Contact Information: Company Contact: Enrique M. Salinas III Planet Resource Recovery, Inc. 281-996-5315 Media Contact: Rod Mitchell 281-350-5506
Planet Resource Recovery, Inc. Enters Into Agreement With Cedar Marine Terminals, a Subsidiary of Vertex Energy, L.P. to Develop Technology Utilizing PetroLuxus(TM) Products
| Source: Planet Resource Recovery, Inc
HOUSTON, TX--(Marketwire - February 17, 2009) - Planet Resource Recovery, Inc. (PLANET)
(PINKSHEETS : PRRY ), developer, manufacturer and marketer of the
PetroLuxus™ family of products, is pleased to announce the completion of
an agreement with a recognized leader in the recovery and recycling of
waste oil, Houston, Texas-based Cedar Marine Terminals, a subsidiary of
Vertex Energy, L.P. The agreement defines a clear path to developing
treatment protocols for the use of PetroLuxus™ products utilizing the
resources & experience of Cedar Marine Terminals. PetroLuxus™ products
will be utilized in processing waste oil to enhance the quality by reducing
undesirable metals and additive residuals in the oil resulting in higher
quality re-refined fuels and feedstocks and reduced processing and
production costs.
Waste oil retains metals from the additives of the original manufacturer
and an assortment of wear metals that are concentrated during use. The
presence of these metals presents problems in recycling the oil for certain
applications and current methods are inadequate for removal. PetroLuxus™
products have been tested and shown to effectively precipitate (separate)
metals from oil and water in a variety of applications that benefit
remediation, recycling, and production processes. Development will be done
at Cedar Marine Terminals' 19 acre facility in Baytown, Texas.
The agreement provides for long term options that promote the expansion of
Cedar Marine Terminals as a leader in the oil recycling markets and the
growth of Planet Resource Recovery, Inc. as a developer of chemical
solutions to meet demanding problems. Based on estimated projections, Cedar
Marine Terminals is anticipated to initially use up to 2000 gallons of
PetroLuxus™ products per month rendering a revenue stream to Planet
Resource of $60,000 monthly. The U.S. generates an estimated 1.3 billion
gallons of used motor oil annually of which only 380 million gallons are
re-refined. The potential for reduction of crude oil use by better
recycling and use of waste oil could reduce crude consumption. The recovery
of one gallon of used oil will produce 2.5 quarts of high quality lube oil
and two gallons of recovered oil which can be used to power a generator to
produce enough electricity to heat an average home for twenty four hours.
About Cedar Marine Terminals L.P.
Cedar Marine Terminals L.P. is a waterfront facility located on 19 acres at
the mouth of Cedar Bayou in Baytown, Texas. The terminal is positioned
adjacent to the Houston ship channel providing the essential functions of
supply and distribution of agricultural and petro-chemical products. Being
strategically located near major metropolitan industrial districts, the
location is ideal for unlimited processing capabilities and terminal
expansion. Cedar Marine Terminal currently serves as a truck-in, barge out
facility providing through-put operations for the marketing of petroleum
products and biofuels by barge into the Houston market. The management team
of CMT is a unique group of individuals, each specializing in various
aspects of petroleum production and terminal management offering the best
truck to barge solution in the Port of Houston. Cedar Marine Terminals
L.P. is a subsidiary of Vertex Energy, L.P., a leader in the recovery and
recycling of waste oil to multiple markets for use as marine and bunker
fuel, to refineries as cutter stock, and for re-refining. Vertex Energy,
L.P. is a middle market consolidator, refiner and re-refiner of distressed
petroleum streams, such as used oil, transmix, fuel oils and
off-specification commercial chemical products. Vertex Energy succeeds by
delivering outstanding performance serving as buyer and logistical manager
of petroleum products used for fuels and feedstock throughout the United
States.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer
of the PetroLuxus™ family of products, a proprietary environmentally
friendly chemical compound that dislodges oil in practically all natural
and man-made environments. The PetroLuxus™ family of products are
effective and efficient solutions for the remediation and recovery of
petroleum-based products. PetroLuxus™ applications include Enhanced Oil
Recovery, Oil Sands, oil spills, oil tank farm cleaning, marine ship
cleaning, remediation of oil sludge pits, treatment of raw fuel feedstocks,
waste oil segregation and biodiesel, to name a few. Through the acquisition
and formation of wholly owned subsidiaries, Planet Resource Recovery, Inc.
deploys the PetroLuxus™ products. Oil Recovery Ventures, Inc. deploys
PetroLuxus™ through joint ventures in the Enhanced Oil Recovery market.
For an audio/visual demonstration of PetroLuxus™, click on the link
http://www.planetresource.net/index-21.html
For more information visit: http://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.