Plastic2Oil Inc (PTOI)

[Johnik]

P K G:

Regarding this:

There was an item in the CC that has gotten passed over and I wonder if anyone has any insight on it? John said that he would proceed in Fla with ONLY Al Sousa. There had been others, evidently, but they are being dropped, as I heard him say. Anyone?
Does it have any significance?

According to the filings, the former Pak-It group (which had been in negotiations with JBI regarding the Florida roll-out) proposed contract terms that were unacceptable to JBI.

In April, 2010 JBI negotiated with the former Pak-It management group and their affiliates, including Geoff Weber, Robert Shoemaker, Dick Haber, and Paul Raymond, for a potential written engagement for the provision of services intended to assist JBI management and support the launch of the Plastic2Oil business. On or about April 22, 2010, the group proposed written terms concerning their engagement. JBI management determined that it was in the best interest of the Company and its shareholders to not accept the proposed terms and to proceed without the assistance of the group.

http://www.sec.gov/Archives/edgar/data/1381105/000121390010005258/f10k2009a2_jbi.htm

(page 19)

Al Sousa is the only individual I recall being mentioned in the press releases announcing anticipated P2O sites in Florida, so it is great knowing that he is still on board. The significance of the dropped negotiations concerning possible services provided by the former Pak-It group in developing P2O in Florida depends on the value one assigns to the involvement of such individuals.