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Wednesday, May 16, 2007

[PLNI]: Plasticon International, Inc. and subsidiary Pro Mold, Inc. file for bankruptcy


To: Jeffrey S. Mitchell who wrote (9839)
5/16/2007 11:23:22 PM
From: Jeffrey S. Mitchell
9840 of 9840

Bingo! It's official. Turek did file bankruptcy for both Pro-Mold and Plasticon in the Eastern District of Kentucky, Lexington Division, case#s 07-50934 and 07-50935.

- Jeff


The bankruptcy court filings:


The press release by PLNI:

Press Release Source: Plasticon International, Inc.

Plasticon International, Inc. Voluntarily Files Chapter 11 to Reorganize Company

Thursday May 17, 9:08 am ET

LEXINGTON, KY--(MARKET WIRE)--May 17, 2007 -- Plasticon International, Inc. (Other OTC:PLNI.PK - News) announced today that the Company has voluntarily filed for Chapter 11 in order to reorganize Plasticon International, Inc. and its subsidiary, Pro Mold, Inc. Chapter 11 allows a company to reorganize while it continues to operate and grow its business, as opposed to liquidation.

The Company has taken this action in order to safeguard the investment that it has made in Pro Mold, Inc., a subsidiary that the Company bought in December of 2005 for cash and a note totaling $3,500,000. There is currently $875,000 outstanding on the note. Plasticon International, Inc. plans to reorganize the Company under the bankruptcy laws of the United States.

"We felt this action was necessary for Plasticon International, Inc. and its subsidiary, Pro Mold, Inc. We will take this time to reorganize and restructure the Company and we believe that Plasticon will come out from the reorganization in a much stronger position to compete in our industry. We had to take action quickly to defend a precipitous attack from a creditor which had declined to accept a late payment and was apparently interested in seizing control of Pro Mold," stated Jim Turek, CEO and President of Plasticon International, Inc.

About Plasticon International, Inc.:

Plasticon International ( designs, produces, and distributes high-quality concrete accessories, informational and directional signage and plastic lumber, which are all produced from recycled and recyclable plastics. Plasticon is a leader and an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green company, environmentally friendly, using recycled plastics to produce its line of products.

This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.

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Source: Plasticon International, Inc.



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