As previously reported, Plastic2Oil, Inc. (the “Company”) is party to a Memorandum of Understanding (the “MOU”) with a Southern U.S. company regarding potential licensing of the Company’s technology and a potential sale of the Company’s plastic-to-oil processors. On May 24, 2017, the parties agreed to extend the term of the MOU until July 24, 2017, as the parties need additional time to negotiate and finalize a definitive agreement and to address zoning and permitting at the proposed site. The MOU was extended on three prior occasions. There can be no assurance that a definitive agreement will be executed prior to expiration of the extended term of the MOU.
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