ton, depending on the precise quality of the byproduct and
market conditions.
-- Global Resource received a commitment of up to $10 million of equity
financing from an institutional investor. The company will use the
proceeds for working capital and will provide the company with the
necessary capital for expansion requirements of commercializing the
groundbreaking microwave technology.
-- Global Resource recently announced the appointment of a new CEO, Ken
Kinsella, and a new Chairman of the Board, Brian Ettinger. Mr. Kinsella
brings over 15 years of experience in operations and management of public
and private companies. He has been instrumental in the growth of a number
of companies worldwide, with experience in the US, the UK, Japan, Korea,
India, Australia and Asia.
Mr. Ettinger is the CEO of Worldwide Strategic Partners, Inc., an energy
consulting firm involved in domestic and international energy projects
involving oil and gas production, exploration, alternative fuels, waste to
energy, biofuels, power, and pipelines.
Mr. Ken Kinsella, CEO of Global resource commented, "Global Resource continues to move closer towards commercialization, as evidenced by our recent licensing deals and the first sale of a prototype machine. Our licensing agreements and recent financing commitment provide us with sufficient funds to capitalize on various business opportunities during 2010 in the waste to energy sector. The recent results regarding high-grade carbon black will allow purchasers of our technology to generate higher margin revenue, allowing for a faster rate of return on their investment. This discovery makes our technology even more appealing to waste management, recycling, oil and gas and energy firms around the world."
Financial Results for the Third Quarter Ended September 30, 2009:
The Company reported $90,000 in revenue for the third quarter ended September 30, 2009, compared to no revenue for the same period of 2008. Revenue recorded for the quarter was related to the Joint Development Agreement Global Resource signed on May 22, 2009 with a large oil services firm.
For the quarter ending September 30, 2009 the Company reported a net loss of $(3.8) million, or $(0.06) per share. An increase in operating expenses during the period ended September 30, 2009 was primarily attributable to share based compensation paid to consultants and relating to management turnover. The restructuring efforts are now complete as the Company moves towards full commercialization of the Patriot PPS TR.
As of September 30, 2009, the basic share count for the Company increased to 63.6 million from 53.3 million.
Shareholder Conference Call
Management will host a conference call with the investment community on Tuesday, December 1, 2009 at 8:30 a.m. Eastern Daylight Time. Interested parties may participate in the conference call by dialing 1-877-941-4775 or 1-480-629-9761 for international callers. Please call 5 to 10 minutes prior to 4:30 p.m. When prompted, ask for the "Global Resource Shareholder Update and Third Quarter Financial Results Call." A telephonic replay may be accessed approximately two hours after the call through December 8, 2009, by dialing 1-800-406-7325 or 1-303-590-3030 for international callers and entering the replay access code 4187445. The teleconference will be webcast simultaneously on the Global Resource website at www.globalresourcecorp.com.
About Global Resource Corporation
Global Resource Corp., (GBRC), is a developer of a patent microwave technology and machinery to extract oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms. Its process produces significantly greater yields and lower costs than are available using existing technologies. Because the process takes place in an enclosed environment it is emission-free and an efficient and cost-effective tool for cleaning environmental wastes and toxic materials. For more information see: www.globalresourcecorp.com
Forward-Looking Statements
This news release contains forward-looking statements regarding Global Resource Corp.'s business strategies and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. The forward-looking statements contained in this news release speak only as of the date hereof and Global Resource disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Global Resource's expectations or future events.
No comments:
Post a Comment