PTOI already went international. In 2009, founder
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Posted On: 03/08/2017 11:22:37 AM
PTOI already went international. In 2009, founder Mr. Bordynuik had PTOI buy a money-losing company called Javaco with the story that Javaco would sell PTOI's processors to Mexico and South America. Just like that, PTOI became a multinational company 'selling' processors all over the world.
Mr. Bordynuik went all out when he pumped PTOI. He set up joint ventures with P2O Ohio, P2O Tampa, P2O clearwater, 45 sites with Sousa development, even with RockTenn and another with the now CEO to build processors on board ships! He had contracts to sell fuel to Somerset Refinery and American Refinery Group, was selling to Oxy Vinyl, Coco Aslphalt, XTR Energy, Indigo, and US Steel.
There were varying shades of truth to all of those deals...although the truth never approached 100%.
Mr. Bordynuik appeared to have nothing to lose so he could say anything and everything he wanted--previously Mr. Bordynuik was selling tape drives on Ebay so he didn't have far to fall if he didn't get rich off investors' money. I don't think he cared if he was charged with fraud so he even pretended to run a processor commercially in 2010, producing oil at $10/bbl which, at the time, he said would fetch around $100/bbl (WTI- $3/bbl).
Mr. Bordynuik had investors' heads spinning with the constant barrage of good news and investors couldn't get enough! Investors didn't even have enough time to notice that all of the deals kept disappearing because Mr. Bordynuik always had some new deal just inked to keep them on the edge of their seats. Mr. Bordynuik literally pumped PTOI to a market cap of half a billion dollars!...all while convincing investors that no pumping was being done.
The difference now, as far as I can tell, is that current CEO Mr. Heddle has much more to lose if he's caught for fraud. I'm guessing that's the reason he's being more careful. If he says he signs a deal...and investors later find out it's a sham, they could go after his personal assets.
WIth EcoNav, EcoNav provided a firewall to protect Mr. Heddle so he didn't have an issue pumping that story. He might have signed a contract with EcoNav...but he can blame EcoNav for not buying the two to six processors. The memorandum of understading (MOU) Mr. Heddle signed seven months ago is also low-risk, especially since nobody knows the identity of the other party who signed the MOU. An MOU just lays out an understanding of a contemplated deal--it's worthless.
Mr. Bordynuik went all out when he pumped PTOI. He set up joint ventures with P2O Ohio, P2O Tampa, P2O clearwater, 45 sites with Sousa development, even with RockTenn and another with the now CEO to build processors on board ships! He had contracts to sell fuel to Somerset Refinery and American Refinery Group, was selling to Oxy Vinyl, Coco Aslphalt, XTR Energy, Indigo, and US Steel.
There were varying shades of truth to all of those deals...although the truth never approached 100%.
Mr. Bordynuik appeared to have nothing to lose so he could say anything and everything he wanted--previously Mr. Bordynuik was selling tape drives on Ebay so he didn't have far to fall if he didn't get rich off investors' money. I don't think he cared if he was charged with fraud so he even pretended to run a processor commercially in 2010, producing oil at $10/bbl which, at the time, he said would fetch around $100/bbl (WTI- $3/bbl).
Mr. Bordynuik had investors' heads spinning with the constant barrage of good news and investors couldn't get enough! Investors didn't even have enough time to notice that all of the deals kept disappearing because Mr. Bordynuik always had some new deal just inked to keep them on the edge of their seats. Mr. Bordynuik literally pumped PTOI to a market cap of half a billion dollars!...all while convincing investors that no pumping was being done.
The difference now, as far as I can tell, is that current CEO Mr. Heddle has much more to lose if he's caught for fraud. I'm guessing that's the reason he's being more careful. If he says he signs a deal...and investors later find out it's a sham, they could go after his personal assets.
WIth EcoNav, EcoNav provided a firewall to protect Mr. Heddle so he didn't have an issue pumping that story. He might have signed a contract with EcoNav...but he can blame EcoNav for not buying the two to six processors. The memorandum of understading (MOU) Mr. Heddle signed seven months ago is also low-risk, especially since nobody knows the identity of the other party who signed the MOU. An MOU just lays out an understanding of a contemplated deal--it's worthless.
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