HOUSTON, Sept. 1 /PRNewswire/ -- Planet Resource Recovery, Inc. (Pink Sheets: PRRY) is pleased to announce that the company has filed a new technology patent application for the "Treatment of High Paraffin Content in Well Bores." The new compound formulation is called PetroLuxus PE (Paraffin Eliminator). The company's Patent Legal Counsel filed the application with the U.S. Patent and Trademark Office on August 25, 2010.
The company's latest technology was developed to address the inherent challenges in the Oil & Gas Industry that restrict oil production through the accumulation of paraffin wax and asphaltene deposits. Paraffins and asphaltenes are present in most crude oils. They precipitate from crude oil as the temperature changes and falls from higher temperatures at the bottom of the well as the crude oil is brought to the surface. The paraffin and asphaltene deposit in the production string, restricting equipment and/or blocking oil production.
Unlike products currently available, PetroLuxus PE is not derived from petroleum-based sources. PetroLuxus PE is a non-petroleum derivative of soybean oil. It is a non-toxic and biodegradable compound that dissolves paraffin and asphaltene deposits so that oil production equipment may operate at optimal efficiency.
Planet Resource Recovery CEO, Kurt Neubauer stated, "We anticipate PetroLuxus PE to be a broadly accepted product in the oil patch. It was formulated to solve a ubiquitous problem in the oil industry. In addition to a standalone product, PetroLuxus PE can also be used as a complete system for increased production in combination with PetroLuxus WC-100. This system provides for a complete solution for clean, efficient operational equipment. We look forward bringing this product to market and establishing a new revenue stream for this new technology."
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is "Spearheading the Charge for the Maximum Economic Recovery of our Planet's Resources through New-Age Products and Technologies!" Technologies developed for and marketed, is the processes and technologies based on scientific research and understanding of silicon and siloxane sciences to enhance the recovery of the planet's resources including metals, minerals and hydrocarbons and to provide enhanced coatings resistant to metal corrosion. The thrust is to create new methodologies to optimize Oil & Gas production, maximize the harvesting of base and precious metals, the remediation of toxic heavy metal environmental contamination and the reduction or elimination of corrosion of metal through the use of proprietary with breakthrough technologies utilizing advanced science and chemistry to increase efficiencies, reduce costs, protect the environment and resources. The development of new chemical compounds and related processes to maximize efficiencies in the Oil & Gas Industry, Mining Industry, Environmental Cleanup Industry and Corrosion Industry through environmentally-friendly, cost-effective and profitable platforms that are considered "disruptive technology" and will usher in new paradigm shifts in industry.
Presently, the company is primarily focused on four distinct markets: 1) Oil & Gas Industry, 2) Remediation of industry toxic metals & byproducts, 3) Mining of base and precious metals and 4) Metal Corrosion Industry. The company has developed the proprietary compounds and is currently developing their related processes that will result in new technologies and methodologies for industry. For more information visit: www.planetresource.net.
"Safe Harbor Statement"
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report for the year ended December. 31, 2009, the Company's Quarterly Report for the First quarter ended March 31, 2010. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
SOURCE Planet Resource Recovery, Inc.