HomeFor the quarter ending September 30, 2008 the Company reported a net loss of approximately $4.0 million, or $(0.08) per share. The Company is well capitalized to sustain its research and development and other operations until commercialization of its Patriot1 machine.
As of September 30th, the Company had approximately $3.8 million in cash, $0.288 million in short term investments, and $2.7 million in long–term investments. Combined, the cash and investments represent sustainable working capital for up to 24 months for the Company.
The basic share count for the Company increased to 53.3 million.
Key Shareholder Updates and Achievements
In early October 2008, Global Resource announced the successful completion of the testing of a commercial prototype of its microwave technology for economically converting hydrocarbons, into oil and gas, from a wide variety of sources. For the immediate future the company has placed an emphasis on working with waste tires. Global Resource decided to utilize tires as the first feedstock based on the fact that the world offers an almost unlimited supply and tires represent one of the world’s largest hazardous material dilemmas.
Global Resource is pleased with the most recent results from the testing of the prototype. The tests completed during the past quarter showed a great improvement in the efficiency of the machine and provided validation that the Company can begin discussions regarding the sale or licensing of the technology.
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.