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Item 8.01 Other Events.
On March 4, 2010, Global Heavy Oil Corporation, a wholly-owned subsidiary of Global Resource Corporation (the "Company"), received early payment of the second $300,000 payment due it under the Joint Development Agreement entered into on April 23, 2009 with Schlumberger Technology Corporation and Schlumberger Holdings Limited, which payment was not originally due to be paid until the first anniversary of the signing of the Joint Development Agreement.
This payment is being used to build the Company's recently announced new laboratory to be located in the Research Triangle area of North Carolina. The new laboratory will be home to the Company's research and development effort in all the facets of endeavor. The Company will use the new laboratory to optimize features of its prototype and to have the ability to begin construction on several one ton per hour units to be used at scrap tire facilities in the southern United States.
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