Business
Plastic2Oil (P20) Announces Master Agreement for the License of P2O Technology and the Sale of P2O Processors
Plastic2Oil (P20) Announces Master Agreement for the License of P2O Technology and the Sale of P2O Processors.
About this update from Plastic2oil, Inc.
[{"type":"text","content":"\n\n NIAGARA FALLS, NY, Dec. 28, 2017 (GLOBE NEWSWIRE) -- Plastic2Oil Inc. (OTCQB: PTOI):\n Plastic2Oil, Inc (P2O) today announced that on December 21, 2017 it signed a Master Agreement  with Veridisyn Technologies, LLC (Veridisyn), a company engaged in development of alternative energy projects, under which Veridisyn has agreed to license P2O’s technology and purchase  P2O processors. This new strategic partnership combines Veridisyn’s extensive experience in processing waste plastics with P2O’s proprietary technology for deriving ultra-clean, ultra-low sulphur fuel that requires no further refining, directly from unwashed, unsorted waste plastics. As more particularly set forth in P2O’s Form 8-K filed with the SEC on December 22, 2017 , expected minimum gross proceeds to P2O will be $4 million from the initial sale of two P2O processors to Veridisyn. P2O believes the strategic partnership, if successful, could result in the sale and deployment of 30-40 processors at Veridisyn sites, for $90 million to $120 million in future revenues (based on a $3 million price per processor). In addition, once the processors have been fully deployed, P2O will receive a royalty of 5% of gross fuel sales by Veridisyn, and no less than $0.50 per pound for use of its proprietary catalyst. P2O will also provide on-going monitoring and maintenance services at agreed upon costs and rates. The term of the agreement is twenty years. According to P2O CEO, Rick Heddle, “By turning waste plastic into fuel without any hazardous waste, this joint industry solution will help accelerate plastic recycling in cities, towns and industrial plants, and be a major step forward in meeting a significant environmental challenge.”  “I am very excited about moving forward with Plastic2Oil in implementing its breakthrough technology to leverage the substantial global market opportunity for plastic to fuel solutions,” said Veridisyn Managing Director Robin Curtis. US Plastic Waste Summary: 2016 See https://plastics.americanchemistry.com/2016-US-National-Postconsumer-Plastic-Bottle-Recycling-Report.pdf 2906 million pounds of plastic bottles collected for recycling: a collection rate of 29.7%1112 million pounds of HDPE (high density polyethylene) bottles collected for recycling: a collection rate of 33.3%3...