Plastic2Oil CEO Provides Update to Shareholders
NIAGARA FALLS, NY--(Marketwired - May 1, 2017) - Plastic2Oil
Inc. (OTCQB: PTOI):
To our valued Plastic2Oil (P2O) shareholders:
In our previous letter to shareholders, we discussed reducing
costs, securing additional financing, and developing key strategic
partnerships. I am pleased to provide you with this update on these
same themes.
Reducing costs and improving our cash position.
On March 31, 2017, we closed on the sale of our idle office
building in Thorold, Canada. The net proceeds from the sale and the
resulting reduction in monthly operating costs will provide working
capital to sustain P2O operations over the next two quarters. We
are also continuing to seek a lease customer for our Canadian
blending facility, although it should be noted that closing on such
a lease will very likely require that oil prices rebound and remain
above $50 per barrel.
Negotiating a key strategic partnership.
In August 2016, we announced the signing of a memorandum of
understanding (MOU) with a potential partner regarding the
licensing of our technology and a potential sale of processor
units. On March 26, 2017, the parties agreed to extend the term of
the MOU to May 24, 2017. There can be no guarantee that a
definitive agreement will be executed prior to expiration of the
extended term of the MOU.
Robin Curtis, a pioneer in the implementation of plastic-to-fuel
technology and a participant in the proposed partnership, recently
noted: "The market opportunity for plastic to fuel is even more
promising today than it was years ago. It appears evident that the
Plastic2Oil technology solved the problems that had been
encountered in our previous attempts to implement plastic to fuel
technology. We now look forward to the opportunity to implement
Plastic2Oil technology."
We are still in the process of negotiating a definitive
agreement. If consummated, it is anticipated that the first site
would house two P2O processors, and could eventually lead to
deployment of P2O processors in 15 to 20 similar facilities. The
initial purchase order will be for the two units currently in our
inventory. Final assembly and testing of the units prior to
shipping will require approximately six months from signing of the
purchase order. Instrumentation and other necessary equipment will
be secured prior to the shipping date. Several additional months
will be required for installation after the units have been
shipped.
We look forward to updating our shareholders upon the signing of
a definitive agreement.
Other News.
Glenny and Maskell (Canadian insurance broker) settled on a
lawsuit filed by Plastic2Oil, Inc., on May 25, 2012 at the Ontario
Superior Court of Justice, seeking damages consisting of the costs
of defense and any damages that may be awarded against the Company,
former CEO John Bordynuik, and former CFO Ron Baldwin in the Class
Action and in the SEC Action. The case was settled in the US with
ACE (Insurance carrier) in or about May 2013, pursuant to what is
known as a "Mary Carter" (confidential) settlement. The net
proceeds from this settlement will be used for working capital to
sustain P2O operations over the next two quarters.
Looking Ahead.
The above developments are part of our ongoing and successful
transformation of the firm's financial profile by proactively
managing our cost structure, judiciously managing our capital, and
significantly adjusting both compensation levels and fixed
expenses. In another important development, we look forward to
strengthening our governance structure by adding three new outside
Directors to our Board in the near future.
I want to offer my personal thanks for the extremely valuable
contributions made by our employees, management, Board of
Directors, and investors. I also look forward to seeing you and
sharing further developments at our 2017 annual stockholders
meeting, planned for late this year. Formal notice and other
details of the meeting will be presented in our proxy statement,
which will be made available to our stockholders and filed with the
Securities and Exchange Commission. Thank you for your continued
support.
Richard Heddle Plastic2Oil, Inc., CEO & President
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 April 7, 2017.
Contact Information
Plastic2Oil, Inc. 20 Iroquois Street Niagara Falls, NY 14303
Direct 716-278-0015
Plastic2Oil (PK) (USOTC:PTOI)
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