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): March 8, 2016
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PLASTIC2OIL,
INC. |
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(Exact
name of registrant as specified in its charter) |
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Nevada |
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000-52444 |
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90-0822950 |
(State
or other jurisdiction |
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(Commission |
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(I.R.S.
Employer |
of
incorporation) |
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File
Number) |
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Identification
No.) |
20
Iroquois Street
Niagara Falls, NY |
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14303 |
(Address
of principal executive offices) |
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(Zip
Code) |
Registrant’s
telephone number, including area code: (716) 278-0015
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N/A |
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Former
name or former address, if changed since last report |
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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) |
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[ ] |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] |
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
March 8, 2016 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.
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Plastic2Oil,
Inc. |
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March
9, 2016 |
By: |
/s/
Richard Heddle |
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Name:
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Richard
Heddle |
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Title:
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Chief
Executive Officer |
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
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99.1 |
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Press
Release of Plastic2Oil, Inc. dated March 8, 2016. |
Exhibit
99.1
Letter
to Plastic2Oil Stockholders from Richard Heddle, Chief Executive Officer
NIAGARA
FALLS, NY, March 8, 2016
The
following is a statement by Richard Heddle, CEO, Plastics2Oil, Inc. (OTCQB: PTOI):
Dear
P2O Shareholder:
I
want to provide a review and update on the status of our Company.
Operations
In
August 2013, I became CEO of Plastics2Oil (“P2O”) during a period of significant transition in the operations of the
Company. Prior to becoming CEO, I was a long term shareholder convinced of the viability and commercial need for the Company’s
technology and the financial opportunity it presents. I am even more convinced today and I have personally invested millions of
dollars into the Company.
As
CEO, I have substantially reduced the Company’s monthly cash burn rate. One of my first cost cutting decisions was to cease
operations at the RRON facility in Thorold, Canada. I am pleased to report that we recently came to terms regarding the remaining
balance of the lease agreement. With that and other time consuming and financial issues largely behind us, our efforts are laser
focused on closing the first P2O processor sales in 2016.
Over
the next few weeks, we will be sharing important information with you regarding the sales and marketing program that we intend
to launch. Our efforts will include direct sales as well as a new partnership. To that end, we made the decision not to further
extend our agreement with EcoNavigation as their firm has been unable to conclude processor sales via acceptable terms.
Through
years of testing and refinement in conjunction with our outside engineering firm, we are considering brining our flagship processor
#3 back online in the coming months. It will be important to be able to demonstrate the commercial viability of this processor
by regular operations at our Niagara Falls plant.
Of
primary influence to our decision to expand our sales efforts and to bring the flagship processor #3 back on line is our view
based on analysis and consultation that oil prices have reached a bottom and could rise to $50 a barrel by the end of the year.
While
the price of crude is a factor in certain economic analysis pertaining to our processor sales, it is not the only factor. There
are significant costs associated with landfill disposal.
Financial
decisions regarding P2O’s disruptive technology are based on the results of models that are tailored specifically to each
potential client. These include, but are not limited to, the anticipated life of a processor or cluster, specific configurations
of customers’ sites and facilities on hand, and the ability to integrate P2O’s technology into existing operations.
Internal
Changes
While
our primary focus continues to be on the sale of our disruptive technology, a number of internal operational changes are being
addressed:
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1. |
The
Niagara Falls plant will provide a source of revenue in the coming quarters. The Company plans to raise additional outside
capital for the restart of flagship processor #3 and we are also considering modifications to our processor #2 in order to
improve economies of scale and resultant cash flow. |
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2. |
Plastics2Oil
owns a fully permitted fuel blending facility in Thorold, Canada. Regional demand justifies bringing the facility back
on line and we intend to lease the blending facility to a qualified independent operator in 2016. |
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3. |
We
will continue to draw support from our loyal shareholder base that includes individuals with impressive business credentials,
experience and acumen. Valuable strategic suggestions have been offered and are being evaluated. I am also considering making
important additions to our management team in the coming months and we may establish an advisory board. |
Madison
County, New York
Many
P2O investors may be aware that an RFP has been issued by Madison County, New York. We applaud Madison County’s role in
recognizing environmental issues and initiating a regional alternative to the disposal of agricultural waste plastic in landfills.
In the past, P2O has successfully processed plastic feedstock for Madison County.
A
single P2O processor operating at full capacity can process nearly 30 tons of hydrocarbon/feedstock material per day. We know
of no other company that provides a more viable solution. We will continue to evaluate the situation to determine if there is
a worthy, viable proposal that can be submitted. If no responsible bid is accepted by Madison County for their RFP, P2O will attempt
to provide other solutions that may work for our neighbors in Madison County.
Our
Environment
Beyond
the financial considerations for our Company is the impact the disposal of plastic has on our environment. Each year over 30 million
tons of plastic waste enters our fragile ecosystem. Costs are incurred to find, extract and refine crude oil; ultimately only
to incur additional costs in returning that crude oil, now in the form of plastic, back underground via landfills. Equally offensive
is seeing plastic as litter accumulating in our streets, oceans, lakes and streams.
All
of us at P2O believe that market needs and government regulation will drive the widespread deployment of our technology. Our solution
presents a compelling financial opportunity and delivers with substantial and obvious environmental benefits. Like many of you,
we are resolute that environmental issues need to be handled responsibly now, not left for future generations.
Lastly,
I want to personally thank each and every P2O shareholder for their invaluable support.
Best
regards,
/s/
Richard Heddle |
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Richard
Heddle, CEO |
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Plastic2Oil,
Inc. |
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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.
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.
Contact
Information
Plastic2Oil,
Inc.
20
Iroquois Street
Niagara
Falls, NY 14303
Direct
716-278-0015
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