WEST BERLIN, N.J., March 28 /PRNewswire-FirstCall/ -- Global Resource Corp. (OTC Pink Sheets: GBRC), a developer of a patent-pending microwave technology and machinery for extracting oil and gas, announced today it has filed its 2007 fiscal financial results and is providing a shareholder update.
Global Resource reported no revenues for 2007 as the Company was still pre-revenue and working on the deployment of their award winning patent pending technology which utilizes variable microwave frequencies for the recovery of oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms. The Company believes that they will generate revenue in 2008 from the recently announced contract with Warwick Communications, (WARK: CNG) for an exclusive twenty-year license to use the Company's revolutionary microwave technology to recover energy from oil, gas, mining and waste resources in Canada. Over the next five years starting in the second half of 2008, the Warwick deal along with other unannounced licensing agreements which are close to being finalized should contribute approximately $25 million in revenue.
For the year ending December 31, 2007, the Company reported a net loss of $10.5 million, of which $7.5 million were for one-time fees and other non- recurring expenses. Net cash used in operating activities was $2.69 million. The Company has a current ratio of 2.5 to 1, and total assets of $1.23 million and total liabilities of $362,181. There are currently 34.45 million common shares outstanding with 2.67 million in the process of being cancelled from the number above.
Mr. Frank Pringle, Chairman and CEO of Global Resources stated, "We believe that the strides made as a Company in 2007 will allow us to finally commercialize our intellectual property for oil and petroleum recovery in 2008. While the prospect of revenues and earnings is certainly what drives our business for the best interest of our shareholders, we are equally proud that Global Resources will be viewed as a leader in providing solutions for the greatest concern facing our nation and the world, dependence on expensive fossil fuels. 2008 will be a critical year in deploying our technology into the field and establishing a proof of commercialization as an alternative energy solution."
Key Operational Highlights and Achievements -- Global Resources signed an agreement with C6 Energy, Sydney, Australia, to introduce into international markets their revolutionary microwave technology for producing energy. -- Global Resource was recognized by the United States Department of Energy in June as a Company that may one day make available hundreds of years of oil, a number based on the United States' current burn rate. -- Global Resources signed a contract with Warwick Communications for exclusive Canadian license and Warwick placed purchase order for Five- Ton an Hour Microwave System to process Canadian Oil Shale. -- Global Resources named Jeffrey T. Kimberly Chief Operating Officer. He joined Global from Ingersoll Production Systems as an experienced production executive. -- Global Resources entered a joint cooperation relationship with Ingersoll Production Systems (IPS). IPS agreed to manufacture energy production systems at its assembly plants. -- Global Resources expanded its patent portfolio filings to include international patent protection for the Company's proprietary microwave technology. The patents cover the various applications of Global's technology for the recovery of hydrocarbon and fossil fuels from such resources as tires, oil shale, capped wells and all of the other applications currently being developed and commercialized by the company. -- Time Magazine named Global Resources microwave technology as one of the "Best Inventions of the Year" because of its ability to "pull fuel out of shale rock, tires and even plastic bottles." -- Global Resources was awarded the environmental achievement of the year award by Tire Technology International, the world's leading international publication for tire design, tire materials and tire manufacturing technology. -- Global Resources signed a research agreement with Professor Dinesh Agrawal of Pennsylvania State University, a nationally recognized authority of microwave technology, to conduct research on the commercialization of its patent pending microwave technology to extract hydrocarbons from oil shale. -- Global Resources was awarded Popular Science magazine's "Best of What's New" Award in the Green Tech category for our GRFR-10 recycler, a zero-emission energy conversion system that produces more energy than it consumes from solid waste materials.
Mr. Pringle continued "In 2007, we set the stage to introduce Global Resources technology as a respected, efficient, environmentally friendly solution for the commercialization of energy extraction on a global basis. We enhanced the management team, bolstered our production capability, improved our intellectual property and its patent protection, and were recognized by many respected organizations for our outstanding technology. We look forward to executing on our business model in 2008 as we are continuing to work on global licensing deals."
On Tuesday, April 1, 2008, Jay Gill, Director of Sales and Marketing, of Global Resource, will be interviewed on "The Big Biz Show" on the Business Talk Radio Network. Additionally, the Company will be featured by the show's hosts on the FOXBUSINESS Network. Please check your local cable listing for channel information. For information on the radio broadcast, please visit http://www.bigbizshow.com/.
About Global Resource Corporation
Global Resource Corp., (GBRC), is a developer of a patent-pending microwave technology and machinery that extracts oil and petroleum products from shale deposits, tar sands, capped oil wells, bituminous coal and processed materials such as tires and plastics as well as dredged soil from harbors and river bottoms. Its process produces significantly greater yields and lower costs than are available using existing technologies. Because the process takes place in an enclosed environment it is emission-free and an efficient and cost-effective tool for cleaning environmental wastes and toxic materials. For more information see: http://www.globalresourcecorp.com/.
Forward-Looking Statements
This news release contains forward-looking statements regarding Global Resource Corp.'s business strategies and future plans of operations. Forward- looking statements involve known and unknown risks and uncertainties. The forward-looking statements contained in this news release speak only as of the date hereof and Global Resource disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Global Resource's expectations or future events.
Jeff Andrews, CFO
Global Resource Corporation
Bloomfield Business Park
408 Bloomfield Dr. Unit 3
West Berlin, NJ 08091
Main: 856-767-5661
