Replies to post #276448 on Plastic2Oil Inc (PTOI)

[ThePennyGuru]

Current Report Filing (8-k)
Date : 12/23/2014 @ 3:14PM
Source : Edgar (US Regulatory)
Stock : Plastic2oil, Inc. (QB) (PTOI)
Quote : 0.08 0.0031 (4.03%) @ 2:29PM
Current Report Filing (8-k)
Print
Alert
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): December 18, 2014

PLASTIC2OIL, Inc.
(Exact name of registrant as specified in its charter)

Nevada 000-52444 90-0822950
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)

20 Iroquois Street
Niagara Falls, NY
14303
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: [phone]

N/A



Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


(1)



Item 8.01 Other Events

As previously reported, on August 8, 2013, Plastic2Oil, Inc. (formerly known as JBI, Inc.) (the “Company”) entered into a stipulation agreement (the “Stipulation Agreement”) in potential settlement of the previously reported class action lawsuit filed by certain stockholders of the Company against the Company and Messrs. Bordynuik and Baldwin (both former officers of the Company) on behalf of a settlement class consisting of purchasers of the Company’s common stock during the period from August 28, 2009 through January 4, 2012. The terms of the Stipulation Agreement are summarized in the Company's Form 8-K, filed with the Securities and Exchange Commission on August 9, 2013.

On December 18, 2014, the Court filed and entered its Order Preliminarily Approving Settlement and Providing for Notice of Proposed Settlement (the “Preliminary Approval Order”). In its Preliminary Approval Order the Court preliminarily approved the settlement, and scheduled a hearing on April 27, 2015, at which the Court will be asked to finally approve the settlement of the litigation and to enter judgment accordingly.

Any actual settlement is subject to risks and uncertainties including, among other things, objections from class members to the terms of the settlement and failure of the Court to approve the settlement.

(2)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Plastic2Oil, Inc.

December 23, 2014 By: /s/ Richard Heddle
Name: Richard Heddle
Title: Chief Executive Officer

[Zardiw]

PTOI CEO on Latest Status/Update:

Niagra Falls, NY / ACCESSWIRE / November 24, 2014 / To our valued Plastic2Oil (PTOI) stockholders:

I thought it was important to take a moment to reach out to you directly, as we have been extraordinarily busy behind the scenes implementing the shift in our business strategy, which focuses on the sale and licensing of our proprietary processors, as opposed to exclusively processing plastics and selling fuel.

As you may know, on November 20, 2014, we filed Form 8-K covering our recent financing, and on November 14, 2014, we filed our Quarterly Report (10-Q) for the third quarter of 2014. I encourage you to read the 10-Q closely and to contact our investor relations representative with any questions that you may have. Following the discussion of our business operations in the 10-Q and the recent filing, we received feedback that some stockholders are seeking more information on the current state of our business. To those stockholders that contacted us about this, I thank you for the feedback. Let me address some of the items raised.

We are working hard to move towards profitability, but we recognize that the movement of the stock has been disappointing for all of our stockholders, including myself. As you may be aware, I currently own 3,000,000 shares of our common stock and thus, my personal wellbeing and net worth are every bit as exposed to the fluctuations in our stock price as are other common stockholders. I want to remind everyone that I have not sold a single share of the company's stock since I began investing in this company more than four years ago. Like many of you, I've invested at prices significantly higher than the current price. During my tenure as CEO, one constant has kept me motivated: I believe that if we execute the sale and licensing of processors, we will achieve significant revenues and the valuation of our company will increase accordingly.

As disclosed, I continue to defer pay and have extended substantial loans to the company while John Bordynuik, our Chief of Technology, has deferred pay, paid debts, paid for lab work, consumables, equipment, and assumed obligations approaching in aggregate of $400,000. We've done this so that we can continue our operations until we obtain adequate new financing and/or execute on our first processor sale. We have undergone several reductions in the number of our staff so as to retain only those personnel essential to our reporting obligations and for demonstration and sale of our processors to potential buyers. We plan to continue such cost control measures until we achieve our first sale.

We continue to believe that our third generation Plastic2Oil processor, which we call our "flagship" processor, is the most automated, green, viable, and technologically advanced process in the world for converting waste plastics into usable fuel and we firmly believe there is substantial market potential for the sale and license of our processors. In support of this, see an independent study completed last month by the American Chemistry Council: http://plastics.americanchemistry.com/Stand-Alone-Content/Economic-Impact-of-Plastics-to-Oil-Facilities.pdf.

Although we have not yet consummated our first sale, we have made, and continue to make, tangible progress on negotiations with a large, national engineering firm and several potential purchasers. The company is also in ongoing discussions with a reputable firm that specializes in waste-to-energy solutions for large, established companies with government mandates and green initiatives. Furthermore, we have developed a "build & ship" turn-key product solution for our potential buyers. We are hopeful that our current negotiations will lead to processor sales and important strategic relationships; however, we cannot assure you as to whether we will be successful in making such a sale or as to the timing of any such sale. At this time, however, I feel it is important for stockholders to know that the company, despite its limited resources, is making significant progress with management's financial support and leadership.

In light of the company's exclusive focus on completing sales and licensing of our processors, we have temporarily suspended our plastic processing and fuel production operations at the Niagara Falls site. This being said, we have renewed our permits accordingly as our plan is to resume operations for the purpose of "showcasing" our processors once we execute a processor sale. Importantly, the temporary shutdown of the company's plastic processing and fuel production operations has had absolutely no effect on the company's ability to market our processors or negotiate with potential buyers. Another recent change was the decommissioning of several older fuel tanks, which were rendered obsolete by the tank farm we installed with Processor #3.

In my opinion, nothing worthwhile in the business world comes easy, especially when you're trying to make a name for yourself in a relatively unknown emerging alternative energy market. As someone who started his career in a shipyard in 1987 and has built his own business from the ground up, I've faced odds that seemed impossible at times and I've persevered. I have invested a significant amount of my time and net worth into this company because I understand and believe in the product and its capabilities, and I truly believe that we can be successful. I remain relentlessly committed to pursuing success.

I appreciate your patience, commitment to the environment, and continued interest in Plastic2Oil.

Kind regards,

Richard Heddle
President and Chief Executive Officer
Plastic2Oil, Inc.

November 24, 2014

z

[Zardiw]

Yes. Merry Christ's Mass to all JBII/PTOI Longs!!!!!!!!!!!.....et z