PRRY Planet Resource Recovery Inc (PK)

Planet Resource Recovery, Inc. (PINK SHEETS:PRRY), developer, manufacturer and marketer of the PetroLuxus� family of products, announced today that it has entered into a Letter of Intent with Strat Petroleum, Ltd. (PINK SHEETS:SPRL) to negotiate a contract for the deployment of PetroLuxus� and proprietary processing technology in the Russia Federation. The goal of this collaboration is to tap into the hundreds of millions barrels of oil sludge waste throughout the Russian Federation and cost-effectively and expediently process the oil sludge waste into a saleable product. Planet Resource Recovery�s development of its environmentally friendly chemicals PetroLuxus� family of products for the oil & gas industry is exceptionally well suited to address the problems associated with oil sludge remediation. Oil sludge treated with PetroLuxus� breaks the interfacial tension between oil and the material such as sand, clay, water it is adhered to resulting in a stratification of materials by specific gravity. The stratification of material provides for an easy, efficient recovery of the oil. Planet Resource Recovery, Inc will develop a proprietary portable processing plant for the remediation of oil sludge in the Russian Federation that will be licensed. Strat Petroleum, Ltd. is negotiating the rights to process significant quantities of oil sludge close to refineries and is looking for a technology that would allow it to process much larger quantities per day. The utilization of PetroLuxus� in its proprietary processing plant is anticipated to result in processing capacity of approximately 3700 bbls per day, compared to current capacity of 300 bbls per week. Mr. Sam Hyams, CEO of Strat Petroleum, Ltd., stated, �After visiting Planet Resource Recovery�s facilities in Pearland and witnessing the speed and effectiveness of PetroLuxus�, we were impressed. We are extremely motivated to work with Planet Resource Recovery to deploy this cutting-edge technology in the Russian Federation. A working installation using PetroLuxus� in Russia will open the door for Strat Petroleum to the hundreds of millions of barrels of oil sludge for processing while simultaneously cleaning up the environment � this is a win-win situation for all involved.� About Planet Resource Recovery, Inc Planet Resource Recovery, Inc. is an innovative PetroChemical/Oil Services company that has developed a proprietary, environmentally-friendly chemical that dislodges hydrocarbons in practically all-natural and man-made environments. The company�s flagship product, PetroLuxus�, and its derivative product lines have a strong affinity and rapid dispersement qualities to break hydrocarbon chains on a molecular level for cost-effective remediation and recovery of petroleum products. The company�s prospective markets for remediation and recovery include: oil tank farm cleaning, marine ship cleaning, oil sludge pits, contaminated soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to name a few. Planet Resource Recovery�s pilot manufacturing plant is fully operational with PetroLuxus� ready for commercialization. For an audio/visual demonstration of PetroLuxus�, click on the link below. http://www.planetresource.net/test76u31b.htm For more information please visit 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.