Global Resource Corp. (OTC: <a href="http://finance.yahoo.com/q?s=gbrc.pk&d=t">GBRC</a>),
a developer of a patent-pending microwave technology and machinery for
extracting oil and gas, announced today it has filed its 2008 second
quarter financial results and is providing a shareholder update. The
Company maintains its status as a research and development stage
company, recognizing no revenues.
For the quarter ending March 31st, 2008 the
Company reported a net loss of $13.2 million, or $(0.31) per share.
Operating expenses increased largely related to share based compensation
paid to consultants for investment banking fees. The Company is now
capitalized well enough to sustain its growth until commercialization of
its GRFR1.
On a cash flow basis, the Company’s net loss
was $(3.8) million, an increase from previous loss of $(1.5) million in
the year ago quarter. The net increase in the company’s
cash position, factoring in cash flows from operations, investment and
financing was $3.8 million, leaving the cash position at $4.6 million at
the end of the six month period for 2008.
The basic share count for the Company increased to 42.4 million from
25.5 million.
Key Shareholder Updates and Achievements
Global Resource entered into a purchase agreement with a manufacturing
facility in the Midwest to manufacture the first GRFR model 1 ton
microwave processing machine, which we expect to be completed by
September 30, 2008. This machine is designed to apply the Company’s
microwave technology to the decomposition of tires as waste and to
retrieve carbon, electricity, and gas for resale.
In May 2008, the Company completed Phase 1 of its testing for the
prototype. Currently COO Jeff Kimberly is awaiting modified microwave
tubes and continues testing for additional technologies that will
enhance the capabilities of the GRFR1 and future machines.
As of June 30th, the Company had approximately $4.6 million in cash,
$0.29 million in short term investments and $3.4 million in marketable
securities. Combined, the cash and investments represent sustainable
working capital for up to 30 months for the Company.
About Global Resource Corporation
Global Resource Corp., (GBRC
- News), is a
developer of a patent-pending microwave technology and machinery that
extracts oil and petroleum products from shale deposits, tar sands,
capped oil wells, bituminous coal and processed materials such as tires
and plastics as well as dredged soil from harbors and river bottoms. Its
process produces significantly greater yields and lower costs than are
available using existing technologies. Because the process takes place
in an enclosed environment it is emission-free and an efficient and
cost-effective tool for cleaning environmental wastes and toxic
materials. For more information see: 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.
.gif)
