"Regarding the SEC's investigation, the following inquiry by the SEC is recorded in the publicly available filings:
"With regard to your P2O business, please disclose how your process breaks plastic down into oil and other various products. Please clarify the nature of your process and catalyst and if you have any proprietary rights with respect to the process or catalyst."
Do you believe that this inquiry was not related to the science of the process? Just curious...."
And the company's answer was?
"Our process is a partial fragmentation system with proprietary components and chemistry that allows us to crack long polymer hydrocarbon chains into shorter chains. Shorter hydrocarbon chains (under c-20) are liquid fuels that range from methane to diesel.
Our process and chemistry is proprietary and will not be disclosed in the public domain except in a patent form. We are in the process of filing patents with Osler to protect our intellectual property. We are unable to disclose the nature of the product or the nature of the chemistry, as it would destroy any future chance at protection through a patent."
SEC follow-up:
"Regarding your response to prior comment 5, Regulation S-K Item 101(h)(4) requires that you provide material information so that your investors can understand your business. Please revise your filing to provide the required information without disclosing unnecessary details that would harm your competitive position. Please also disclose, if true, that you have not yet filed patents which would cover the technological claims underlying your process."
They sought proper disclosure and they got it. See the amended 10-K.
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