Plastic2Oil Inc (PTOI)

[scion]

On February 4, 2010, the Company formed a wholly owned New York corporation, JBI RE #1, Inc. to purchase an industrial building containing 14,860 square feet that is situated on about 3.37 acres of land in Niagara Falls, NY. This entity will house the first commercial operation of Plastic2Oil (“P2O”).

On February 9, 2010, the Company formed two Nevada corporations as wholly owned subsidiaries; Plastic2Oil Land, Inc., Plastic2Oil Marine, Inc. to operate P2O operations on land and sea, respectively.

The Company expects to begin commercial operations of converting waste plastic to oil in the second quarter of 2010.

In addition, the Company entered into its first Area Development Agreement with AS PTO, LLC to promote licensing and P2O operations in Florida using a combination of Joint Ventures (JV’s) and Company owned sites.

In February the first license was issued to Plastic 2 Oil of Clearwater 1, LLC (a Delaware LLC) and was arranged with members Plastic2Oil Land, Inc., AS PTO, LLC, and ES Resources, LLC.


John Bordynuik is the CEO and Director of the Plastic2Oil corporations and he is overseeing a professional team that is primarily comprised of value based managers who are also shareholders of JBI.

The Plastic2Oil Land, Inc. Chief Operating Officer will be Robert Shoemaker who, prior to taking on this role, was CEO of Pak-It, LLC. Mr. Shoemaker takes no salary.

Assisting Mr. Shoemaker (also with no salaries) are Richard M. Haber, Esq., Steven Weiss, Esq., Paul Raymond, Esq., Geoffrey Weber, CPA, and Al Sousa (Mr. Sousa is the Area Developer for Florida and he provides advisory services to P2O at no-charge).

Michael Kaplanis (JBI VP of Mergers, Acquisition & Strategy) provides research and analytical support to the P2O operations as does JBI Chief Financial Officer, Ronald Baldwin.

The P2O professionals have developed a strategy and business plan for the global launch of P2O that utilizes a combination of Area Development Agreements, licenses, JV’s and Company owned sites. Their compensation is strictly “value based” and will be directly correlated with P2O profitability.

Jbi/Inc · 10-K · For 12/31/09
http://www.secinfo.com/d151E3.r161.htm?Find=Weber&Line=691#Line691