Plastic2Oil, Inc. (OTCMKTS:PTOI) Files An 8-K Other EventsItem 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 Company’s technology and a potential sale of the Company’s plastic-to-oil processors. On July 24, 2017, the MOU expired and was not renewed by the parties due to difficulty in obtaining zoning approvals at the designated site. However, the parties continue to pursue joint opportunities for the sale of processors to third parties and on July 28, 2017, they entered into a new Memorandum of Understanding (the “MOU2”) regarding potential licensing of the Company’s technology and a potential sale of the Company’s plastic-to-oil processors at a different site. Unless a definitive agreement is signed on or prior to December 27, 2017, the MOU2 will expire. There can be no assurance that a definitive agreement will be executed prior to expiration of the MOU2.
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.