Plastic2Oil, Inc. (OTCMKTS:PTOI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On August 29, 2018, Plastic2Oil, Inc., a Nevada corporation (the “Company”), entered into an agreement (“Amendment to Note 1”) with Mr. Richard Heddle, the Company’s chief executive officer and a member of the Company’s board of directors, to extend the maturity date of the outstanding $1 million principal amount 12% Secured Promissory Note due August 31, 2018 (“Note 1”) to December 1, 2018. Mr. Heddle originally purchased Note 1 from the Company on August 29, 2013 in the Company’s private placement of 12% Secured Promissory Notes due August 31, 2018.
On August 29, 2018, the Company entered into an agreement (“Amendment to Note 2”) with Mr. Heddle to extend the maturity date of the outstanding $2 million principal amount 12% Secured Promissory Note due September 30, 2018 (“Note 2”) to December 1, 2018. Mr. Heddle originally purchased Note 2 from the Company on September 30, 2013 in the Compaany’s private placement of 12% Secured Promissory Notes due September 30, 2018.
The foregoing description of the Amendments are only a summary and is qualified in its entirety by the complete text of the Amendments, a copy of which are filed herewith as Exhibit 10.1 and Exhibit 10.2.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The exhibits required by this item are listed on the Exhibit Index hereto.
Plastic2Oil, Inc. ExhibitEX-10.1 2 ex10-1.htm Agreement to Extend Time for Payment of August 29,…To view the full exhibit click
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.