Plastic2Oil, Inc. Enters into an Agreement ('Agreement') with Nulixo, Inc
October 08, 2019 at 10:18 pm
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On October 2, 2019, Plastic2Oil, Inc. 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.
Plastic2Oil, Inc. is a technology development and licensing company. The Company has developed technology, which converts waste plastic into ultra-clean, ultra-low sulfur fuel products through its plastic-to-oil (P2O) process. It has constructed various fully operational P2O processors to demonstrate its technology and process to potential customers. The Company provides its solutions through its processors and technologies. The Companyâs primary offering is its Plastic2Oil (P2O) solution, which is its process that converts waste plastic into fuel through a series of chemical reactions (P2O business). It is a combination of its own technologies and processes developed by P2O, which convert waste plastics into fuel. The Company has three processors at its Niagara Falls, NY facility. Its subsidiaries include Plastic2Oil of NY #1, LLC, Plastic2Oil (Canada) Inc., JBI RE#1, Inc. and Plastic2Oil RE ONE, Inc.