Plastic2Oil, Inc. (OTCMKTS:PTOI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Effective as of October 12, 2017, the Board of Directors (the “Board”) of Plastic2Oil, Inc., a Nevada corporation (the “Company”), increased the number of directors comprising the Board from two to four members and appointed Jason C. Aspin and Lee C. Brain to fill the vacancies created thereby. The biographical information of the two new directors is set forth below.
Jason C. Aspin
Jason C. Aspin, 51, is the Chief Executive Officer and Chief Technology Officer of Aspin Kemp & Associates (AKA), a Canadian technology company providing innovation and solutions to marine and land based power, energy and power to process applications. Mr. Aspin cofounded AKA in 1996 and has served on AKA’s board of directors for 21 years. He is a graduate of the Canadian Coast Guard College Marine Engineering program. The Board has concluded that Mr. Aspin is qualified to serve as a director of the Company because of his 22 years of executive business experience in the industrial electrical, automation and mechanical industry.
Lee C. Brain
Lee C. Brain, 49, is the owner and operator of Hess Millwork, a custom commercial cabinetry manufacturing business that services architectural and commercial construction firms. He founded Hess Millwork in 1996 and currently manages and oversees sales, estimating and production management staff with a focus on logistics, safety and quality. The Board has concluded that Mr. Brain is qualified to serve as a director of the Company due to his 27 years of executive experience, as well as his significant experience in business strategy and decision-making.
In connection with Mr. Aspin and Mr. Brain’s appointments to the Board, the Board approved a grant of options to each director to purchase 25,000 shares of the Company’s common stock under the Company’s 2012 Long-Term Incentive Plan. The options to be awarded to Mr. Aspin and Mr. Brain shall vest equally over two years on each anniversary of the date of appointment.
Section 8 — Other Events
On October 18, 2017, the Company’s Chief Executive Officer issued a letter to stockholders describing certain business updates, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Section 9 — Financial Statements and Exhibits
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Press Release dated October 18, 2017 |
Plastic2Oil, Inc. ExhibitEX-99.1 2 ex99-1.htm Plastic2Oil CEO Provides Update to Shareholders NIAGARA FALLS,…To view the full exhibit click here
About Plastic2Oil, Inc. (OTCMKTS:PTOI)
Plastic2Oil, Inc. (P2O) manufactures processors, which produce fuel products mainly from unsorted, unwashed waste plastics for distribution across various markets. The Company operates through two segments: Plastic2Oil (P2O) and the Data Business. Its P2O solution segment manufactures and sells processors, as well as sells the fuel produced through its processors. The Data Business segment of the Company is engaged in data storage and recovery. Its P2O business is a commercial manufacturing and production business. The Company’s primary offering is its Plastic2Oil (P2O) solution, which is a process that converts waste plastic into fuel through a series of chemical reactions (P2O business). It collects mainly mixed plastics from commercial and industrial enterprises that generate large amounts of waste plastic for use in its process. The Company uses this waste plastic as feedstock to produce Fuel Oil No. 2, Naphtha, and Fuel Oil No. 6 for various uses by its customers.