Planet Resource Recovery, Inc. CEO Issues Shareholder Update
Marketwired
HOUSTON, TX--(Marketwired - Jul 10, 2014) - Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) announced today that the Company's CEO has issued a Shareholder Update Letter.
Dear PRRY Shareholders:
We are pleased to provide this update to make you aware of the progress we are making at Planet Resource Recovery, Inc. During the first six months of 2014, we have enhanced revenue, stabilized cashflow, added new products and distributors and other advancements, some of which are briefly outlined below.
PetroLuxus™ products We continue to focus our efforts on the sale and distribution of our PetroLuxus™ family of products. Our current offering consist of PetroLuxus™ Well Clean, PetroLuxus™ Heavy Crude and PetroLuxus™ H2S Scavenger.
We are continuing a pilot project with Hinto Energy, Inc. where the PetroLuxus product is being utilized in a waterflood project that began in the last quarter of 2013. To date the preliminary results are encouraging. Hinto has also utilized the product to treat oil for shipment and enhance injection rates. We anticipate having additional results during the second half of 2014.
In addition to the waterflood project, we are working with Oil field operators on the treatment of their wells with PetroLuxus™ Well Clean. As of the end of June 2014, wells in South Texas, Central Texas, East Texas, West Texas, New Mexico, Oklahoma, Utah, Colorado, Montana, Indiana, and Kentucky have been treated with PetroLuxus™ WC. Reports from the field are promising with regard to enhanced oil recovery.
Our PetroLuxus™ Heavy Crude product is realizing good results in the field in the pre-refining of crude, tank cleaning and the remediation of sludge pits. Field reports are demonstrating that contaminated crude oils which were unsaleable or heavily penalized for contaminants are being successfully cleaned with PetroLuxus Heavy Crude rendering a higher quality and saleable product. These beneficial results are leading to more inquires and sales of the product domestically, with substantial international interest.
AquaLuxus Well Clean Our AquaLuxus Well Clean product is showing significant improvements and benefits to water wells that have been rehabilitated with the product. Feedback from end-users clearly indicates that wells rehabilitated with AquaLuxus WC have higher flow rates, improved water quality, less downtime, reduced decline rates. In addition, irrigation equipment is requiring less maintenance from bio-fouling resulting in higher performance. Several farmers that participated in the original pilot studies last year, have expanded their rehabilitation programs treating additional wells this past off season. One water well service contractor that would traditionally work on 5-8 water wells in the off season, was very busy due to the results of the AquaLuxus WC pilot tests that his company rehabilitated over 40 wells this past off season. He has already started his rehabilitation list for the 2015 off season.
In addition to the numerous farmers using our product, the U.S. Department of Interior's Bureau of Reclamation continues expanding its use of AquaLuxus WC for the rehabilitation of their water wells in Colorado.
New Product Pipeline Our technical staff has been busy developing new products and applications using our chemistries for additional markets. These new products are at various stages of development from lab testing to field testing. Upon successful field testing and deployment we will introduce the products into their respective market segments.
Financial Information We recently posted our financial statements which show the continuing growth and acceptance of our products. We are off to a good start for 2014, our First Quarter 2014 sales revenues surpassed total revenues for 2013. We are continuing to manage our operational activities to enhance profitability and cash flow. For a complete listing of financial posting visit: http://www.otcmarkets.com/stock/PRRY/filings
Moving forward for the balance of 2014, we will continue to execute our Business Plan, strengthening and growing our sales, while closely monitoring our operational expenses. We will continue the introduction and deployment of our new products as they are developed. Over the course of the next six months, Management will focus the actions necessary to enable the Company to become a fully SEC reporting business. The actions and decisions that will be evaluated include: Securities Counsel, SEC Qualified Auditors, Transfer Agent, Stock Split, IR & PR Firm and the appropriate stock exchange.
In closing, we are pleased with what we have accomplished. We still have a way to go but continued execution of our Business Plan will result in stronger financial performance and increased shareholder value. Our future is bright and we appreciate your support.
Respectfully, Enrique M. Salinas III
About Planet Resource Recovery, Inc. Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of the PetroLuxus™ Technology Platform which currently include the PetroLuxus™ family of products for the Oil & Gas industry and AquaLuxus™ for the water 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.
