Global Resource Corporation Provides Details Regarding Joint Development Agreement with Schlumberger
On April 23, 2009, Global Heavy Oil Corporation (“Global Heavy Oil”), a wholly-owned subsidiary of the GBRC, entered into a Joint Development Agreement with Schlumberger Technology Corporation and Schlumberger Holdings Limited for the purpose of developing “surface upgrading” products and services for “heavy oil” oilfield operations. The joint development will be based on, and will utilize, the Registrant’s proprietary patent-pending technologies and intellectual property.

Under the collaboration, the parties will design and develop the products and services for the “heavy oil” field of use and test their efficacy and will then design and develop prototype devices or systems. Global Heavy Oil will receive a total of $600,000 in consideration for an exclusive license of the Registrant’s intellectual property in the “heavy oil” field of use and will potentially receive an additional fee of $1 million.