Plastic2Oil, Inc. Announces Amendments to Note 1 and Note 2
August 31, 2018 at 05:05 pm
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On August 29, 2018, Plastic2Oil, Inc., entered into an agreement (Amendment to Note 1) with Mr. Richard Heddle, the company’s chief executive officer and a member of the company’s board of directors, to extend the maturity date of the outstanding $1 million principal amount 12% Secured Promissory Note due August 31, 2018 (Note 1) to December 1, 2018. Mr. Heddle originally purchased Note 1 from the company on August 29, 2013 in the company’s private placement of 12% Secured Promissory Notes due August 31, 2018. On August 29, 2018, the company entered into an agreement (Amendment to Note 2) with Mr. Heddle to extend the maturity date of the outstanding $2 million principal amount 12% Secured Promissory Note due September 30, 2018 (Note 2) to December 1, 2018. Mr. Heddle originally purchased Note 2 from the company on September 30, 2013 in the company’s private placement of 12% Secured Promissory Notes due September 30, 2018.
Plastic2Oil, Inc. is a technology development and licensing company. The Company has developed technology, which converts waste plastic into ultra-clean, ultra-low sulfur fuel products through its plastic-to-oil (P2O) process. It has constructed various fully operational P2O processors to demonstrate its technology and process to potential customers. The Company provides its solutions through its processors and technologies. The Companyâs primary offering is its Plastic2Oil (P2O) solution, which is its process that converts waste plastic into fuel through a series of chemical reactions (P2O business). It is a combination of its own technologies and processes developed by P2O, which convert waste plastics into fuel. The Company has three processors at its Niagara Falls, NY facility. Its subsidiaries include Plastic2Oil of NY #1, LLC, Plastic2Oil (Canada) Inc., JBI RE#1, Inc. and Plastic2Oil RE ONE, Inc.
PLASTIC2OIL, INC. 