A unknown buyer entered into memorandum of understanding to acquire processor units of Plastic2Oil, Inc..
September 19, 2016
Share
A Southern U.S. company entered into memorandum of understanding to acquire processor units of Plastic2Oil, Inc. (OTCPK:PTOI) on August 26, 2016. The memorandum is non-binding and sets forth an understanding between Plastic2Oil and the buyer regarding mutual intent to negotiate and enter in definitive agreements. The definitive agreement is to be executed on or before November 25, 2016, with a subsequent date of closing to be mutually agreed to by Plastic2Oil, Inc. and the Southern US Company. As of March 26, 2017, the parties agreed to extend the term of the MOU to May 24, 2017. There can be no guarantee that a definitive agreement will be executed prior to expiration of the extended term of the MOU. In July 2017, Plastic2Oil, Inc. announced the signing of a new memorandum of understanding (MOU) with a potential partner regarding the licensing of their technology and a potential sale of processor units. They are still in the process of moving from the MOU to a definitive agreement.
Plastic2Oil, Inc. is a technology development and licensing company. The Company has developed technology, which converts waste plastic into ultra-clean, ultra-low sulfur fuel products through its plastic-to-oil (P2O) process. It has constructed various fully operational P2O processors to demonstrate its technology and process to potential customers. The Company provides its solutions through its processors and technologies. The Companyâs primary offering is its Plastic2Oil (P2O) solution, which is its process that converts waste plastic into fuel through a series of chemical reactions (P2O business). It is a combination of its own technologies and processes developed by P2O, which convert waste plastics into fuel. The Company has three processors at its Niagara Falls, NY facility. Its subsidiaries include Plastic2Oil of NY #1, LLC, Plastic2Oil (Canada) Inc., JBI RE#1, Inc. and Plastic2Oil RE ONE, Inc.