Plastic2Oil Inc (PTOI)

[Johnik]

Ryoko, in regards to this:

Aren't the permits due about now? It's not like they are trying to license a nuke reactor.

I personally don't expect to see the final permits anytime soon. The DEC's determination last December that a solid waste permit would be required greatly impacted the anticipated timeline. Under the DEC's regulations, permit applications for a project that involves both "minor" (i.e., the "simple air permit") and major activities are processed collectively as a major project for purposes of the UPA (including the timeline).

Link to section 621.3: http://www.dec.ny.gov/regs/4486.html#18133

According to the DEC consent order, JBI's solid waste permit application was due on March 1. According to JBI's recent press release, the DEC received all required submissions under the consent order on time.

Consent order: http://www.sec.gov/Archives/edgar/data/1381105/000121390010005243/f8k121510ex99ii_jbi.htm

Press release: http://www.plastic2oil.com/news/2011-press-releases/20110316-jbi,-inc-shareholder-update-on-business-activities.aspx

The DEC must now make a determination as to whether JBI has submitted all documentation as required under the regulations (assuming that it has not made that determination already). The DEC's completeness determination then triggers the applicable time frame for granting the permits--as well as ancillary matters such as public notice and comment, when applicable.

Until that time, we can be pleased to have been granted approval to operate pursuant to the consent order. So long as JBI is in compliance with that order, which it appears to be, then the time processing the permit applications should not materially affect JBI's business operations, in my opinion. JBI could always seek modification of the order to the extent it imposes an undue burden on its operations.