Planet Resource Recovery, Inc. Becomes Equal Partner Through Licensing Agreement With Lerro Processing Group, LP
June 23 2010 - 12:27PM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus™ and other
"Green" technologies for the remediation and recovery of the
planet's resources, is pleased to announce that it has become an
equal partner and entered into a licensing agreement with Lerro
Processing Group, LP (LERRO). Recently formed, Lerro Processing
Group, LP is comprised of industry veteran executives, including
Mr. Gregory T. Orrell of Lancer Industries, Inc., who have serviced
a large customer base of clients throughout the global petroleum
refining, marketing and transportation sectors.
As an equal partner in Lerro Processing Group, LLC, PLANET will
license its multiple technology platforms, including: PetroLuxus™
compounds as well as new chemical and mechanical technologies
currently under development. PLANET will retain sole ownership of
all its existing and any newly developed technologies which may be
patented or remain as proprietary trade secrets.
LERRO will treat customer's crude oil, petroleum and other
products with PLANET's technologies at either its company-owned
facilities or those facilities owned by LERRO's customers. LERRO
will also market and sell treated products directly to its customer
base.
LERRO has identified numerous market segments where PLANET's
technologies can be deployed. LERRO will immediately deploy
PLANET's technologies in three specific markets: Desulfurization
Technologies -- developed to reduce sulfur content from diesel fuel
to meet Ultra Low Sulfur Diesel standards of 15 ppm or less as
mandated by the Federal government; Skim Oil -- the recovery of oil
from water; and refining of Number 6 fuel oil.
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus™, 2) Remediation of mining toxic byproducts and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. For more information visit:
www.planetresource.com or 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. Planet takes no obligation to update or correct
forward-looking statements, and also takes no obligation to update
or correct information prepared by third parties that are not paid
for by Planet.
Planet Resource Recovery, Inc. 281-996-5315 Email Contact
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