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Friday, December 22, 2017 6:01:54 PM
Item 1.01 Entry into a Material Definitive Agreement.
On December 21, 2017, Plastic2Oil, Inc. (the “Company”) executed a Master Agreement (the “Master Agreement”) with Veridisyn Technologies, LLC, a company engaged in processing waste plastics (the “Customer”), pursuant to which the Customer agreed to purchase all of its requirements for the catalyst and processors for its plastic-to-oil (P2O) operations from the Company and to license from the Company certain related P2O technology. The Master Agreement was executed pursuant to the Company’s previously disclosed Memorandum of Understanding with a then un-disclosed party.
Under the Master Agreement, the Customer agreed to submit purchase orders for six processors during the first three years of the Master Agreement, two of which shall be ordered within the first one hundred twenty days of executing the Master Agreement. The purchase price of the P2O processors will be $2 million for each of the initial two processors and $3 million for each subsequent processor. In connection with the sale of processors, the Company agreed to provide certain monitoring and technical support services. In addition, as consideration for the non-exclusive license of certain P2O technology, The Customer agreed to pay the Company a royalty fee of 5% of gross sales of fuel products by the Customer or its customers. The Company granted the Customer a right of first refusal to purchase P2O processors for facilities to be developed in certain southern U.S. States.
The foregoing description of the Master Agreement is only a summary and is qualified in its entirety by the complete text of the Master Agreement. The Company intends to file a copy of the Master Agreement as an exhibit to its Annual Report on Form 10-K for its fiscal year ending December 31, 2017.
https://www.sec.gov/Archives/edgar/data/1381105/000149315217015014/form8-k.htm
from the 5.1.17 PR ..
http://www.plastic2oil.com/site/news-releases-master/2017/05/01/president-provides-update-to-shareholders
Veridisyn Technologies, LLC = Robin Curtis ..
Nice to see RH *pro-active* vs re-active regarding this date .. kudos ..
4kids
10/5/07 -- there are no coincidences here ...
oh and like many other longs .. not selling at this level --
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