Letter to Plastic2Oil Stockholders From Richard Heddle, Chief
Executive Officer
NIAGARA FALLS, NY-(Marketwired - Mar 8, 2016) -
The following is a statement by Richard Heddle, CEO,
Plastics2Oil, Inc. (OTCQB: PTOI):
Dear P2O Shareholder:
I want to provide a review and update on the status of our
Company.
Operations
In August 2013, I became CEO of Plastics2Oil ("P2O") during a
period of significant transition in the operations of the Company.
Prior to becoming CEO, I was a long term shareholder convinced of
the viability and commercial need for the Company's technology and
the financial opportunity it presents. I am even more convinced
today and I have personally invested millions of dollars into the
Company.
As CEO, I have substantially reduced the Company's monthly cash
burn rate. One of my first cost cutting decisions was to cease
operations at the RRON facility in Thorold, Canada. I am pleased to
report that we recently came to terms regarding the remaining
balance of the lease agreement. With that and other time consuming
and financial issues largely behind us, our efforts are laser
focused on closing the first P2O processor sales in 2016.
Over the next few weeks, we will be sharing important
information with you regarding the sales and marketing program that
we intend to launch. Our efforts will include direct sales as well
as a new partnership. To that end, we made the decision not to
further extend our agreement with EcoNavigation as their firm has
been unable to conclude processor sales via acceptable terms.
Through years of testing and refinement in conjunction with our
outside engineering firm, we are considering bringing our flagship
processor #3 back online in the coming months. It will be important
to be able to demonstrate the commercial viability of this
processor by regular operations at our Niagara Falls plant.
Of primary influence to our decision to expand our sales efforts
and to bring the flagship processor #3 back on line is our view
based on analysis and consultation that oil prices have reached a
bottom and could rise to $50 a barrel by the end of the year.
While the price of crude is a factor in certain economic
analysis pertaining to our processor sales, it is not the only
factor. There are significant costs associated with landfill
disposal.
Financial decisions regarding P2O's disruptive technology are
based on the results of models that are tailored specifically to
each potential client. These include, but are not limited to, the
anticipated life of a processor or cluster, specific configurations
of customers' sites and facilities on hand, and the ability to
integrate P2O's technology into existing operations.
Internal Changes
While our primary focus continues to be on the sale of our
disruptive technology, a number of internal operational changes are
being addressed:
1. The Niagara Falls plant will provide a source of revenue in
the coming quarters. The Company plans to raise additional outside
capital for the restart of flagship processor #3 and we are also
considering modifications to our processor #2 in order to improve
economies of scale and resultant cash flow.
2. Plastics2Oil owns a fully permitted fuel blending facility in
Thorold, Canada. Regional demand justifies bringing the facility
back on line and we intend to lease the blending facility to a
qualified independent operator in 2016.
3. We will continue to draw support from our loyal shareholder
base that includes individuals with impressive business
credentials, experience and acumen. Valuable strategic suggestions
have been offered and are being evaluated. I am also considering
making important additions to our management team in the coming
months and we may establish an advisory board.
Madison County, New York
Many P2O investors may be aware that an RFP has been issued by
Madison County, New York. We applaud Madison County's role in
recognizing environmental issues and initiating a regional
alternative to the disposal of agricultural waste plastic in
landfills. In the past, P2O has successfully processed plastic
feedstock for Madison County.
A single P2O processor operating at full capacity can process
nearly 30 tons of hydrocarbon/feedstock material per day. We know
of no other company that provides a more viable solution. We will
continue to evaluate the situation to determine if there is a
worthy, viable proposal that can be submitted. If no responsible
bid is accepted by Madison County for their RFP, P2O will attempt
to provide other solutions that may work for our neighbors in
Madison County.
Our Environment
Beyond the financial considerations for our Company is the
impact the disposal of plastic has on our environment. Each year
over 30 million tons of plastic waste enters our fragile ecosystem.
Costs are incurred to find, extract and refine crude oil;
ultimately only to incur additional costs in returning that crude
oil, now in the form of plastic, back underground via landfills.
Equally offensive is seeing plastic as litter accumulating in our
streets, oceans, lakes and streams.
All of us at P2O believe that market needs and government
regulation will drive the widespread deployment of our technology.
Our solution presents a compelling financial opportunity and
delivers with substantial and obvious environmental benefits. Like
many of you, we are resolute that environmental issues need to be
handled responsibly now, not left for future generations.
Lastly, I want to personally thank each and every P2O
shareholder for their invaluable support.
Best regards,
/s/ Richard Heddle
Richard Heddle, CEO Plastic2Oil, Inc.
About the Company
Plastic2Oil, Inc. ("P2O") is an innovative North American fuel
company that transforms unsorted, unwashed waste plastic into
ultra-clean, ultra-low sulphur fuel without the need for
refinement. The Company's patent-pending Plastic2Oil (P2O) is a
proprietary, commercially viable and scalable process designed to
provide immediate economic benefit for industry, communities and
government organizations faced with waste plastic recycling
challenges.
With its revolutionary P2O technology, P2O has pioneered a
process that has the ability to change the way the world handles
waste plastic and plastic recycling. P2O is committed to
environmental sustainability by diverting plastic waste from
landfill and potential incineration.
The Company is also committed to the creation of green
employment opportunities and a reduction in the cost of plastic
recycling programs for municipalities and business.
U.S. investors can find current financial disclosure and
Real-Time Level 2 quotes at
http://www.otcmarkets.com/stock/PTOI/quote.
FORWARD-LOOKING STATEMENTS
The information presented in this Press Release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, which involve a number of
risks and uncertainties. Forward-looking statements include, but
are not limited to, statements with respect to management's current
beliefs, plans, strategies, objectives, goals and expectations,
including expectations about the future financial or operating
performance of Plastic2Oil, Inc. (the "Company") and its projects,
sales, vendor and customer contracts, capital expenditures, capital
needs, government regulation of the industry, environmental risks,
limitations of insurance coverage, and the timing and possible
outcome of regulatory matters, including the granting of patents
and permits. Words such as "expect", "anticipate", "intend",
"attempt", "may", "will", "plan", "believe", "seek", "estimate",
and variations of such words and similar expressions are intended
to identify such forward-looking statements. The potential risks
and uncertainties that could cause actual results to differ
materially from those expressed, implied or forecasted herein may
include, without limitation, risks associated with general
business, economic, competitive, political and social
uncertainties; risks associated with changes in project parameters
as plans continue to be refined; risks associated with failure of
plant, equipment or processes to operate as anticipated; risks
associated with accidents or labor disputes; risks associated in
delays in obtaining governmental approvals or financing, or in the
completion of development or construction activities; risks
associated with financial leverage and the availability of capital;
risks associated with the price of commodities and the inability of
our Company to control commodity prices; risks associated with the
regulatory environment within which our Company operates; risks
associated with litigation including the availability of insurance;
and risks posed by competition. The forward-looking statements in
this press release are made as of the date of this press release.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results.
The Company urges readers of this press release to consider
carefully the disclosures in the Company's filings with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K, which was filed on March 31, 2015.
Contact Information
- Contact Information Plastic2Oil, Inc. 20 Iroquois Street
Niagara Falls, NY 14303 Direct 716-278-0015
Plastic2Oil (PK) (USOTC:PTOI)
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