Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Global Resource CORP | global_8k-101409.htm |
| EX-10.4 - PURCHASE ORDER - Global Resource CORP | globalres-ex1004.htm |
| EX-10.3 - SECURITY AGREEMENT - Global Resource CORP | globalres-ex1003.htm |
| EX-10.1 - LICENSE AGREEMENT - Global Resource CORP | globalres_ex1001.htm |
| EX-10.2 - AMEND 1 TO LICENSE AGR - Global Resource CORP | globalres-ex1002.htm |
Exhibit 99.1
Contact:
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Investors:
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Media:
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Thomas
Walsh
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Matt
McLoughlin
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Partner
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Senior
Account Executive
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Alliance
Advisors, LLC
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Gregory
FCA
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212.398.3486
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610.996.4264
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twalsh@allianceadvisors.net
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matt@gregoryfca.com
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For Immediate
Release:
GLOBAL
RESOURCE CORPORATION ENTERS INTO LICENSE AGREEMENT WITH UNIVERSAL ALTERNATIVE
FUELS, INC.
GBRC
receives cash payment of $750,000 for the grant of a worldwide exclusive license
for the use of its technology in processing coal and oil shale
Mt. Laurel, N.J. - October 20,
2009 - Global Resource Corporation (Other OTC:GBRC) (“GBRC”), a
developer of a patent-pending microwave technology, today announced an agreement
with Universal Alternative Fuels, Inc. (the “Licensee”) that grants worldwide,
exclusive, royalty free license for the use of GBRC’s patent-pending microwave
technology for oil shale and coal applications.
Under the
terms and conditions of the License Agreement, the Licensee’s interests are
secured by a charge over the specific technology rights related to the licensed
Field of Use, oil shale and coal, and GBRC’s existing development prototype
unit.
GBRC will
receive a $750,000 cash payment. In addition, under the terms of the License
Agreement:
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Ø
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GBRC
will remain the exclusive manufacturer of any microwave units used and /or
sold by the Licensee under the License
Agreement.
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Ø
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The
company will receive and retain a 20% equity interest in the
Licensee.
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Ø
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GBRC
will, in certain circumstances, have the right to re-purchase the license
from the Licensee.
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“This
transaction provides GBRC with additional capital and advances the
implementation of GBRC’s emerging business strategy,” says Peter Worthington,
Chief Executive of Global Resource Corporation. “Part of that strategy involves
the company focusing technology development and commercialization efforts and
resources on more easily achievable applications, such as conversion of waste
tires into high value carbon products and hydrocarbons. This is an important
step in that direction.”
Worthington
continued, “It also enables GBRC to enlist the assistance of third parties to
accelerate the research, development and commercialization of longer-term
applications for our technology, such as oil shale and coal.”
GBRC has
now secured two important technology development relationships with the intent
of achieving earlier technology development and commercialization. The first
was the previously announced joint development agreement with
Schlumberger (NYSE: SLB) for heavy oil in May 2009, now joined by the License
Agreement with Universal Alternative Fuels, Inc. for oil shale and
coal.
Worthington
concluded, “We are pleased to have attracted a firm that understands the
potential of our technology for application to oil shale and coal, and is
focused on attracting the necessary resources to move rapidly towards product
development and commercialization in those industries.”
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Global
Resource Corporation’s proprietary technology and processes provide a highly
energy efficient, emissions free way to convert a wide range of materials into
higher value energy and carbon products. This includes potential feedstock
conversion of scrap tires, municipal waste, tanker sludge, heavy oil, coal and
shale to valuable energy and carbon products.
The terms
and conditions of the License Agreement and related agreements will be filed via
an 8-K SEC filing.
About
Global Resource Corporation
Global
Resource Corporation (Other OTC:GBRC) is a developer
of a patent-pending microwave technology for a range of applications to such
materials as waste tires, heavy oil, shale deposits, tar sands, coal, municipal
solids wastes (MSW), drill cuttings and muds, and the like.
Its
process produces materially more economic products at lower cost than existing
or competing processes. Because the process takes place in an enclosed
environment it is substantially emission-free and an efficient and
cost-effective tool for cleaning relevant environmental wastes and toxic
materials.
For more
information visit: 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.
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