American Biodiesel Fuels to acquire Planet Resource Recovery

February 8, 2007

By Rebekkah Marshall

American Biodiesel Fuels Corp. has announced plans to acquire Houston-based Planet Resource Recovery, Inc. (www.planetresource.net), a PetroChemical/Oil Services company that has developed a proprietary, environmentally friendly chemical that dislodges hydrocarbons in practically all natural and man-made environments. The company’s flagship product, PetroLuxus, and its derivative product lines have a strong-affinity and rapid-dispersement qualities to break hydrocarbon chains on a molecular level for cost-effective remediation and recovery of petroleum products. Planet Resource Recovery's prospective markets for remediation and recovery include: oil tank farm cleaning, marine ship cleaning, oil sludge pits, contaminated soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar sands, and enhanced oil recovery, to name a few. A pilot manufacturing plant is fully operational with PetroLuxus ready for commercialization. Pending the completion of full due diligence by both entities, the completion of the transaction is anticipated during the first half of March 2007. The acquisition transaction is through an equal-share exchange agreement. Planet Resource Recovery, Inc. will be the surviving company.