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Global Resource Corporation Files First Quarter 2008 Financial Results and Business Highlights

WEST BERLIN, N.J., May 12 /PRNewswire-FirstCall/ -- Global Resource Corp. (OTC: GBRC - News), a developer of a patent-pending microwave technology and machinery for extracting oil and gas, announced today it has filed its 2008 first quarter financial results and is providing a shareholder update. The Company maintains its status as a research and development stage company. Global Resource is continuing to work on the commercialization of their award winning patent pending technology which utilizes variable microwave frequencies for the recovery of 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.

For the quarter ending March 31st, the Company reported a net loss of $3.6 million, or $(0.12) per share. Operating expenses increased as Global Resource hired several keys engineers and executives to support the commercialization of its technology. The Company currently has the infrastructure in place to commercialize up to 25 orders per quarter, allowing for rapid expansion as the company receives orders. During the quarter a significant amount of resources were utilized in the research and development of the microwave technology. Global Resource continued the development and testing of the 1 ton prototype machine. In addition, the Company completed testing of several feedstock samples from potential partners around the world.

On a cash flow basis, the Company's net loss was $(1.9) million, an increase from previous loss of $(0.68) 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 $5.88 million, increasing the cash position from $1.0 million in the first quarter 2007 to $6.6 million in the first quarter 2008.

"Increasing our cash position while expanding our infrastructure to sufficiently support future orders has positioned us for the commercial launch of our technology in 2008," stated CEO Frank Pringle, "We believe we have more than the necessary capital and internal engineers to fulfill the orders our marketing partners believe to have secured, concluding our internal expansion with the opening of our Rockford, Illinois office. During the quarter we received terrific feedback from our partners, including C6 Energy, as well as newly interested potential licensing parties regarding orders to be finalized upon our GRFR1 demonstration in the Second Quarter of 2008."

Key Shareholder Updates and Achievements

Global Resource management expanded several agreements this quarter, including Warwick Communications and C6 Energy. Both agreements allow for an expanded sales force for Global Resource without the requisite increase on the operating line that would be typically associated if the Company had internalized a sales force.

Warwick Communications has signed up at least one customer who has agreed to a minimum purchase amount of $5 million for the initial 12 months of the contract and for the same minimum for the next 5 calendar years. Warwick's agreement allows for the company to expand its reach into South America, along with the original Canadian provinces.

C6 Energy has expanded their marketing agreement to include both the Middle East and Asia along with Europe. Management estimates that there are approximately 30 potential customers that C6 is currently engaged in negotiations with. C6 Energy has guaranteed 15% in licensing royalties to the company on a throughput basis and believes they will see orders for between 12-15 machines in calendar 2008.

Global Resource is currently completing the construction and testing of its 1-ton prototype machine and will demonstrate the machine's efficacy for potential customers in the next 60 days. The machine is able to process 1 ton of material per hour. We will demonstrate the prototype with the initial focus on tire as a feedstock.

As of March 31st, the Company had approximately $1.6 million in cash and an additional $5 million in escrow, pending the issuance of common stock. Global Resource has since issued the additional shares, satisfying the escrow agreement, and currently has slightly more than $6.6 million in the bank. This alleviates the "Going Concern" in previous filings, which the auditors have removed. The Company believes it has cash on hand for 33 months of operations at the current burn rate and does not anticipate the need to raise additional capital over the next 12 months.

"By expanding our marketing agreements to include future royalty payments, Global Resource has begun to execute on its business model to maintain a strong recurring revenue base," commented CEO Frank Pringle, "This coming quarter's demonstration of our technology will provide further conviction for our sales and marketing partners in executing and will help the Company capitalize on several ongoing contract discussions."

About Global Resource Corporation

Global Resource Corp. (GBRC) 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.

    Jeff Andrews, CFO
    Global Resource Corporation
    Bloomfield Business Park
    408 Bloomfield Dr. Unit 3
    West Berlin, NJ 08091
    Main: 856-767-5661
    JAndrews@GlobalResourceCorp.com

    Investor Contact:
    Thomas Walsh, Partner
    Alliance Advisors, LLC
    Tel: (212) 398-3486
    twalsh@allianceadvisors.net

    PR/Media Relations Contact:
    Richard Stern
    Stern & Co.
    richstern@sternco.com
    Tel: 212-888-0044