Plastic2Oil Inc (PTOI)

[the big guy]

The 2010 AGM works. Here is a 4-part video set.

Plus there was an article in the Wall Street reporter where he spoke about the 10$/barrel cost and the deal with Somerset at WTI-$3

I listened to them all, and I have identified everything that I consider to be misleading. Remember, misleading is a mild criticism compared to someone that outright lies. You asked for misleading, I will give you misleading. I listened to it objectively as a potential investor would.

It is interesting that he seemed to want the investment community to validate that it was profitable. He abandoned that, and resorted to tinkerfarting. He did not know when to call it quits, it seems. That does not surprise me. That is the problem with not being honest. It only leads to further dishonesty... the lie has to build on itself to continue.

As a potential investor, Here is what strikes me as "bullshit".


Part 1
- we are going to scale it up and roll it out fairly quickly. Did not happen.
- I was reading some tapes looking for seismic data and.. seems like a fantastic story. Always did, and that is misleading. The catalyst has not even been mentioned in years, making this discussion misleading.
- anything about oil and gas, I didn't know anything about... who would invest in a company where the CEPO did not know anything about the subject matter of the industry he is in?
- I did not want to go the VC route. All they do is get the stock to market quickly, pump it up, then exit and leave the company with a CEO and barely operable. He has done that, and they are exiting now. what is the difference??
- We have this huge data archive... during the dot-com boom I was buying up all of these computer systems and data (as people were replacing them).. this is an empty promise. The data archive has not been mentioned in years, and has not shown it's worth.

part 2
- our diesel is better than what is out there... there is no sulphur. The implication is that it could be sold commercially. I think not. Only privately. The reason is the maze of regulation out there, which he should have known about. Add to that the blending plant, which has been a big waste of money..
- refineries love us... no they don't. He has not sold a drop to refineries as far as I know.
- I had to laugh at the picture of JBI trying to unload the Chinese reactor with a couple of forklifts. I posted on this previously. Very unsafe for everyone, in fact someone could have been killed. Turns out the Chinese clued them in and they had to order cranes. Completely unprofessional, a waste of money, and a bad joke. To make matters worse, the Chinese even left a pair of asbestos gloves for them... JBI clearly pays no attention to the safety of it's people and basic construction safety.
- Islechem... our energy conversion is much better.. otherwise end product is worthless. The implication is that the process is going to be highly profitable. No it is not.
- we acquired 3 companies. that was "hard".. lol. 'nuff said... I don't think I would have been able to contain myself it I had been there.
- we had to consolidate the results from all these companies... more than 'nuff said...

Part 3
- the Florida management team is doing very well... sounds like a massive rollout coming. Did not happen.
- lock up feedstock. plastic is everywhere... 94% of plastic is landfilled... out target feedstock. His pitch was that mixed feedstock was their target market... as it went to landfill. Could not be recycled.. The implication is that 94% of all plastic out there can be recycled through JBI, and it is all free. Completely false.
- he states that the investment community needs to see the numbers on the machine. This is immediately after he says that they have got to where they are today through "word-of-mouth".
- in order to satisfy the investment community... he says that he signed a contract with URS. They were to do 2 things... help with permitting, and do a production audit. I remember a lot of debate about this, but I don't believe a contract with URS was ever signed. And SAIC did the production audit years later.

Full stop right here. This is interesting. He actually intended to focus on the Niagara plant and figure out how profitable it was with the help of the investment community. That is actually sensible. Now had he not promised big t hings to stockholders, this may have been alright. He is not making outright lies... yet. If someone wants to take a flyer and invest money in something when they do not know if it is going to be profitable, that is fine.

He did not do this. SAIC (not the investment community) did a production audit years later, which was used to pump the stock price. and of course, it was
"leaked" surreptitiously so as to add plausible deniability. sneaky...

- run tickets will follow production permits, nada.
- now this is interesting... his plan was to give the results of the production audit to the investment community, so that they could forecast the profitability of the machine...
- it all boils down to
- how fast can they get permitted
- how fast can they build these machines
- how much simpler can they get
- how profitable can they be

Problems: he made it more complicated. Still is. He did not follow through with the profitability thing. If you want to include the SAIC Summary, it is clouded in confusion. And, frankly, the results are unbelievable because they have not been able to replicate them in production.
- immediate goals
- build without permit
- stack test
- permit
- "at that time we push the Green Switch and run it 24/ 7"
- We were originally going to run it batch mode, Islechem said they can run continuously 24/ 77 and it works that way?? no they can't. Did they not have to design a feeder system and clean out guck to run continuously?? Looks like Islechem goofed.
- they signed contract with URS for worldwide permitting? they have the contacts.. what contract??
- what to do? need to get permits, and get 'em fast..
- NY State, Canada, and Florida
- maximize the NF facility, "find out what the return is" they did not find out what the return is in NF. Too busy tinkerfarting.
- working on Florida concurrently. as if Florida is in progress...