During February, 2010, the Company formed two Nevada corporations as wholly owned subsidiaries: Plastic2Oil Land, Inc., Plastic2Oil Marine, Inc. to operate Plastic2Oil (“P2O”) operations on land and sea, respectively. The Company hopes to begin commercial operations of converting waste plastic to oil in the third quarter of 2010.
In addition, the Company entered into its first Area Development Agreement with AS PTO, LLC to promote licensing and P2O operations in Florida using a combination of Joint Ventures (JV’s) and Company owned sites.
In February the first license was issued to Plastic 2 Oil of Clearwater 1, LLC (a Delaware LLC) and was arranged with members Plastic2Oil Land, Inc., AS PTO, LLC and ES Resources, LLC.
We are presently negotiating an agreement with Pak-It former management team to roll out P2O in Florida. These ongoing discussions could potentially result in further agreements covering additional geographical areas.
AS PTO, LLC, Plastic 2 Oil of Clearwater 1, LLC and ES Resources, LLC are not affiliates of the Company.
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FORM 10-K/A Filing Date 2010-12-16
(Amendment No. 2)
sec.gov
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