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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.
In our previous letter to shareholders, we discussed reducing costs, securing additional financing, and developing key strategic partnerships. I am pleased to provide you with this update on these same. In previous updates, we have discussed reducing costs, securing additional financing, developing key strategic partnerships, and strengthening our governance. I am pleased to report to you on our progress in each of these areas.
To our valued Plastic2Oil shareholders, As 2016 draws to a close I wanted to provide a review and update on the status of our company. Over the past 3 1/2 years the focus of the operation was to stabilize the company and sell Plastic2Oil processors. The cash burn rate has been dramatically reduced by minimizing labor, consultant, legal and audit fee costs.
The company recently reported in its Form 8-K filed with the Securities and Exchange Commission on August 10, 2013 that it had received $100,000 in financing proceeds from a private placement of 12% secured promissory notes and warrants.
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