Business
Letter to Plastic2Oil Stockholders From Richard Heddle, Chief Executive Officer
Letter to Plastic2Oil Stockholders From Richard Heddle, Chief Executive Officer.
About this update from Plastic2oil, Inc.
[{"type":"text","content":"\n \n \n Letter to Plastic2Oil Stockholders From Richard Heddle, Chief Executive Officer\n \n \nLetter to Plastic2Oil Stockholders From Richard Heddle, Chief Executive Officer\n \n NIAGARA FALLS, NY--(Marketwired - Mar 8, 2016) - \n The following is a statement by Richard Heddle, CEO, Plastics2Oil, Inc. (OTCQB: PTOI):\n Dear P2O Shareholder:\n I want to provide a review and update on the status of our Company.\n Operations\n In August 2013, I became CEO of Plastics2Oil (\"P2O\") during a period of significant transition in the operations of the Company. Prior to becoming CEO, I was a long term shareholder convinced of the viability and commercial need for the Company's technology and the financial opportunity it presents. I am even more convinced today and I have personally invested millions of dollars into the Company.\n As CEO, I have substantially reduced the Company's monthly cash burn rate. One of my first cost cutting decisions was to cease operations at the RRON facility in Thorold, Canada. I am pleased to report that we recently came to terms regarding the remaining balance of the lease agreement. With that and other time consuming and financial issues largely behind us, our efforts are laser focused on closing the first P2O processor sales in 2016.\n Over the next few weeks, we will be sharing important information with you regarding the sales and marketing program that we intend to launch. Our efforts will include direct sales as well as a new partnership. To that end, we made the decision not to further extend our agreement with EcoNavigation as their firm has been unable to conclude processor sales via acceptable terms. \n Through years of testing and refinement in conjunction with our outside engineering firm, we are considering bringing our flagship processor #3 back online in the coming months. It will be important to be able to demonstrate the commercial viability of this processor by regular operations at our Niagara Falls plant.\n Of primary influence to our decision to expand our sales efforts and to bring the flagship processor #3 back on line is our view based on analysis and consultation that oil prices have reached a bottom and could rise to $50 a barrel by the end of the year. \n While the price of crude is a factor in certain economic analysis pertaining to ou...