American Biodiesel Fuels Corp. Enters Into Letter of Intent to Acquire Planet Resource Recovery, Inc.HOUSTON -- American Biodiesel Fuels Corp. (Pink Sheets:ABDL ABDL Adult Baby/Diaper lover ABDL Automatic Binary Data Link ) announced today that the company has entered into a Letter of Intent to acquire Houston-based Planet Resource Recovery, Inc. The transaction is through a share exchange agreement on a basis of one share of American Biodiesel Fuels Corp. for one share of Planet Resource Recovery, Inc. Planet Resource Recovery, Inc. is a PetroChemical/Oil Services company that has developed a proprietary, environmentally friendly chemical that dislodges hydrocarbons in practically all natural and man-made environments. The company's flagship product, PetroLuxus[TM], and its derivative product lines have a strong affinity and rapid dispersement qualities to break hydrocarbon chains on a molecular level for cost-effective remediation and recovery of petroleum products. The company's prospective markets for remediation and recovery include: oil tank farm cleaning, marine ship cleaning, oil sludge pits, contaminated soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar sands, and Enhanced Oil Recovery Enhanced Oil Recovery (EOR) is a generic term for techniques for increasing the amount of oil that can be extracted from an oil field. Using EOR, 30-60 %, or more, of the reservoir's original oil can be extracted [1] compared with 20-40% [2] , to name a few. Planet Resource Recovery's pilot manufacturing plant is fully operational with PetroLuxus[TM] ready for commercialization. For an audio/visual demonstration of PetroLuxus[TM] in action, click on the link for a 3 minute video of an oil sands capture lab test. http://www.planetresource.net/test76u31b.htm. Pending the completion of full due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by both entities, the transaction is anticipated to be completed during the first half of March 2007. Planet Resource Recovery, Inc. will be the surviving company surviving company The company that emerges in control following a business combination. The surviving company is generally one of the firms entering the combination but may be a new company formed by the combination. . For more information please visit www.planetresource.net or www.petroluxus.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement: Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. , risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , competitive risks, reliance on development partners and the need for additional capital. |
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