Company shifts business plan from producing oil to selling its processing equipment.
Plastic2Oil Inc., Niagara Falls, New York, a company that manufactures and sells processors that convert waste plastic into liquid fuels and licenses related technology, has entered into a series of contracts for the sale of six Plastic2Oil processors to the technology integrator EcoNavigation (www. econavllc.com ) LLC of Victor, New York. The contracts cover a three-year period and include the nonexclusive license of technology and sale of Plastic2Oil’s proprietary catalyst to EcoNavigation as well as monitoring and maintenance.
The transaction marks the company's first sale of Plastic2Oil processors since the company announced a shift in its business strategy from producer and seller of the fuels to a supplier of Plastic2Oil processors and related equipment, technology and services.
Prior to the shift, the company's Plastic2Oil processors had processed more than 8 million pounds of waste and produced more than 700,000 gallons of fuel for sale to large industrial customers.
"We are very proud of this important achievement in the life of our company. I feel that a successful deployment of our Plastic2Oil processors to EcoNavigation will validate management's decision to change course by focusing on processor sales and will set us on the course to profitability," says Rick Heddle, CEO of Plastic2Oil. “I want to take this opportunity to congratulate our entire team and to thank our loyal shareholders for their support of our business plan and their commitment to this important innovation that we have developed and commercialized.”
Mark Ragus, CEO of EcoNavigation, says, “We are excited and proud to continue our commitment to the issue of environmental sustainability by licensing Plastic2Oil's unique technology. We sought out Plastic2Oil's process because we believe it is the most refined and sophisticated process of its type available.”
“We are very grateful to EcoNavigation for selecting our Plastic2Oil solution and for its commitment to clean energy," Heddle adds.
Plast2Oil also announced that John Bordynuik, its founder and chief of technology has resigned.
“My goal in founding this company was always to make a positive environmental impact while creating a community around our leading technology and corporate mission," says Bordynuik. “I'd like to extend my personal gratitude to everyone that has been involved with Plastic2Oil. I believe part of my job as founder was to get this company to a 'jumping off point,' where it is well-positioned to reach the next level of commercialization. I look forward to continuing to provide consulting for the company and any requested technical support or guidance.”
“John Bordynuik has been the driving force and backbone of this company for six years," says Heddle. “We are extraordinarily grateful for his contributions, and we look forward to continuing to have access to John's insights and ideas.”