NOTE: The MSRM IHUB header is currently being not being update since the msrm is only shell. if board like i put gbrc update here. let me know. gbrc board is updated with more timely information. ]
Mobilestream Oil, Inc. Signs Memo of Understanding with Global Resource Corp.
WEST BERLIN, N.J., Oct. 30, 2006 /PRNewswire-FirstCall/ -- Mobilestream Oil, Inc. (OTC Bulletin Board: MSRM.PK) and Global Resource Corporation (OTC Bulletin Board: GBRC.PK) jointly announced today they will be entering into a preliminary, non-binding Memorandum of Understanding for Global Resource Corporation's ('Global') acquisition of the assets and business of Mobilestream Oil, Inc. ('Mobilestream'). Mobilestream owns certain microwave technology, embodied in a pending patent, and various proprietary trade secrets for technology that had been exclusively licensed to Carbon Recovery Corporation. Global has recently acquired the assets and business of Carbon Recovery Corporation, including the exclusive license. The technology is a method of decomposing petroleum-based materials by subjecting them to variable frequency microwave radiation at specifically selected frequencies for a time sufficient to at least partially decompose the materials. The initial application will involve the decomposition of waste tires, as described in Form 8-K filed September 27, 2006.
It was originally intended that the licensee would be the operating company, while Mobilestream would continue its R&D into the development of further applications for the technology, including: (1) re-cracking heavy or slurry oil to retrieve the components of hire grade fuels; (2) the recovery of oil from oil shale and oil sands; (3) the reduction of hydrocarbons in drilling cuttings to permit on-site disposal; and (4) the stimulation of mature oil and gas well ('stripper' well) production.
Upon analysis however, both Global and Mobilestream believe that, given the interrelationships of the Companies' management and the probable interface of the R&D with field operations, it will be more efficient, both financially and operationally, to combine the Companies. It is anticipated that the current management charts and the respective responsibilities of the licensor and licensee will be adjusted for maximum effectiveness.
The major acquisition term not yet resolved is the value of the Mobilestream technology and its reflection in the securities of Global. Mobilestream is retaining Corporate Valuation Advisors, Inc. to provide a fairness opinion on the terms when negotiated. Corporate Valuation Advisors, Inc. has previously evaluated the tire decomposition portion of the Company's technology and is therefore generally acquainted with it.
Forward Split information:
shs increased by 6 for 1 split
Ex-Date: Jun 8, 2006
Record Date: May 26, 2006
Pay Date: Jun 7, 2006
**Formerly=Mobilestream, Inc. until 3-06
**Formerly=3E International Corp. until 8-05