UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported): September 15, 2015
PLASTIC2OIL,
INC. |
(Exact name of registrant as specified in its charter) |
Nevada |
|
000-52444 |
|
90-0822950 |
(State or other jurisdiction |
|
(Commission |
|
(I.R.S. Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
20 Iroquois Street
Niagara Falls, NY |
|
14303 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number,
including area code: (716) 278-0015
N/A |
Former name or former address, if changed since last report |
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 – Registrant’s
Business and Operations
Section 8 — Other Events
Item 8.01
Other Events
Press Release
On September 15, 2015, the Company’s
Chief Executive Officer issued a letter to stockholders describing certain business updates, a copy of which is attached as Exhibit
99.1 to this Current Report on Form 8-K and incorporated herein by reference.
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.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
Plastic2Oil, Inc. |
|
|
September 15, 2015 |
By: |
/s/
Richard Heddle |
|
Name: |
Richard Heddle |
|
Title: |
Chief Executive Officer |
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Press Release of Plastic2Oil, Inc. dated September 15, 2015. |
Exhibit
99.1
Letter to Plastic2Oil Stockholders from
Richard Heddle, Chief Executive Officer
NIAGARA FALLS, NY, September 15, 2015 (GLOBENEWSWIRE)
To our valued Plastic2Oil, Inc. (PTOI) stockholders:
As
we head into the fall, I want to share with you a number of important updates concerning Plastic2Oil. Before doing so, I want to
say that I appreciate the consistent outreach to the Company and the support we get from stockholders as we move forward with our
strategic plan to sell Plastic2OilÒ
processors and license Plastic2OilÒ
technology in collaboration with several venture partners.
Madison County, NY Project
First, we are happy to announce that one of
the projects we are considering for the Northeastern U.S. region is with Madison County, New York. Together with EcoNavigation
(“EcoNav”), we are currently working to complete a deal that may provide for the sale and installation of up to six
processors in Madison County. The project is subject to EcoNav obtaining suitable financing, which is presently in the final stages.
You might be interested to know that earlier
this year, we received a letter from Madison County to Plastic2Oil, which states in relevant part, “Madison County has long
been aware of the P2O technology and is excited to see a project established at the ARE (Agriculture and Renewal Energy) Park,
as it is consistent [with] our concept and goals of future projects.”
In addition, we remain optimistic about negotiations
surrounding several additional potential projects, each of which could lead to the sale or licensing and installation of several
processors. Due to the size and scope of the potential projects, the task of due diligence is extremely robust. We are, however,
making measurable progress but, of course, there can be no assurances that these potential projects will be completed. The scope
of work we are doing with EcoNav has expanded beyond the initial deal, which we announced several months ago, and we will work
with EcoNav to amend our agreements as necessary to accommodate the further opportunities.
Annual Meeting of Stockholders
It was our expectation earlier in the year
to consummate one of these deals before the fall and to then hold our Annual General Meeting (“AGM”). However, we will
be temporarily postponing our AGM until we are in the closing stages of a deal in order to minimize distractions and prudently
manage our working capital.
Infrastructure Improvements
Over the past few months we have invested into
infrastructure upgrades and repairs in order to increase support for Processor #3, e.g. “our showcase processor used to demonstrate
P2O capabilities to potential customers.” Our focus has been the main plant and surrounding framework, the chiller and the
laboratory. We rebuilt the laboratory (“lab”) to enable high volume testing of plastics, used oils and fuels. Our lab
equipment now includes: Gas Chromatographs, an Electron Capture Detector for used oil testing, an Atomic Absorption Spectrometer
for used oil metals testing, automatic flash and pour point testers, distillation equipment, sulfur and silicon testing, and all
other relevant support equipment. We follow accepted industry testing standards, including ASTM (American Society for Testing and
Materials), ISO (International Organization for Standardization), IP (Ingress Protection), and others. Our lab staff is skilled
in hydrocarbon-related quality control, and the equipment has been calibrated after being idle for two years.
Recent Press
Our Company was recently mentioned in a press
release by Future Market Insights and was referred to as a “key player in the United States plastic-to-fuel market.”
Here is a link to the press release:
http://www.reuters.com/article/2015/06/02/ny-future-market-insight-idUSnBw026323a+100+BSW20150602
We continue to make progress on our main objective
of selling Plastic2Oil processors, which we expect to result in significant revenues for the Company. I remain committed to this
objective and work diligently on this, as do our staff, partners and advisors.
I look forward to issuing another update as
soon as material developments occur, and I’d like to again thank our stockholders for their support and input with respect
to our operations and growth strategy.
Sincerely,
Richard Heddle
Chief Executive Officer
About
Plastic2Oil
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®) process is a commercially viable,
scalable proprietary process designed to provide immediate economic benefit for industry, communities and government organizations
with waste plastic recycling challenges. For further information, please visit www.plastic2oil.com.
With its revolutionary P2O technology, P2O
has pioneered a process that has the ability to change the way the world handles waste plastic and plastic recycling. P2O is committed
to environmental sustainability by diverting plastic waste from landfill and potential incineration.
The Company is also committed to the creation
of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business.
U.S. investors can find current financial
disclosure and Real-Time Level 2 quotes at http://www.otcmarkets.com/stock/PTOI/quote.
FORWARD-LOOKING STATEMENTS
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 March 31, 2015.
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