Attached files
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| EX-99.1 - PRESS RELEASE - Global Resource CORP | global_8k-ex9901.htm |
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): November 11, 2009
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Global
Resource Corporation
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(Exact
Name of Registrant as Specified in its
Charter)
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Nevada
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000-50944
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84-1565820
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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1000
Atrium Way, Suite 100
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Mount
Laurel, New Jersey 08054
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant's
telephone number, including area code: (856) 767-5665
_______________________________________________
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Company under any of the following
provisions (see General Instruction A.2. below):
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o
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
November 11, 2009, Peter A. Worthington resigned from the position of Chief
Executive Officer of Global Resource Corporation (the “Company”) as well as from
its Board of Directors (the “Board”), including as Interim Chairman of the
Board. Mr. Worthington was not serving on any committee of the
Board.
On
November 11, 2009, the Board elected Mr. Brian Ettinger to the Board of
Directors of the Company and appointed him as the Chairman of the Board, filling
the vacancy created by the resignation of Mr.
Worthington. Compensation to be paid to Mr. Ettinger for services to
be provided by him as a member of the Board and as Chairman of the Board has not
yet been determined.
Mr.
Ettinger, a consultant to the Company since 2008, currently serves as the CEO
and General Counsel for Worldwide Strategic Partners, Inc. (“WSP”), an energy
consulting firm involved in domestic and international energy projects involving
oil and gas production, exploration, alternative fuels, waste to energy,
biofuels, power and pipelines. General Lincoln Jones III, a director
of the Company, owns in excess of ten percent of WSP. The Company
currently has a consulting agreement in place with WSP.
Since
January 1, 2008, in connection with consultant services provided by Mr. Ettinger
to the Company, the Company issued to Mr. Ettinger the following securities: (i)
on June 13, 2008, the Company issued 57,500 shares of its Common Stock to Mr.
Ettinger as payment for consulting services rendered valued at $129,375; (ii) on
October 1, 2008, the Company issued to Mr. Ettinger warrants to purchase 300,000
shares of its Common Stock in partial payment of consulting services to be
performed, which warrants have an exercise price of $2.00, with 100,000 warrants
vesting on each of June 10, 2009, January 10, 2010 and June 10, 2010; (iii) on
October 31, 2008, the Company issued 150,000 shares of its Common Stock to Mr.
Ettinger for consulting services rendered valued at $232,500; (iv) on April 1,
2009, the Company issued to Mr. Ettinger warrants to purchase 200,000 shares of
its Common Stock in partial payment of consulting services to be performed,
which warrants have an exercise price of $1.10 per share and expire on varying
dates ranging from January 10, 2012 to June 10, 2012; and (v) on April 22, 2009,
the Company issued 225,000 shares of its Common Stock to Mr. Ettinger for
consulting services rendered valued at $254,250.
On November 11, 2009, the Board appointed Mr. Ken Kinsella to the position of Chief Executive Officer of the Company. Mr. Kinsella is 46 years old.
Mr.
Kinsella has extensive senior executive experience in the operations and
management of several top organizations including both private and publicly
listed NASDAQ companies. His wealth of experience is global and he has conducted
business in countries outside the United States, such as the UK, Japan, Korea,
India, Australia, Greater China and throughout Continental
Europe. Most recently, he was a Founding Partner in Tribe Equity
Limited, a provider of capital and corporate growth strategies to rapidly
growing small and medium businesses founded in 2007. Prior to Tribe
Equity Limited, since 2005, he was the CEO of Invicta Investments Limited, an
organization that specialized in the construction of transactions including
international property, energy, renewables and corporate equity deals in the
United States and Europe. Throughout his career, Mr. Kinsella has
been responsible for global business rollouts and strategic expansion including
mergers and acquisitions, joint venture execution and strategic alliance
partnerships.
Compensation
to be paid to Mr. Kinsella for services to be provided by him as Chief Executive
Officer of the Company has not yet been determined.
There are
no family relationships between Mr. Kinsella and any of the other executive
officers and directors of the Company.
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Item
8.01 Other Events.
On
November 12, 2009, the Company issued a Press Release. A copy of the
Press Release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item
9.01 Financial Statements and Exhibits
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Exhibit
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Description of Exhibit
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99.1
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Press
Release issued by the Company on November 12,
2009.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Company has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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Global
Resource Corporation
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Dated:
November 17, 2009
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By:
/s/ Ken
Kinsella
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Ken
Kinsella
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Chief
Executive Officer
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