Plastic2Oil Announces Plan to Resume Fuel Production & Sales and Amends Veridisyn Agreement
NIAGARA FALLS, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Plastic2Oil, Inc. (OTCQB: PTOI): Plastic2Oil, Inc. (“P2O”) today announced that the Company plans to resume limited production and sale of fuel products by processing used oils and film plastics. P2O previously engaged in fuel production for commercial sale before shifting its business strategy in 2014 to licensing its P2O technology.
The Company secured additional debt financing commitments from two current directors for approximately $250,000 for the intended use of initially restarting one of its processors in such a way that should allow the Company to process used oils and film plastics. It is the Company’s goal to produce and sell #2 fuel oil from the processor to provide operating cash to support P2O’s core technology licensing business.
In support of the Company’s goal to license P2O’s technologies, the Company has also entered into an amendment of its Master Agreement with Veridisyn Technologies, LLC, (“Veridisyn”) a company engaged in the development of alternative energy projects. On August 6th, 2018, P2O executed an amendment to its Master Agreement with Veridisyn that extends the date that Veridisyn must submit purchase orders for the first two processors by November 26th, 2018, along with the amendment of certain other related time period changes in the agreement. For more information concerning this amendment please refer to the Company’s Form 8-K, Filed on August 7, 2018.
“We are pleased to have secured the financial commitments that should allow us to re-initiate the processing of used oils and film plastics and we thank our two directors for their financial support and faith”, stated CEO Rick Heddle. “We are also looking forward to accelerating our work with Veridisyn in the near term, as they work to complete the remainder of their financing and other planning efforts in support of our Master Agreement. While it has taken longer than either party had initially planned, the progress has been moving along well and we look forward to a mutually beneficial partnership in the future.”
ABOUT THE COMPANY
Plastic2Oil, Inc. (“P2O”) is an innovative North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company’s patent-pending Plastic2Oil® (P2O®) is a proprietary, commercially viable, and scalable process designed to provide immediate economic benefit for industry, communities, and government organizations faced with waste plastic recycling challenges. For more information, please refer to the company’s website at http://www.plastic2oil.com/site/home.
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes at www.otcmarkets.com/stock?PTOI/qoute.
The information presented in this Press Release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to management’s current beliefs, plans, strategies, objectives, goals and expectations, including expectations about the future financial or operating performance of Plastic2Oil, Inc. (the “Company”) and its projects, sales, vendor and customer contracts, capital expenditures, capital needs, government regulation of the industry, environmental risks, limitations of insurance coverage, and the timing and possible outcome of regulatory matters, including the granting of patents and permits. Words such as “expect”, “anticipate”, “intend”, “attempt”, “may”, “will”, “plan”, “believe”, “seek”, “estimate”, and variations of such words and similar expressions are intended to identify such forward-looking statements. The potential risks and uncertainties that could cause actual results to differ materially from those expressed, implied or forecasted herein may include, without limitation, risks associated with general business, economic, competitive, political and social uncertainties; risks associated with changes in project parameters as plans continue to be refined; risks associated with failure of plant, equipment or processes to operate as anticipated; risks associated with accidents or labor disputes; risks associated in delays in obtaining governmental approvals or financing, or in the completion of development or construction activities; risks associated with financial leverage and the availability of capital; risks associated with the price of commodities and the inability of our Company to control commodity prices; risks associated with the regulatory environment within which our Company operates; risks associated with litigation including the availability of insurance; and risks posed by competition. The forward-looking statements in this press release are made as of the date of this press release. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
The Company urges readers of this press release to consider carefully the disclosures in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, which was filed on April 2, 2018.
Contact Information: Plastic2Oil, Inc. 20 Iroquois Street Niagara Falls, NY 14303 Direct 716-278-0015. ###