WEST BERLIN, N.J., Dec. 18 /PRNewswire-FirstCall/ -- Global Resource Corp. (BULLETIN BOARD: GBRC) announced today that the company has acquired a contract with C and K Scrap Metal, a Newark, New Jersey based company, for the purchase of 100% of the output of steel from the first tire plant utilizing its patent pending microwave technology.
GBRC expects to produce approximately 20 million pounds of scrap steel each year from the company's tire processing plant. At current market prices of 10 cents per pound, it is expected that GBRC will generate revenues of $2,000,000 annually from the sale of the scrap steel with the tire plant running at optimal levels.
Scrap tires are a significant problem worldwide. Disposal of these tires presents significant environmental and safety hazards, including fire, overflowing landfills, and severe pollution of the atmosphere. Approximately 290-300 million scrap tires are generated in the United States each year alone. This does not include the millions of tires currently in landfills and that have been neglected over the years. While existing applications do exist for the disposal of a minimal portion of these tires, the current applications are not sufficient to process the growing numbers of scrap tires generated annually and by no means are these processes environmentally safe or cost effective.
GBRC's patent pending microwave technology goes beyond addressing the current disposal issues by providing a solution that is both cost effective and environmentally safe, and allows for the recovery of virtually all of the original materials found within these scrap tires.
Frank Pringle, CEO of GBRC, stated: "GBRC's technology has the means to potentially change the way hundreds of millions of scrap tires are disposed of annually. However, we believe in providing a method that goes beyond proper disposal in an environmentally safe manner to address the as important recovery aspect of valuable original materials found in these hundreds of millions of scrap tires for reuse. GBRC's initial tire plant will process up to 11 million tires annually. GBRC's technology will yield 19.9 pounds of resalable material from each tire, including carbon black, hydrocarbon gases, oil, and two pounds of steel. Nothing short of remarkable when one considers all of this is from one tire abandoned in a landfill."
About Global Resource Corporation:
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 Corporation
Phone: (856) 767-5661
Fax: (856) 767-5664
This news release contains forward-looking statements regarding Global Resource'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.
