NEW YORK, Dec. 14, 2010 /PRNewswire/ -- Universal Alternative Fuel, Inc. (the 'Secured Party" or "UAF") located at 1400 Old Country Road—Suite 414, Westbury, New York 11590, announced today that pursuant to Section 9-611 of the Uniform Commercial Code of the State of New York ("UCC") the collateral described below (the "Collateral") will be offered for sale at 42 West 44th Street, New York, New York 10036 (the "Disposition Location") by the Secured Party on December 22, 2010 at 10:00 a.m. (the "Disposition Date") at a public auction in satisfaction or partial satisfaction of the secured Obligations of Global Resource Corporation ("GBRC" or "Debtor") to the Secured Party.
The Collateral subject to the auction is described as follows:
a. Patent Application Entitled: "Method for Using Microwave Radiation"
Filed: December 14, 2005
Serial No. 60/750,098;
b. Patent Application Entitled: "Microwave-Based Recovery of Hydrocarbons and Fossil Fuels"
Filed: December 14, 2006
Serial No. 11/610,823;
c. Patent Application Entitled: "Microwave Processing of Oil Shale And Coal"
Filed: October 2, 2009
Serial No. 12/572,715;
d. Patent Application Entitled: "Microwave-Based Recovery of Hydrocarbons and Fossil Fuels"
Filed: October 12, 2009
Serial No.: 12/577,337;
e. Patent Entitled: "Microwave-Based Recovery of Hydrocarbons and Fossil Fuels"
Filed: October 12, 2009
U.S. Patent No.: 7,629,497;
f. All United States Letters Patent which may be granted from the above identified patent applications, and all divisions, continuations and extensions thereof;
g. Certain equipment as identified in the Security Agreement;
h. Certain technology as identified in the Security Agreement;
i. Certain trademarks as identified in the Security Agreement; and
j. All other Collateral as identified in the Security Agreement.
The capitalized terms used in this Notice of Disposition have the same meanings ascribed to them in the License Agreement made effective October 14, 2009 (the "License Agreement") by and between Global Resource Corporation and Universal Alternative Fuel, Inc., as amended by Amendment Number 1 dated as of March 25, 2010 (the "Amendment") by and between GBRC and UAF.
All bids for the Collateral must be accompanied by (i) an official check or otherwise immediately available funds for an amount representing ten percent (10%) of the proposed purchase price for the Collateral and (ii) additional documentation acceptable to the Secured Party in its sole discretion with respect to the payment of the remainder of the purchase price; provided, however, that in lieu of cash the Secured Party may bid in all or a portion of the amounts owed by the Debtor to the Secured Party in payment for the Collateral.
The proceeds of the sale will be applied in the following order pursuant to the terms and conditions of the Security Agreement and the UCC: (i) First to payment of all expenses, fees, legal, accounting and other costs related to the preservation, preparation for sale and sale of the Collateral; (ii) Second, to the repayment of the Obligations of the Debtor under the Security Agreement; (iii) Third, to the payment of any surplus to the Debtor.
The Disposition Date and the Disposition Location specified in the first paragraph of this Notice may be adjourned through the unilateral determination of the Secured Party by notice given at the Disposition Location on the Disposition Date or prior thereto by any method reasonably calculated to give all interested bidders notice of the adjourned Date of Disposition or the new Disposition Location.
For questions relating solely to the sale of the Collateral call Sol V. Slotnik, Esq. at (212) 687-1222.
SOURCE Universal Alternative Fuel, Inc.