Warwick obtains emission free technology. Apr. 24.Warwick Communications Inc. Re-Signs Letter of Intent with Global Resource Corp. for Exclusive Canadian License and Signs a Letter of Intent with Cable Net Inc. for Exclusive Canadian Sub-License
Warwick to issue up to Two Million Units for License of Global Resource Corp.'s Microwave Technology for Extracting Hydrocarbons from
Oil Shale, Tar Sands and Waste Resources in Canada
Calgary, Alberta CANADA,
April 24, 2008 /FSC/ - Warwick Communications Inc. (WARK - CNQ), ("Warwick"), announced today that it has re-signed a letter of intent with Global Resource Corp. (OTC: GBRC.PK), of West Berlin, N.J. ("GBRC"), a developer of a patent-pending microwave technology and machinery for extracting oil and gas. The letter of intent sets forth the terms for an exclusive twenty-year license to use GBRC's revolutionary microwave machinery to recover energy from oil, gas, mining and waste resources in Canada. The transaction under the letter of intent is subject to applicable regulatory and shareholder approvals.
Under the terms of the letter of intent, approved by the Boards of both companies yesterday, Warwick will issue to GBRC, as consideration for the license two million units ("Unit") at a deemed price of $0.50 per Unit. Each Unit is comprised of one Common Share, one half (0.5) "A" Warrant and three quarters (0.75) of a "B" Warrant. Each whole "A" Warrant entitles GBRC to purchase one common share of Warwick at $0.50 per share, and each whole "B" Warrant entitles GBRC to purchase one common share of Warwick at a price of $1.00 per share. Both "A" and "B" Warrants shall have a term of two years from date of issue. Warwick will also covenant to purchase a minimum of one microwave machine each year for the next five years. This purchase commitment will total $25,000,000.00 in aggregate or $5,000,000.00 per year.
Chairman Frank Pringle of GBRC said, "This licensing agreement will enable us to get Global Resource Corp.'s extraordinary technology working to produce energy in Canada right away. Warwick CEO, President and CFO Jeremy P. White and his management team are experienced in oil & gas exploration, mining and waste management. Additionally, they have access to Canadian government grant financing for new up-grading technologies. Therefore they are ideal partners to launch our microwave technology in Canada."
White said, "Global Resource's 'hydrocarbon extraction' microwave technology, invented by Frank Pringle, will be one of the most significant small-scale upgrading technologies introduced in Canada for upgrading its diverse wealth of natural resources in: oil sands, heavy oil,
shale oil, coal and its abundance of hydrocarbon waste steams such as: tires, plastic and organic municipal waste. Warwick is pleased to be part of this exciting development opportunity for Canada."
White is currently CEO of AAA Power, Inc., Calgary, a venture company focused on new technology start ups. He has many years of experience in oil refining, exploration and development as well as mining operations in Canada.
The letter of intent also specifies that Warwick has a first right of refusal to negotiate for exclusive licensing rights in Brazil, Venezuela, Morocco, Panama, Trinidad & Tobago and Mexico. A member of the GBRC's board of directors will join Warwick's board upon the successful conclusion of the definitive agreement.
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