MOUNT LAUREL, NJ--(Marketwire - 03/16/10) - -- Global Resource Corp. (Pinksheets:GBRC - News), a developer of patented energy-efficient microwave-based technologies for recycling tires, upgrading petroleum products and converting other materials to higher value hydrocarbon-based fuels or carbon materials, today announced the restructuring of the Board of Directors. By adding industry expertise to the board and management team, the company will be taking active steps to capitalize on its leadership role in the clean technology sector.
Mr. Edward V. Szofer and Mr. Paul Sommerville will join the Board of Directors effective immediately. Mr. Ken Kinsella, Chief Executive Officer of GBRC will also join the Board during the next 30 days pending a Board resolution. In addition to bolstering the Board of Directors with financial, technology, oil and gas expertise, the Company has identified Mr. Jeff Wittman as its prime candidate to become the company's next Chief Financial Officer.
"We are pleased with the caliber of our new board members who come to us from top leadership positions in the fields of technology and clean energy production," stated Mr. Brian Ettinger, Chairman of the Board of Directors for GBRC. "We believe that these changes represent a strong investment in human capital for the future growth of the company. We look forward to leveraging their knowledge and expertise in order to commercialize our technologies, improve our earnings and increase shareholder value. They will all be of significant value as GBRC executes on its continued strategy for commercialization."
Mr. Edward V. Szofer, has held various board positions of multi-national companies, both public and private. Using his vast experience he has guided these companies from start-ups to corporations with valuations of over $4.0 billion in market cap. Mr. Szofer has extensive experience in organizational growth, P&L responsibility and has managed companies with over 4,500 employees. His background also entails significant knowledge relating to mergers and acquisitions, as well as joint ventures and strategic alliance agreements. With nearly 30 years of industry knowledge and in-depth expertise in public markets, Mr. Szofer will provide guidance and insight to GNRC's management team in order to assist in the commercialization of its green technology.
Mr. Paul Sommervile has over 37 years of professional experience within construction and public company arenas. Prior to joining GBRC's Board of Directors, he served as Chief Executive Officer for Associated Pipe Line Contractors, Inc., an international builder and installer of commercial pipelines for the oil and gas industry. Throughout his career, he has gained extensive knowledge of highly sophisticated commercial grade construction projects in this sector.
As part of the Board of Directors restructuring process, Lincoln Jones III and Fred Clark have resigned due to personal reasons, effective immediately. Moving forward, the Company will continue to search for high quality industry experts to serve as quality members of the Board of Directors.
Mr. Ettinger continued, "We would like to thank all of the board members for their diligent efforts and support during their tenure serving the company. Their involvement marked an exciting time with significant milestones reached, most notably receiving a patent for the Patriot 1™ Tire-to-Fuel Oil Recycling System and the signing of major joint ventures, including Phoenix Renewable Energy, and the Global Heavy Oil JDA. On behalf of the entire management team and everyone at GBRC, I would like to wish them the best of luck with their future endeavors."
Mr. Jeff Wittman is a successful finance executive with over 20 years of experience and a strong background in financial management, mergers and acquisitions, start-ups, SEC reporting, financial planning and analysis, cost cutting initiatives, profit enhancements, and business operations. Mr. Wittman has built strong, sustainable companies in the U.S. and internationally. Based on his prior experience with public companies, he will focus on adding strict corporate governance and strong financial responsibility to GBRC.
"We are extremely pleased to welcome Mr. Wittman to our executive management team," said Mr. Ken Kinsella, CEO of GBRC. "He is a key component in the company's investment in human capital and strengthens our executive team based on his deep analytical, financial, and operational experience. He will be instrumental in assisting GBRC in executing on its commercialization strategy, securing additional joint ventures, and improving shareholder value."
About Global Resource Corporation
Global Resource Corporation (GBRC), a patented clean technology microwave company with applications for recovering hydrocarbons and fossil fuels from sources such as tires, heavy oil, coal and shale, municipal solid waste, and waste oil streams. 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: http://www.globalresourcecorp.com/
Mr. Edward V. Szofer and Mr. Paul Sommerville will join the Board of Directors effective immediately. Mr. Ken Kinsella, Chief Executive Officer of GBRC will also join the Board during the next 30 days pending a Board resolution. In addition to bolstering the Board of Directors with financial, technology, oil and gas expertise, the Company has identified Mr. Jeff Wittman as its prime candidate to become the company's next Chief Financial Officer.
"We are pleased with the caliber of our new board members who come to us from top leadership positions in the fields of technology and clean energy production," stated Mr. Brian Ettinger, Chairman of the Board of Directors for GBRC. "We believe that these changes represent a strong investment in human capital for the future growth of the company. We look forward to leveraging their knowledge and expertise in order to commercialize our technologies, improve our earnings and increase shareholder value. They will all be of significant value as GBRC executes on its continued strategy for commercialization."
Mr. Edward V. Szofer, has held various board positions of multi-national companies, both public and private. Using his vast experience he has guided these companies from start-ups to corporations with valuations of over $4.0 billion in market cap. Mr. Szofer has extensive experience in organizational growth, P&L responsibility and has managed companies with over 4,500 employees. His background also entails significant knowledge relating to mergers and acquisitions, as well as joint ventures and strategic alliance agreements. With nearly 30 years of industry knowledge and in-depth expertise in public markets, Mr. Szofer will provide guidance and insight to GNRC's management team in order to assist in the commercialization of its green technology.
Mr. Paul Sommervile has over 37 years of professional experience within construction and public company arenas. Prior to joining GBRC's Board of Directors, he served as Chief Executive Officer for Associated Pipe Line Contractors, Inc., an international builder and installer of commercial pipelines for the oil and gas industry. Throughout his career, he has gained extensive knowledge of highly sophisticated commercial grade construction projects in this sector.
As part of the Board of Directors restructuring process, Lincoln Jones III and Fred Clark have resigned due to personal reasons, effective immediately. Moving forward, the Company will continue to search for high quality industry experts to serve as quality members of the Board of Directors.
Mr. Ettinger continued, "We would like to thank all of the board members for their diligent efforts and support during their tenure serving the company. Their involvement marked an exciting time with significant milestones reached, most notably receiving a patent for the Patriot 1™ Tire-to-Fuel Oil Recycling System and the signing of major joint ventures, including Phoenix Renewable Energy, and the Global Heavy Oil JDA. On behalf of the entire management team and everyone at GBRC, I would like to wish them the best of luck with their future endeavors."
Mr. Jeff Wittman is a successful finance executive with over 20 years of experience and a strong background in financial management, mergers and acquisitions, start-ups, SEC reporting, financial planning and analysis, cost cutting initiatives, profit enhancements, and business operations. Mr. Wittman has built strong, sustainable companies in the U.S. and internationally. Based on his prior experience with public companies, he will focus on adding strict corporate governance and strong financial responsibility to GBRC.
"We are extremely pleased to welcome Mr. Wittman to our executive management team," said Mr. Ken Kinsella, CEO of GBRC. "He is a key component in the company's investment in human capital and strengthens our executive team based on his deep analytical, financial, and operational experience. He will be instrumental in assisting GBRC in executing on its commercialization strategy, securing additional joint ventures, and improving shareholder value."
About Global Resource Corporation
Global Resource Corporation (GBRC), a patented clean technology microwave company with applications for recovering hydrocarbons and fossil fuels from sources such as tires, heavy oil, coal and shale, municipal solid waste, and waste oil streams. 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: http://www.globalresourcecorp.com/
