Looks like Plastic2Oil Inc just filed an 8-k for the purchase of eight processors by a company called 'Nulixo'. And now the price is even higher at $3M each. PTOI just keeps succeeding at putting out better and better sham agreements. It will be interesting to see if the hoopla starts up again on the IHub and IHang message boards.
I suppose CEO Mr. Heddle believes that if investors were dumb enough to fall for the same sham story twice in the past six years (or four times since EcoNavigation supposedly found two buyers for 30+ processors) then they'll fall for it again. I'm guessing he's probably right but I think there has been a bit of attrition of investors as well. It will be interesting to see if optimism returns. So with extensions, this should bring PTOI until 2023 or 2034 before Mr. Heddle (or Mr. Brain if he's appointed CEO by then) announces that the deal fell apart.
So it should start with "I'm cautiously optimistic!" posts on IHub and IHang and then optimism might grow from there.
Is this latest 8-k just to keep the two gullible directors throwing money as loans or does Mr. Heddle plan on issuing more shares??
sec.gov :
"On October 2, 2019, Plastic2Oil, Inc., a Nevada corporation (the “Company”), entered into an agreement (“Agreement”) with Nulixo, Inc. (the “Buyer”), whereby the Buyer agreed to appoint the Company as the exclusive supplier for plastic to oil processors for a period of twenty (20) years. Specifically, the Buyer agrees to purchase at least eight (8) processors over a period of three (3) years, and at least one (1) to be ordered upon the effectiveness of the Agreement. Pursuant to the first purchase order, for which the company is awaiting initial funding of the purchase order, the Buyer ordered two (2) processors for Six Million Dollars ($6,000,000) with an initial payment of Three Million Dollars ($3,000,000). Any subsequent processor purchased shall be at a fixed rate of ($3,000,000). In addition, the Company has further agreed to provide monitoring and servicing services for a fee to be determined on a case by case basis." |
