PTOI/P2O >> Shareholder update out
PRW: ( PTOI ) Letter to Plastic2Oil Stockholders from Richard Heddle, Chief Executive Officer
Niagra Falls, NY / ACCESSWIRE/ November 24, 2014 / To our valued
Plastic2Oil (OTC: PTOI) stockholders:
I thought it was important to take a moment to reach out to you directly, as
we have been extraordinarily busy behind the scenes implementing the shift
in our business strategy, which focuses on the sale and licensing of our
proprietary processors, as opposed to exclusively processing plastics and
selling fuel.
As you may know, on November 20, 2014, we filed Form 8-K covering our recent
financing, and on November 14, 2014, we filed our Quarterly Report (10-Q)
for the third quarter of 2014. I encourage you to read the 10-Q closely and
to contact our investor relations representative with any questions that you
may have. Following the discussion of our business operations in the 10-Q
and the recent filing, we received feedback that some stockholders are
seeking more information on the current state of our business. To those
stockholders that contacted us about this, I thank you for the feedback. Let
me address some of the items raised.
We are working hard to move towards profitability, but we recognize that the
movement of the stock has been disappointing for all of our stockholders,
including myself. As you may be aware, I currently own 3,000,000 shares of
our common stock and thus, my personal wellbeing and net worth are every bit
as exposed to the fluctuations in our stock price as are other common
stockholders. I want to remind everyone that I have not sold a single share
of the company's stock since I began investing in this company more than
four years ago. Like many of you, I've invested at prices significantly
higher than the current price. During my tenure as CEO, one constant has
kept me motivated: I believe that if we execute the sale and licensing of
processors, we will achieve significant revenues and the valuation of our
company will increase accordingly.
As disclosed, I continue to defer pay and have extended substantial loans to
the company while John Bordynuik, our Chief of Technology, has deferred pay,
paid debts, paid for lab work, consumables, equipment, and assumed
obligations approaching in aggregate of $400,000. We've done this so that we
can continue our operations until we obtain adequate new financing and/or
execute on our first processor sale. We have undergone several reductions in
the number of our staff so as to retain only those personnel essential to
our reporting obligations and for demonstration and sale of our processors
to potential buyers. We plan to continue such cost control measures until we
achieve our first sale.
We continue to believe that our third generation Plastic2Oil processor,
which we call our "flagship" processor, is the most automated, green,
viable, and technologically advanced process in the world for converting
waste plastics into usable fuel and we firmly believe there is substantial
market potential for the sale and license of our processors. In support of
this, see an independent study completed last month by the American
Chemistry Council:
plastics.americanchemistry.com/Stand-Alone-Content/Economic-Impact-of-Pla
stics-to-Oil-Facilities.pdf
Although we have not yet consummated our first sale, we have made, and
continue to make, tangible progress on negotiations with a large, national
engineering firm and several potential purchasers. The company is also in
ongoing discussions with a reputable firm that specializes in
waste-to-energy solutions for large, established companies with government
mandates and green initiatives. Furthermore, we have developed a "build &
ship" turn-key product solution for our potential buyers. We are hopeful
that our current negotiations will lead to processor sales and important
strategic relationships; however, we cannot assure you as to whether we will
be successful in making such a sale or as to the timing of any such sale. At
this time, however, I feel it is important for stockholders to know that the
company, despite its limited resources, is making significant progress with
management's financial support and leadership.
In light of the company's exclusive focus on completing sales and licensing
of our processors, we have temporarily suspended our plastic processing and
fuel production operations at the Niagara Falls site. This being said, we
have renewed our permits accordingly as our plan is to resume operations for
the purpose of "showcasing" our processors once we execute a processor sale.
Importantly, the temporary shutdown of the company's plastic processing and
fuel production operations has had absolutely no effect on the company's
ability to market our processors or negotiate with potential buyers. Another
recent change was the decommissioning of several older fuel tanks, which
were rendered obsolete by the tank farm we installed with Processor #3.
In my opinion, nothing worthwhile in the business world comes easy,
especially when you're trying to make a name for yourself in a relatively
unknown emerging alternative energy market. As someone who started his
career in a shipyard in 1987 and has built his own business from the ground
up, I've faced odds that seemed impossible at times and I've persevered. I
have invested a significant amount of my time and net worth into this
company because I understand and believe in the product and its
capabilities, and I truly believe that we can be successful. I remain
relentlessly committed to pursuing success.
I appreciate your patience, commitment to the environment, and continued
interest in Plastic2Oil.
Kind regards,
Richard Heddle
President and Chief Executive Officer
Plastic2Oil, Inc.
November 24, 2014
For further information about the Company, including its financial results,
readers of this letter release should review the Company's disclosures in
its annual, quarterly and other reports which are publicly available on the
website of the Securities and Exchange Commission at www.sec.gov
About Plastic2Oil
Plastic2Oil is a clean energy company that is focused on delivering its
proprietary plastic to fuel solution to green energy, recycling and waste
companies. In spec, usable fuels including off-road diesel from our process
help divert waste plastic from landfills. For further information, please
visit www.plastic2oil.com
Forward Looking Statements
This letter contains statements, which may constitute "forward looking
statements" within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act. The Private Securities Litigation Reform Act of 1995
(PSLRA) implemented several significant substantive changes affecting
certain cases brought under the federal securities laws, including changes
related to pleading, discovery, liability, class representation and awards
fees as of 1995. Those statements include statements regarding the intent,
belief or current expectations of Plastic2Oil, and members of its management
as well as the assumptions on which such statements are based, including the
expected timing of the Company's Form 10-K, execution of the proposed
agreements described above and consummation of the transactions contemplated by such agreements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking statements. Such
risks include, but are not limited to: (1) Plastic2Oil has a history of net
losses, and may not be profitable in the future; (2) Plastic2Oil may not be
able to obtain necessary licenses, rights and permits required to develop or
operate our Plastic2Oil business, and may encounter environmental or
occupational, safety and health conditions or requirements that would
adversely affect its business; and (3) Plastic2Oil may experience delays in
the commercial operations of its Plastic2Oil machines and there is no
assurance that they can be operated profitably. For a more detailed
discussion of such risks and other factors, see the Company's Annual Report
on Form 10-K, filed with the SEC on June 4, 2014, and its other SEC filings.
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 reference to the website
www.plastic2oil.com has been provided as a convenience, and the information
contained on such website is not incorporated by reference into this letter.
Contact:
JBI, Inc.
ir@jbi.net
716-278-0015
SOURCE: JBI,Inc
PRW: ( PTOI ) Letter to Plastic2Oil Stockholders from Richard Heddle, Chief Executive Officer
Niagra Falls, NY / ACCESSWIRE/ November 24, 2014 / To our valued
Plastic2Oil (OTC: PTOI) stockholders:
I thought it was important to take a moment to reach out to you directly, as
we have been extraordinarily busy behind the scenes implementing the shift
in our business strategy, which focuses on the sale and licensing of our
proprietary processors, as opposed to exclusively processing plastics and
selling fuel.
As you may know, on November 20, 2014, we filed Form 8-K covering our recent
financing, and on November 14, 2014, we filed our Quarterly Report (10-Q)
for the third quarter of 2014. I encourage you to read the 10-Q closely and
to contact our investor relations representative with any questions that you
may have. Following the discussion of our business operations in the 10-Q
and the recent filing, we received feedback that some stockholders are
seeking more information on the current state of our business. To those
stockholders that contacted us about this, I thank you for the feedback. Let
me address some of the items raised.
We are working hard to move towards profitability, but we recognize that the
movement of the stock has been disappointing for all of our stockholders,
including myself. As you may be aware, I currently own 3,000,000 shares of
our common stock and thus, my personal wellbeing and net worth are every bit
as exposed to the fluctuations in our stock price as are other common
stockholders. I want to remind everyone that I have not sold a single share
of the company's stock since I began investing in this company more than
four years ago. Like many of you, I've invested at prices significantly
higher than the current price. During my tenure as CEO, one constant has
kept me motivated: I believe that if we execute the sale and licensing of
processors, we will achieve significant revenues and the valuation of our
company will increase accordingly.
As disclosed, I continue to defer pay and have extended substantial loans to
the company while John Bordynuik, our Chief of Technology, has deferred pay,
paid debts, paid for lab work, consumables, equipment, and assumed
obligations approaching in aggregate of $400,000. We've done this so that we
can continue our operations until we obtain adequate new financing and/or
execute on our first processor sale. We have undergone several reductions in
the number of our staff so as to retain only those personnel essential to
our reporting obligations and for demonstration and sale of our processors
to potential buyers. We plan to continue such cost control measures until we
achieve our first sale.
We continue to believe that our third generation Plastic2Oil processor,
which we call our "flagship" processor, is the most automated, green,
viable, and technologically advanced process in the world for converting
waste plastics into usable fuel and we firmly believe there is substantial
market potential for the sale and license of our processors. In support of
this, see an independent study completed last month by the American
Chemistry Council:
plastics.americanchemistry.com/Stand-Alone-Content/Economic-Impact-of-Pla
stics-to-Oil-Facilities.pdf
Although we have not yet consummated our first sale, we have made, and
continue to make, tangible progress on negotiations with a large, national
engineering firm and several potential purchasers. The company is also in
ongoing discussions with a reputable firm that specializes in
waste-to-energy solutions for large, established companies with government
mandates and green initiatives. Furthermore, we have developed a "build &
ship" turn-key product solution for our potential buyers. We are hopeful
that our current negotiations will lead to processor sales and important
strategic relationships; however, we cannot assure you as to whether we will
be successful in making such a sale or as to the timing of any such sale. At
this time, however, I feel it is important for stockholders to know that the
company, despite its limited resources, is making significant progress with
management's financial support and leadership.
In light of the company's exclusive focus on completing sales and licensing
of our processors, we have temporarily suspended our plastic processing and
fuel production operations at the Niagara Falls site. This being said, we
have renewed our permits accordingly as our plan is to resume operations for
the purpose of "showcasing" our processors once we execute a processor sale.
Importantly, the temporary shutdown of the company's plastic processing and
fuel production operations has had absolutely no effect on the company's
ability to market our processors or negotiate with potential buyers. Another
recent change was the decommissioning of several older fuel tanks, which
were rendered obsolete by the tank farm we installed with Processor #3.
In my opinion, nothing worthwhile in the business world comes easy,
especially when you're trying to make a name for yourself in a relatively
unknown emerging alternative energy market. As someone who started his
career in a shipyard in 1987 and has built his own business from the ground
up, I've faced odds that seemed impossible at times and I've persevered. I
have invested a significant amount of my time and net worth into this
company because I understand and believe in the product and its
capabilities, and I truly believe that we can be successful. I remain
relentlessly committed to pursuing success.
I appreciate your patience, commitment to the environment, and continued
interest in Plastic2Oil.
Kind regards,
Richard Heddle
President and Chief Executive Officer
Plastic2Oil, Inc.
November 24, 2014
For further information about the Company, including its financial results,
readers of this letter release should review the Company's disclosures in
its annual, quarterly and other reports which are publicly available on the
website of the Securities and Exchange Commission at www.sec.gov
About Plastic2Oil
Plastic2Oil is a clean energy company that is focused on delivering its
proprietary plastic to fuel solution to green energy, recycling and waste
companies. In spec, usable fuels including off-road diesel from our process
help divert waste plastic from landfills. For further information, please
visit www.plastic2oil.com
Forward Looking Statements
This letter contains statements, which may constitute "forward looking
statements" within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act. The Private Securities Litigation Reform Act of 1995
(PSLRA) implemented several significant substantive changes affecting
certain cases brought under the federal securities laws, including changes
related to pleading, discovery, liability, class representation and awards
fees as of 1995. Those statements include statements regarding the intent,
belief or current expectations of Plastic2Oil, and members of its management
as well as the assumptions on which such statements are based, including the
expected timing of the Company's Form 10-K, execution of the proposed
agreements described above and consummation of the transactions contemplated by such agreements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking statements. Such
risks include, but are not limited to: (1) Plastic2Oil has a history of net
losses, and may not be profitable in the future; (2) Plastic2Oil may not be
able to obtain necessary licenses, rights and permits required to develop or
operate our Plastic2Oil business, and may encounter environmental or
occupational, safety and health conditions or requirements that would
adversely affect its business; and (3) Plastic2Oil may experience delays in
the commercial operations of its Plastic2Oil machines and there is no
assurance that they can be operated profitably. For a more detailed
discussion of such risks and other factors, see the Company's Annual Report
on Form 10-K, filed with the SEC on June 4, 2014, and its other SEC filings.
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 reference to the website
www.plastic2oil.com has been provided as a convenience, and the information
contained on such website is not incorporated by reference into this letter.
Contact:
JBI, Inc.
ir@jbi.net
716-278-0015
SOURCE: JBI,Inc
