Plastic2Oil, Inc. (OTCMKTS:PTOI) Files An 8-K Other Events
Item 8.01 Other Events.
As previously reported, on August 26, 2016 Plastic2Oil, Inc. (the
Company) executed a Memorandum of Understanding (the MOU) with a
Southern U.S. company regarding potential licensing of the
Companys technology and a potential sale of units. On November
28, 2016, the parties agreed to extend the term of the MOU until
January 23, 2016. The parties will need to execute a definitive
agreement by this date unless a further extension is mutually
agreed upon. This extension of the MOU was agreed upon due to
additional time needed to address zoning and permitting at the
proposed site. There can be no guarantee that a definitive
agreement will be reached 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 down -0.0040 at 0.0410 with 39,125 shares trading hands.