Sent: Tue Aug 7 2018 4:17:06 PM EDT BusinessWire,
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Posted On: 08/07/2018 7:27:07 PM
Sent: Tue Aug 7 2018 4:17:06 PM EDT
BusinessWire, GlobeNewswire and PR Newswire News
Plastic2Oil Inc PTOI:OTCQB
Plastic2Oil Announces Plan to Resume Fuel Production & Sales and Amends Veridisyn Agreement
GlobeNewswire
4:16 PM ET
Plastic2Oil, Inc. (OTCQB: PTOI): Plastic2Oil, Inc. ("P2O"
today announced that the Company plans to resume limited production and sale of fuel products by processing used oils and film plastics. P2O previously engaged in fuel production for commercial sale before shifting its business strategy in 2014 to licensing its P2O technology.
The Company secured additional debt financing commitments from two current directors for approximately $250,000 for the intended use of initially restarting one of its processors in such a way that should allow the Company to process used oils and film plastics. It is the Company's goal to produce and sell #2 fuel oil from the processor to provide operating cash to support P2O's core technology licensing business.
In support of the Company's goal to license P2O's technologies, the Company has also entered into an amendment of its Master Agreement with Veridisyn Technologies, LLC, ("Veridisyn" a company engaged in the development of alternative energy projects. On August 6, 2018, P2O executed an amendment to its Master Agreement with Veridisyn that extends the date that Veridisyn must submit purchase orders for the first two processors by November 26, 2018, along with the amendment of certain other related time period changes in the agreement. For more information concerning this amendment please refer to the Company's Form 8-K, Filed on August 7, 2018.
"We are pleased to have secured the financial commitments that should allow us to re-initiate the processing of used oils and film plastics and we thank our two directors for their financial support and faith", stated CEO Rick Heddle. "We are also looking forward to accelerating our work with Veridisyn in the near term, as they work to complete the remainder of their financing and other planning efforts in support of our Master Agreement. While it has taken longer than either party had initially planned, the progress has been moving along well and we look forward to a mutually beneficial partnership in the future."
BusinessWire, GlobeNewswire and PR Newswire News
Plastic2Oil Inc PTOI:OTCQB
Plastic2Oil Announces Plan to Resume Fuel Production & Sales and Amends Veridisyn Agreement
GlobeNewswire
4:16 PM ET
Plastic2Oil, Inc. (OTCQB: PTOI): Plastic2Oil, Inc. ("P2O"
today announced that the Company plans to resume limited production and sale of fuel products by processing used oils and film plastics. P2O previously engaged in fuel production for commercial sale before shifting its business strategy in 2014 to licensing its P2O technology. The Company secured additional debt financing commitments from two current directors for approximately $250,000 for the intended use of initially restarting one of its processors in such a way that should allow the Company to process used oils and film plastics. It is the Company's goal to produce and sell #2 fuel oil from the processor to provide operating cash to support P2O's core technology licensing business.
In support of the Company's goal to license P2O's technologies, the Company has also entered into an amendment of its Master Agreement with Veridisyn Technologies, LLC, ("Veridisyn"
a company engaged in the development of alternative energy projects. On August 6, 2018, P2O executed an amendment to its Master Agreement with Veridisyn that extends the date that Veridisyn must submit purchase orders for the first two processors by November 26, 2018, along with the amendment of certain other related time period changes in the agreement. For more information concerning this amendment please refer to the Company's Form 8-K, Filed on August 7, 2018. "We are pleased to have secured the financial commitments that should allow us to re-initiate the processing of used oils and film plastics and we thank our two directors for their financial support and faith", stated CEO Rick Heddle. "We are also looking forward to accelerating our work with Veridisyn in the near term, as they work to complete the remainder of their financing and other planning efforts in support of our Master Agreement. While it has taken longer than either party had initially planned, the progress has been moving along well and we look forward to a mutually beneficial partnership in the future."
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