As previously reported, Plastic2Oil, Inc. (the “Company”) is party to a Memorandum of Understanding (the “MOU”) with a Southern U.S. company regarding potential licensing of the Company’s technology and a potential sale of units. On March 27, 2017, the parties agreed to extend the term of the MOU until May 24, 2017, as the parties need additional time to negotiate and finalize a definitive agreement and to address zoning and permitting at the proposed site. The MOU was extended on two prior occasions. There can be no guarantee that a definitive agreement will be executed prior to expiration of the extended term of the MOU.
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