Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) announced today
that the Company's CEO has issued a Shareholder Update Letter.
Dear PRRY Shareholder:
It gives me great pleasure to bring you this update regarding
the Company's progress! The Company's financial results for the
twelve month period ended December 31, 2011 and the six month
period ended June 30, 2012 reflect a positive trend that started
with the implementation of our phase one of the Business Plan
initiated when I assumed my current role. These results can be
viewed at
http://www.otcmarkets.com/financialReportViewer?symbol=PRRY&id=91000.
I am very pleased and proud of our positive progress and would like
to bring you up to date with our accomplishments to date.
When I took over as President/CEO, our new business plan called
for restructuring the Company and redirecting our focus to the
technology roots on which Planet was founded -- the PetroLuxus
Technology Platform. I had five main objectives that needed to be
addressed to establish a firm foundation to move the Company
forward: Our Core Technology, Product Offering, Production
Capabilities, Sales and Distribution Network and consistent Revenue
Streams with strong expense controls. As can be seen in our first
half 2012 financial results, we have made tremendous progress
toward each of these goals, including a small first half
profit.
Core Technology Planet was founded on a
technology we acquired in our infancy, what is now known as the
PetroLuxus™ Technology Platform. We developed the technology to
maturity and developed a proprietary manufacturing unit to mass
produce PetroLuxus™. Prior to implementing our new Business Plan,
Planet had branched off into other technologies such as
desulphurization, mining antimony abroad, development of mining
technology, robotic pipe lining technology and PetroLuxus™. While
some of these technologies showed promise, our goal was to refocus
and devote all our energies and capital to the PetroLuxus™
Technology Platform. This required us to place other technologies
under development on the back burner, dissolve joint ventures and
settle any outstanding litigation.
To date we have placed our desulphurization technology on hold,
ceased our participation in antimony mining operations, and
amicably dissolved our joint venture with El Capitan on the
development of our mining technology. We have also settled all
litigation, including the disagreements with RADA Technologies. As
a result, Mr. Arias and his firm, FMGI, LLC. are now a
manufacturer's representatives for our PetroLuxus™ product
offering.
PetroLuxus™ Technology Platform Product
Offering Our core PetroLuxus product was originally developed
for the Oil & Gas Industry. Through laboratory and field
testing, it became evident that the product was having dramatic and
positive results in applications other than displacing crude oil.
These observations led to a broad analysis of the effects of our
core product in various applications within the Oil & Gas and
Water Markets. Based on this new information, our technical staff
dissected the core product, creating several targeted
cost-effective products for numerous applications. The results of
these endeavors have been extremely beneficial. The major discovery
was how to manipulate the PetroLuxus™ core molecular structure to
meet the specific needs of various applications, thereby creating
new products cost-effectively. These efforts led to the creation of
the AquaLuxus™ family of products for the Water Industry.
Today, we have the following commercially available products for
the Oil & Gas market: PetroLuxus™ WC (Well Clean), PetroLuxus™
H2S Scavenger and PetroLuxus™ HC (Heavy Crude).and for the Water
Industry we offer AquaLuxus™ WC (Well Clean) and AquaLuxus™ H2S
Scavenger.
We have additionally developed six new products: three
PetroLuxus™ products and three AquaLuxus™ products that are
currently undergoing either independent laboratory testing or field
testing. Upon successful field testing we will introduce these new
products to the market.
Production Capacity During the first half
of 2011, we brought our second generation manufacturing unit on
line, which increased our production capacity by 225% over the
first generation manufacturing unit. The second generation
manufacturing unit was estimated to be able to produce
approximately $225,000 of product per month at our current
wholesale prices.
In September 2011, we challenged our new Production Manager to
further streamline and optimize our production capabilities,
increase our production capacity, while also producing higher
quality products. I am proud to report, that with his tireless
efforts and innovations, he has exceeded expectations with the
procedures and modification to the second generation manufacturing
unit. Today, with all new modifications and innovations fully
implemented, this manufacturing unit can produce approximately
$1,200,000 of products per month at our current wholesale
prices.
Additionally, we have designed our third generation
manufacturing unit that we estimate will increase production by 4
to 5 times what can be produced with our modified second generation
design.
Sales & Distribution Network
Throughout 2011 Planet had one distributor for the Oil & Gas
industry, but revenues were primarily derived from direct sales by
the Company to operators. We initiated an effort to build our sales
presence and outlets by bringing on qualified and experienced
Manufacturer's Representatives in the Oil & Gas sector and sign
up Distributors to stock our product offering.
Through the first half of 2012, we activated nine Manufacturer's
Reps and three distributors. We are currently working with an
additional four potential Manufacturer's Reps and eight
Distributors. Combined, our Manufacture's Reps and Distributors
will offer all our commercially available products for the United
States, Mexico, Latin America and Africa.
Financial Operations Our financial
operations have changed markedly. Our sales revenues for the six
months ended June 30, 2012 were $208,679, compared to sales revenue
of $106,407 and $76,821 for the twelve month periods ended December
31, 2011 and December 31, 2010, respectively. Operational expenses
for the six months ended June 30, 2012 were $193,289 versus
$1,257,191 and $7,083,059 for the twelve months ended December 31,
2011 and December 31, 2010, respectively. Net Income for the six
months through June 30, 2012 was $24,564 versus a net loss of
$1,174,935 and $9,338,318 for the twelve months of fiscal 2011 and
2010, respectively.
In closing, I am proud to inform you that we have realized much
of what we set out to accomplish -- to turn the Company around and
lay a strong foundation for future growth. We now embark on our
second phase of: bolstering our current revenue streams,
successfully completing the testing on our new products,
introducing these products into the market to derive additional
revenue streams, continue the strengthening of our balance sheet
and increasing shareholder value.
The initial success of our phase one turnaround would not have
been possible without the assistance of many within and outside the
Company. I want to personally thank all the staff at Planet, our
Corporate Advisors, Distributors, Manufacturer's Representatives,
our legal counsel; The Adams Law Firm and The Minns Law Firm, our
accounting firm and especially, you, our investors.
Through continued execution of our business plan, I believe
Planet has significant upside potential. We are now moving forward
with a clear direction, a firm foundation and positive momentum. We
will continue our best efforts to bring our quality products to
market and creating a vibrant, successful Company. I look forward
to bringing you more updates as we progress.
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.
Contact: Planet Resource Recovery, Inc.
281-213-5266 Email Contact
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