Global Resource Signs Joint Venture with Phoenix Renewable Energy

Global Resource Corp. (GRBC), Mount Laurel, N.J., has signed a joint venture to develop, build, own and operate several facilities with Phoenix Renewable Energy, Hot Springs, Ark., for the processing of scrap tires.

The joint venture will have rights to develop and operate all facilities located in Arkansas, Louisiana, Mississippi, and South Carolina. The first facility as part of the joint venture will be located in Jonesboro, Ark., and is estimated to be worth $12 million.

The joint venture will be for the processing of scrap tire derived fuel into commercial hydrocarbons and carbon products utilizing GBRC's microwave technology. Phoenix Renewable Energy and GBRC will leverage their technical and commercial capabilities to fund, develop and operate a Patriot Facility. The facility will have a nameplate throughput capacity of 20,000 tons of tire derived fuel with projected annual, recurring revenue of approximately $13 million and environmentally positive outputs of electricity and carbon products, according to a company press release.

"GBRC is extremely pleased to have formed a joint venture with such a well-respected renewable energy company that has the knowledge and financial capabilities to assist in the commercialization of our disruptive technology," says Ken Kinsella, CEO of GBRC. "The signing of this JV is a major milestone as we begin to commercialize our technology and further validates the power and need of our technology for converting waste tires into high-value carbons. Our entire management team is excited to be working with Phoenix Renewable Energy to begin the design, building and operation of several profitable scrap tire facilities.”

"We are pleased to have formed this joint venture with Global Resource to bring this new groundbreaking technology to commercialization in the Southern United States," adds Steve Walker, COO of Phoenix Renewable Energy. "It is our intention to construct approximately nine of GBRC's facilities for tire recycling over the next 3 years. Our industry relationships and vast knowledge of renewable energy facilities combined with GBRC's technology will allow us to be environmentally friendly while generating significant earnings for both companies."

More information about Global Resource Corporation is available at www.globalresourcecorp.com.