Plastic2Oil Inc (PTOI)

[xxxxcslewis]

Perhaps a review of Rich Heddle’s role is appropriate.

In the summer of 2013 it the motives and tactics of some of the investors behind the May 2012 financing were apparent. It was evident the management team that has been put in place by those pulling the strings was involved.

Former director John Wesson exposed the carpetbagger management for what it was. While the details of the heroic effort to oust that “management team” will likely never be disclosed, it is likely safe to say Rich Heddle was involved.

Not only were the scoundrels disposed of the onerous effort to steal the technology was foiled. I give credit to John Bordynuik for simply outsmarting the outsiders for that accomplishment. The ownership of the technology remains with Plastic2Oil and its shareholders.

Rich Heddle assumed his role as CEO on August 15, 2013. Processor #3 had one successful operating cycle at the time.

Immediately upon assuming that role the business model was radically changed from the flawed fuel production strategy of the previous management team and replaced with a new model. The new model took some time to develop, as evidenced by the complexity of the portions of the EcoNavigation agreement that have been disclosed.

The processor began operations again in the fall of 2013 and all appeared to be going well. Then the brutal winter weather took hold and the equipment failure occurred. According to filings the failure was a result of faulty welding of the condensers that had been supplied and installed throughout the facility during the shutdown. There was no problem with the technology or the processors themselves. The processors were steadily increasing throughput when the crisis suddenly emerged.

Difficult decisions had to be made quickly. Cost considerations resulted in the entire operating staff being terminated along with most of the other employees. While that was occurring the CFO chose to leave the company and the task of finding a replacement was successfully handled. It should be noted the company is now fully compliant with the SEC.

During this period Rich Heddle and John Bordynuik financially supported the company. Consulting agreements were entered and customers were being solicited. The business model was further adapted. The Obrien and Gere relationship emerged.

That brings us to the end of May 2015. I expect there will be many disclosures over the coming months.

I expect by Rich Heddle’s two year anniversary as CEO we will have a better idea of his success as CEO in deploying this disruptive technology and helping to solve a worldwide environmental problem. I think it will be a celebration.