WEST BERLIN, N.J., Dec. 8 /PRNewswire-FirstCall/ -- Global Resource Corp (BULLETIN BOARD: GBRC) announces that it has completed its acquisition of Equipment Service Parts, Inc. (ESP), a Virginia based firm specializing in tooling and manufacturing, which has been in business for three decades. ESP reports annual revenues estimated at $4.0 million and net assets of approximately $2.5 million. The acquisition will become effective no later than January 15, 2007, as both companies have a calendar fiscal year end.
"This acquisition will immediately improve our balance sheet and give us an additional revenue stream which was not previously accounted for. In addition to the immediate positive impact to our balance sheet our company will save approximately 40% from the conventional biding process on the manufacturing of our patent pending microwave technology units. We anticipate an increase in the existing business of ESP by 200% to 300% over the next 18 months," stated GBRC's President Frank Pringle.
Frank Pringle continued, "We are once again tremendously excited with the growth and progress we have made as a company in a very short period of time and remain extremely confident our company is taking all of the necessary steps in becoming a leader in this remarkable and groundbreaking industry."
About Global Resource Corp:
Global Resources has a patent pending process that allows for removal of oil and alternative petroleum products at very low cost from various resources, including shale deposits, tar sands and waste oil streams with significantly greater yields and lower costs than are available utilizing existing known technologies. The process uses specific frequencies of microwave radiation to extract oils and alternative petroleum products from secondary raw materials, and is expected to dramatically reduce the cost for oil and gas recovery from a variety of unconventional hydrocarbon resources.
Global's technology will not only be developed to extract oil from shale, but from depleted oil fields in the US and elsewhere, many of which still contain more than half of the hydrocarbons originally in these fields, because the residual hydrocarbons are too viscous to extract with conventional technology.
Contact:
Global Resource Corp
Phone: (856) 767-5661
Fax: (856) 767-5664
This news release contains forward-looking statements regarding Global Resource's business strategies and future plan 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 the company 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.
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