Global Resources Corporation (OTCBB: GBRC) announced earlier today it has entered a joint cooperation relationship with Ingersoll Production Systems (IPS). Global Resources’ investors and stock price reacted positively to the news as share prices rose throughout the day, settling up 37 cents, nearly 9 percent, to $4.59 at the market’s close.The announcement stated IPS, as a partner of GBRC, would manufacture energy production systems at its Rockford, Ill. assembly plants. There, IPS will be the single manufacturing source for all Global Resources equipment, excluding its microwave components.
“The markets for environmentally conscious energy production technology are rapidly expanding, and we can confidently meet that growth with IPS supporting us,” Frank Pringle, CEO of Global Resources., said in a statement.”Their world renowned manufacturing facilities will help realize the promise our technology holds.”
The press release stated that the initial agreement calls for 20 reactors to be manufactured within the next year, and plans of increasing the number of reactors to 25 during the second year of production.
Global Resources is a worldwide petroleum research, engineer and development company. Its patent-pending technological innovations define new exploration standards.
The company’s fuel extraction technology unlocks energy, in the form of oil and combustible gas, in a broad range of raw and recycled materials. The process is environmentally friendly because it produces energy without introducing oxygen, releasing no harmful emissions into the atmosphere.
Global Resources has increased its stock value of the past week by more than $2. The company has been on an upward trend over the past two months, increasing greatly over the past few weeks and it looks like the company is poised to continue this growth.