Plastic2Oil, Inc. (OTCMKTS:PTOI) Files An 8-K Other Events
Item 8.01 Other Events.
As previously reported, Plastic2Oil, Inc. (the Company) is party
to a Memorandum of Understanding (the MOU) with a Southern U.S.
company regarding potential licensing of the Companys technology
and a potential sale of the Companys plastic-to-oil processors.
On May 24, 2017, the parties agreed to extend the term of the MOU
until July 24, 2017, as the parties need additional time to
negotiate and finalize a definitive agreement and to address
zoning and permitting at the proposed site. The MOU was extended
on three prior occasions. There can be no assurance that a
definitive agreement will be executed prior to expiration of the
extended term of the MOU.
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. Plastic2Oil, Inc. (OTCMKTS:PTOI) Recent Trading Information
Plastic2Oil, Inc. (OTCMKTS:PTOI) closed its last trading session 00.0000 at 0.0300 with 618,449 shares trading hands.
