Plastic2Oil Inc (PTOI)

[skier876]

NYSE by March 2010?

That's a pretty bold goal for a BB company CEO to make. I wonder if John looked at the listing requirements before making that claim to investors.

The NYSE listing requirements are located here.
http://www.nyse.com/regulation/nyse/1147474807344.html
JBII's most recent financials are here.
http://finance.yahoo.com/q/is?s=jbii.ob

Going through the checklist:
Distribution and Size Criteria: Yes
Stock Price Criteria: Yes (assuming $4 pps is easily within reach)
Financial Criteria: (Must meet 1 of the following)
1) $10-$12 million in earnings over at least 2-3 years: Not by March 2010
2) $100M in revenue with $25M in positive cash flow: Not by March 2010
3) $750M market cap, $75M in revenue in most recent fiscal year: Not by March 2010
4) Parent or affiliate on NYSE. No
5) $75M in total assets, $50M in shareholder equity. Possible, would require raising about $50-$75M in a private placement. Pretty bold fundraising goal in this market for a BB.
6) REIT: No
7) Fund: No
8) Spac: No

So it looks like the only way to meet the financial criteria by March 2010 is to do a very large private placement. Even if that did occur, the NYSE might still deny the application because other than a large stash of cash, they would have a very limited operating history by NYSE standards. (See fine print at bottom of page)

So, before you get too excited about March, take a look at the listing criteria yourself. Since the listing requirements are looking for company with a 2-3 year record of strong profits, I'd say they are 2-3 years out for NYSE. Nasdaq has financial viability requirements as well, so listing on Nasdaq in about 12-18 months is more likely.