Dear PRRY Shareholders:
We are pleased to provide this update to make you aware of the progress we are making at Planet Resource Recovery, Inc. During the first six months of 2014, we have enhanced revenue, stabilized cashflow, added new products and distributors and other advancements, some of which are briefly outlined below.
We are continuing a pilot project with Hinto Energy, Inc. where the PetroLuxus product is being utilized in a waterflood project that began in the last quarter of 2013. To date the preliminary results are encouraging. Hinto has also utilized the product to treat oil for shipment and enhance injection rates. We anticipate having additional results during the second half of 2014.
In addition to the waterflood project, we are working with Oil field operators on the treatment of their wells with PetroLuxus Well Clean. As of the end of June 2014, wells in South Texas, Central Texas, East Texas, West Texas, New Mexico, Oklahoma, Utah, Colorado, Montana, Indiana, and Kentucky have been treated with PetroLuxus WC. Reports from the field are promising with regard to enhanced oil recovery.
Our PetroLuxus Heavy Crude product is realizing good results in the field in the pre-refining of crude, tank cleaning and the remediation of sludge pits. Field reports are demonstrating that contaminated crude oils which were unsaleable or heavily penalized for contaminants are being successfully cleaned with PetroLuxus Heavy Crude rendering a higher quality and saleable product. These beneficial results are leading to more inquires and sales of the product domestically, with substantial international interest.
In addition to the numerous farmers using our product, the U.S. Department of Interior’s Bureau of Reclamation continues expanding its use of AquaLuxus WC for the rehabilitation of their water wells in Colorado.
Moving forward for the balance of 2014, we will continue to execute our Business Plan, strengthening and growing our sales, while closely monitoring our operational expenses. We will continue the introduction and deployment of our new products as they are developed. Over the course of the next six months, Management will focus the actions necessary to enable the Company to become a fully SEC reporting business. The actions and decisions that will be evaluated include: Securities Counsel, SEC Qualified Auditors, Transfer Agent, Stock Split, IR & PR Firm and the appropriate stock exchange.
In closing, we are pleased with what we have accomplished. We still have a way to go but continued execution of our Business Plan will result in stronger financial performance and increased shareholder value. Our future is bright and we appreciate your support.