Last update: 9:22 a.m. EST Nov. 17, 2008
WEST BERLIN, N.J., Nov 17, 2008 (BUSINESS WIRE) -- Global Resource
Corp. (GBRC:

1.55, +0.16, +11.5%) , a developer of a patent-pending microwave
technology and machinery for extracting oil and gas, announced today
that Frank Pringle, chairman of the board, has elected to retire fully
from the company, effective immediately, and Eric Swain has been
chosen to serve as Chairman & CEO.
The board of directors and Mr. Pringle agreed that a change in
leadership would best enable Global Resource to move forward with the
commercialization stage of the technology. The board recognizes Mr.
Pringle's outstanding service in leading Global Resource through the
company's successful development phase.
"We would like to thank Frank for the contribution he has made leading
the invention and the development of our groundbreaking microwave
technology," stated, Mr. Eric Swain, Chairman and CEO. "Our new
management team is poised for the major transformation of Global
Resource from an R&D company into a global alternative energy firm
with enormous potential. During this important period for our company,
the board of directors and I are committed to working on the sale and
licensing of our technology and creating increased value for our
shareholders."
With the retirement of Mr. Pringle, the company will terminate his
existing consulting agreement in exchange for a severance package.
Under the retirement agreement Mr. Pringle recognizes the assignment
of all Intellectual Property to the company. In addition, the company
will recognize a significant decrease in the expenses associated with
the original agreement. The terms and conditions of the severance
package are available through the 8K.