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MSRM signs MOU with Global Resource Corporation.

Press Release Source: Mobilestream Oil, Inc.


Mobilestream Oil, Inc. Signs Memo of Understanding with Global Resource Corp.
Monday October 30, 7:00 am ET


WEST BERLIN, N.J., Oct. 30 /PRNewswire-FirstCall/ -- Mobilestream Oil, Inc. (OTC Bulletin Board: MSRM.PK - News) and Global Resource Corporation (OTC Bulletin Board: GBRC.PK - News) 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.
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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.

Frank Pringle, President of both Companies, explained: "We have previously obtained an independent valuation of the microwave technology limited specifically to the decomposition of waste tires. The full scope of the technology, however, includes the recovery of hydrocarbon liquids and gas from various sources. We believe that these applications add value to that already recognized. Accordingly, we do not believe that the current market price for Mobilestream's common stock accurately reflects its inherent value and we do not anticipate using that price as the primary factor."

Global intends to restructure itself as a holding company by forming two subsidiaries, one to receive the assets acquired from Carbon Recovery Corporation and the second to receive the assets of Mobilestream. In connection with that, Global shall change its fiscal year to December 31, as that is the fiscal year which had been used by Carbon Recovery Corporation and which Mobilestream currently uses. The transaction is tentatively scheduled to close by December 31, 2006.

About Mobilestream:

Mobilestream Oil, Inc., which has licensed its technology to Global Resource Corporation (GBRC), is an innovative oil and natural gas exploration company focused on using our proprietary technologies for reverse polymerization and pyrolysis of materials and to maximize the output of under- utilized and non-producing oil wells in order to squeeze out every last ounce of production. Increasing prices continue to make primary and less conventional methods for extracting oil more cost-effective, and while Mobilestream Oil is relatively small compared to some of the larger players in the industry, our size is our advantage as we feel we can more quickly and effectively capitalize on expeditious opportunities. Using these same proprietary technologies, Mobilestream has successfully broken down tires into the tires' component parts, capturing for resale virtually all of the raw materials used to manufacture the tires.


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This news release contains forward-looking statements regarding Mobilestream's business strategies and future plan of operations. Forward- looking statements involve known and unknown risks and uncertainties. The company's risk and uncertainties include: intense price competition, economic, political and regulatory uncertainties, and the need to raise additional capital for growth and expansion. The forward-looking statements contained in this news release speak only as of the date hereof and Mobilestream disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Mobilestream's expectations or future events.




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Source: Mobilestream Oil, Inc.