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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington
D.C. 20549</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 OR 15(d) of</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Securities Exchange Act of 1934</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June 4,
2008</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported)</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ECO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> PLASTICS,
INC.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
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other jurisdiction of incorporation)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">033-31067</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
File Number)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31-1705310</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
Employer Identification No.)</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">680
Second Street, Suite 200</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">San
Francisco, CA 94107 &#160;</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(415)
829-6000</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
telephone number, including area code)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[___]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[___]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></div>
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry
into a Material Definitive Agreement</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
June 4, 2008, ECO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> Plastics,
Inc. (the &#8220;Company&#8221;) received $6.5 million pursuant to a private placement of
the Company&#8217;s securities (the &#8220;Financing&#8221;)led by venture capital firms Trident
Capital, Inc. and Thompson Hutton, LLC (the &#8220;Investors&#8221;).As a result, the
Company has issued 336,240,039 shares of its Series B-1 Convertible Preferred
Stock (the &#8220;Series B-1 Preferred&#8221;).&#160;&#160;The Series B-1 Preferred was
deemed issuable on June 4, 2008 (the &#8220;Initial Closing&#8221;) at a price of $0.02 per
share.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
July 2007, the Company has received a total aggregate amount of $5,338,000 in
bridge loans from various investors. Each lender received, and each loan was
secured with, a promissory note (the &#8220;Note&#8221;).&#160;&#160;All or any portion of
the Note, any accrued interest thereon and all other sums due under the Note, is
due and payable on demand within 180 days of the Note.&#160; As a condition of
the Initial Closing, the principal and accrued interest underlying these Notes
converted into Series A Convertible Preferred Stock (the &#8220;Series A Preferred&#8221;)
at an average of $0.0382 per share.&#160;&#160;As a result of the Initial
Closing and the conversion of the Notes, the Company issued 152,843,409 shares
of Series A Preferred.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with executing a subscription agreement, Investors receiving either
the Series B-1 Preferred or the Series A Preferred executed an investor rights
agreement that provides various registration rights. Upon receipt of written
notice of holders of at least 40% of the then outstanding registrable
securities, on or after the date that is 90 days after the Initial Closing, one
or more registration statements to enable the resale of the shares of common
stock issued or issuable upon conversion of the preferred stock, together with
any shares of capital stock issued or issuable, from time to time, upon any
reclassification, share combination, share subdivision, stock split, share
dividend or similar transaction or event or otherwise as a distribution on, in
exchange for or with respect to any of the foregoing, in each case held at the
relevant time by a holder of Series A Preferred, Series B-1 Preferred or other
holder of Company preferred or common stock with applicable registration
rights.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
in connection with the Initial Closing and the above referenced Financing
agreements, G. Thompson Hutton, David Buzby and John Moragne(each, an &#8220;Investor
Designee&#8221;) were appointed to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) and
three existing members of the Company&#8217;s Board resigned.&#160;&#160;Please
reference Item 5.02 below for supplementary information.&#160;&#160;In addition,
one of the four remaining continuing directors shall step down at such time as
requested by holders of a majority of the series convertible B preferred stock
to permit the election of a new 7<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>member
of the Board, to be approved by a majority of the remainder of the
Board.&#160;&#160;Each Investor Designee shall be entitled to serve on any
committee of the Board.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unregistered
Sale of Equity Securities</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
June 4, 2008, ECO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> Plastics,
Inc. (the &#8220;Company&#8221;) received $6.5 million pursuant to theFinancing referenced
in Item 1.01 above.&#160;&#160;As a result, the Company has issued336,240,039
shares of its Series B-1 Convertible Preferred Stock (the &#8220;Series B-1
Preferred&#8221;).The Series B-1 Preferred was deemed issuable on June 4, 2008
(the&#8220;Initial Closing&#8221;) at a price of $0.02 per share.&#160;&#160;Please
reference Item 1.01 above for supplementary information.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">The shares of Series B-1 Preferred were
issued pursuant to an exemption under Rule 506 of Regulation D under the
Securities Act.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Each </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Investor</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> is an &#8220;accredited investor&#8221; within the
meaning of Rule 501(a) of Regulation D under the Securities Act.&#160;&#160;None
of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Investors</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> learned of the opportunity to acquire
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">shares of the
Company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> or any other
security issuable by the Company through any form of general advertising or
public solicitation</font>.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The money
raised as a result of the Financing shall be used to (i) purchase proprietary
liquid carbon dioxide cleansing equipment; (ii) reduce trade payables; (iii)
repay a short term note; (iv) fund operations and working capital.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
July 2007, the Company has received a total aggregate amount of $5,338,000in
bridge loans from various investors and secured with a Note, as referenced in
Item 1.01 above.&#160;&#160;As a condition of the Initial Closing, the principal
and accrued interest underlying these Notes converted into Series A Convertible
Preferred Stock (the &#8220;Series A Preferred&#8221;) at an average of $0.0382 per share.As
a result of the Initial Closing and the conversion of the Notes, the Company
issued 152,843,409 shares of Series A Preferred.Please reference Item 1.01 above
for supplementary information.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">The </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">$</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">5,338,000</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">in bridge loans were received and the
shares of Series A Preferred were issued pursuant to an exemption under Section
4(2) of Securities Act.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Each </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Investor</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> is an &#8220;accredited investor&#8221; within the
meaning of Rule 501(a) of Regulation D under the Securities Act.&#160;&#160;None
of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">Investors</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> learned of the opportunity to acquire
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">shares of the
Company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> or any other
security issuable by the Company through any form of general advertising or
public solicitation</font>.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
share of Series A Preferred and Series B-1 Preferred is convertible into one
share of common stock of the Company,is subject to adjustment for stock splits
and the like andhave the rights, preferences and privileges as described in
their respective Certificates of Designations.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.6pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Departure
of Directors; Election of Directors</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OnMay 30,
2008, William Whittaker resigned as Chairman of the Board of Directors (the
&#8220;Board&#8221;) of ECO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> Plastics,
Inc. (the &#8220;Company&#8221;), effective June 4, 2008.&#160;&#160;Mr. Whittaker will
continue to serve as a Director and shall serve as such until the earlier of (i)
his resignation, (ii) appointment of his successor or (iii) his
termination.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
4, 2008, the Board of the Company appointed and elected G. Thompson Hutton as
Chairman of the Board of the Company.&#160;&#160;Mr. Hutton shall serve as a
Chairman until the earlier of (i) his resignation, (ii) appointment of his
successor or (iii) his termination.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Hutton, 53,is currently the Managing Partner of Thompson Hutton, LLC, where he
has actively pursued and managed private equity and venture capital investments
in partnership with a number of leading firms since
2003.&#160;&#160;Additionally, from 2006-2007, Mr. Hutton served as Chief
Executive Officer of White Mountains Re Group, Ltd. (&#8220;White Mountains&#8221;), a
holding company based in Hamilton, Bermuda.&#160;&#160;White Mountains acts as a
broker-market Property and Casualty reinsurance company and has approximately $2
Billion in capital and in annual premium volume.&#160;&#160;As the Chief
Executive Officer of White Mountains, Mr. Hutton was one of five senior partners
of White Mountains Insurance Group, the publicly held parent
company.&#160;&#160;From 2000-2002, Mr. Hutton served as a Venture Partner at
Trident Capital, Inc., and as an adviser/consultant to Sutter Hill Ventures and
Morgan Stanley Capital Partners.Mr. Hutton received a Masters in Business
Administration with Distinction from Harvard Business School in 1986, and
Bachelor degrees in mechanical engineering and economics from Stanford
University in 1978 and 1977, respectively.&#160;&#160;He currently serves as a
Trustee of the Phillips Exeter Academy in New Hampshire.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Hutton is not a director of any other public company, nor is he related to any
officer, director or affiliate of the Company.&#160;&#160;Mr. Hutton is not a
party to any pending legal proceeding, nor has he been subject to a bankruptcy
petition filed against him, nor been convicted in, or subject to, any criminal
proceeding.&#160;</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
4, 2008, the Board of the Company appointed and elected David Buzbyas a Director
of the Board of the Company.&#160;&#160;Mr. Buzby shall serve as a Director
until the earlier of (i) his resignation, (ii) appointment of his successor or
(iii) his termination.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Buzby, 48, is a private equity investor and entrepreneur.&#160;&#160;Since 1991,
Mr. Buzby has been investing in early stage environmental and e-commerce
companies, serving as a Director and/or in other senior management
roles.&#160;&#160;Since 2007, Mr. Buzby has served as a Director of Xunlight, a
thin-film flexible photovoltaic manufacturer and, since 2004, Mr. Buzbyhas
served as the Chairman of SunEdison, LLC, a solar services company in the US and
Europe.&#160;&#160;Mr. Buzby, since 1998,has also served as the Lead Directorand
as past Chairman of the Audit Committee from 2000-2007, of ValueClick
(NASD:VCLK), an online marketing company.&#160;&#160;Mr. Buzby founded Reid
Industries in 2004, a manufacturer and e-tailer of products for
seniors.&#160;&#160;In 1991, Mr. Buzby and Rodney S. Rougelot, CEO of the
Company, jointly founded Recycling Resource, a multi-material recycling company
based in California.&#160; Recycling Resource grew to be one of&#160;the largest
independently owned recyclers in Northern California before being sold to
TomraSystems ASA(OSLO:TOM) in 1998.Prior to these experiences, Mr. Buzbyworked
for a private leveraged buy-out group acquiring and operating manufacturing and
distribution businesses and has worked in international banking. In 1988, Mr.
Buzby received aMasters in Business Administration from Harvard University and
in1982, he received a Bachelors of Arts degree from Middlebury
College.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aside
from the above, Mr. Buzby is not a director of any other public company, nor is
he related to any officer, director or affiliate of the Company.&#160;&#160;Mr.
Buzby is not a party to any pending legal proceeding, nor has he been subject to
a bankruptcy petition filed against him, nor been convicted in, or subject to,
any criminal proceeding.&#160;</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
5, 2008, the Board of the Company appointed and elected John Moragneas a
Director of the Board of the Company.&#160;&#160;Mr. Moragneshall serve as a
Director until the earlier of (i) his resignation, (ii) appointment of his
successor or (iii) his termination.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.Moragne,
51, is a co-founder of Trident Capital and has been a Managing Director since
1993. From 1989 to 1993, Mr.Moragne was a Principal with Bain Capital, a
leveraged buyout firm affiliated with Bain &amp; Company. He was also a
Principal of Information Partners Capital Fund, a private equity firm associated
with Dunn&amp; Bradstreet Enterprises and Bain Capital. Earlier in his career,
Mr.Moragne was a management consultant with Bain &amp; Company.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.Moragne&#8217;s
current directorships include AirTight Networks, BenefitPoint, Chamberlin
Edmonds, Datatel, E&amp;C Medical Intelligence, HomeAway, Inc., Infopia, Intagio
Group, Turn, Inc. and Vixxi Solutions.&#160;&#160;Mr.Moragne&#8217;spast directorships
include MapQuest.com, Inc. (MQST) (acquired by AOL), Newgen Results Corporation
(NWGN) (acquired by Teletech Corporation (TTEC)), bamboo.com (acquired by
Internet Pictures (IPIX)), Daou Systems, Inc. (DAOU), Frisco Holdings, Inc.,
Internet Profiles Corporation (acquired by CMGI), Medicode, Inc. (acquired by
United Healthcare (UNH)), Resolution Health (acquired by WellPoint (NYSE: WLP),
Vality Technology, Inc. (acquired by Ascential Software (ASCL)), boats.com
(acquired by Trader Publishing Company), and ClaimIQ (acquired by Mitchell
International), and UltraLink, Inc.(acquired by Secova eServices,
Inc.).&#160;&#160;Mr.Moragnewas also a board observer to Webify Solutions, Inc.
(acquired by IBM).</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.Moragnereceived
a B.A. from Dartmouth College in 1979, an M.S. from Stanford University
in&#160;1983 and an M.B.A. from the Stanford University Graduate School of
Business in 1986.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aside
from the above, Mr. Moragneis not a director of any other public company, nor is
he related to any officer, director or affiliate of the Company.&#160;&#160;Mr.
Moragneis not a party to any pending legal proceeding, nor has he been subject
to a bankruptcy petition filed against him, nor been convicted in, or subject
to, any criminal proceeding.&#160;</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
4, 2008, the Board of the Company accepted the resignation of Gary De Laurentiis
as Director of the Company&#8217;s Board.&#160;&#160;Mr. De Laurentiis&#8217; resignation
does not arise from any disagreement on any matter relating to the Company&#8217;s
operations, policies or practices, or regarding the general direction of the
Company.&#160;&#160;Mr. De Laurentiis will continue to maintain Board
observation rights and will continue to serve as the Chief Technology Officer of
the Company and shall serve as such until the earlier of (i) his resignation,
(ii) appointment of his successor or (iii) his termination.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
4, 2008, the Board of the Company accepted the resignation of Ronald Domingue as
Director of the Company&#8217;s Board.&#160;&#160;Mr. Domingue&#8217;s resignation does not
arise from any disagreement on any matter relating to the Company&#8217;s operations,
policies or practices, or regarding the general direction of the
Company.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
4, 2008, the Board of the Company accepted the resignation of Lawrence A. Krause
as Director of the Company&#8217;s Board.&#160;&#160;Mr. Krause&#8217;s resignation does not
arise from any disagreement on any matter relating to the Company&#8217;s operations,
policies or practices, or regarding the general direction of the
Company.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amendments
to Articles of Incorporation.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the issuances of shares Series A Preferred and Series B-1 Preferred, found in
Item 3.02 above, the Company filed the Series A Convertible Preferred Stock and
Series B Convertible Preferred Stock Certificates of Designations with the
Secretary of State of the state of Delaware (the &#8220;Certificates&#8221;).&#160;&#160;The
Certificates were deemed effective by the Secretary of State of the state of
Delaware on June 4, 2008.</font><br></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      4.1</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
      of Designations of Preferences and Rights of Series A Convertible
      Preferred Stock</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      4.2</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certificate
      of Designations of Preferences and Rights of Series B-1 and Series B-2
      Convertible Preferred Stock</font></div>
              </td>
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              <td style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      4.3&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Investor
      Rights Agreement</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      4.4&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities
      Subscription Agreement, Series A Preferred&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      4.5&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities
      Subscription Agreement, Series B
Preferred&#160;</font></td>
            </tr>
        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
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          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ECO</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub; TEXT-DECORATION: underline">2</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> PLASTICS,
INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Registrant)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
June 10, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#173;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">/s/ Rodney S. Rougelot</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rodney S.
Rougelot, CEO</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br></body>
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form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
June 4,
2008
Date of
Report (Date of earliest event reported)
ECO
2
PLASTICS,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation)
033-31067
(Commission
File Number)
31-1705310
(IRS
Employer Identification No.)
680
Second Street, Suite 200
San
Francisco, CA 94107
(415)
829-6000
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[___]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[___]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[___]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[___]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01                      Entry
into a Material Definitive Agreement
As of
June 4, 2008, ECO
2
Plastics,
Inc. (the "Company") received $6.5 million pursuant to a private placement of
the Company's securities (the "Financing")led by venture capital firms Trident
Capital, Inc. and Thompson Hutton, LLC (the "Investors").As a result, the
Company has issued 336,240,039 shares of its Series B-1 Convertible Preferred
Stock (the "Series B-1 Preferred").  The Series B-1 Preferred was
deemed issuable on June 4, 2008 (the "Initial Closing") at a price of $0.02 per
share.
Since
July 2007, the Company has received a total aggregate amount of $5,338,000 in
bridge loans from various investors. Each lender received, and each loan was
secured with, a promissory note (the "Note").  All or any portion of
the Note, any accrued interest thereon and all other sums due under the Note, is
due and payable on demand within 180 days of the Note.  As a condition of
the Initial Closing, the principal and accrued interest underlying these Notes
converted into Series A Convertible Preferred Stock (the "Series A Preferred")
at an average of $0.0382 per share.  As a result of the Initial
Closing and the conversion of the Notes, the Company issued 152,843,409 shares
of Series A Preferred.
In
connection with executing a subscription agreement, Investors receiving either
the Series B-1 Preferred or the Series A Preferred executed an investor rights
agreement that provides various registration rights. Upon receipt of written
notice of holders of at least 40% of the then outstanding registrable
securities, on or after the date that is 90 days after the Initial Closing, one
or more registration statements to enable the resale of the shares of common
stock issued or issuable upon conversion of the preferred stock, together with
any shares of capital stock issued or issuable, from time to time, upon any
reclassification, share combination, share subdivision, stock split, share
dividend or similar transaction or event or otherwise as a distribution on, in
exchange for or with respect to any of the foregoing, in each case held at the
relevant time by a holder of Series A Preferred, Series B-1 Preferred or other
holder of Company preferred or common stock with applicable registration
rights.
Additionally,
in connection with the Initial Closing and the above referenced Financing
agreements, G. Thompson Hutton, David Buzby and John Moragne(each, an "Investor
Designee") were appointed to the Company's Board of Directors (the "Board") and
three existing members of the Company's Board resigned.  Please
reference Item 5.02 below for supplementary information.  In addition,
one of the four remaining continuing directors shall step down at such time as
requested by holders of a majority of the series convertible B preferred stock
to permit the election of a new 7
th
member
of the Board, to be approved by a majority of the remainder of the
Board.  Each Investor Designee shall be entitled to serve on any
committee of the Board.
Item
3.02                      Unregistered
Sale of Equity Securities
As of
June 4, 2008, ECO
2
Plastics,
Inc. (the "Company") received $6.5 million pursuant to theFinancing referenced
in Item 1.01 above.  As a result, the Company has issued336,240,039
shares of its Series B-1 Convertible Preferred Stock (the "Series B-1
Preferred").The Series B-1 Preferred was deemed issuable on June 4, 2008
(the"Initial Closing") at a price of $0.02 per share.  Please
reference Item 1.01 above for supplementary information.
The shares of Series B-1 Preferred were
issued pursuant to an exemption under Rule 506 of Regulation D under the
Securities Act.
Each
Investor
is an "accredited investor" within the
meaning of Rule 501(a) of Regulation D under the Securities Act.  None
of the
Investors
learned of the opportunity to acquire
shares of the
Company
or any other
security issuable by the Company through any form of general advertising or
public solicitation
.
The money
raised as a result of the Financing shall be used to (i) purchase proprietary
liquid carbon dioxide cleansing equipment; (ii) reduce trade payables; (iii)
repay a short term note; (iv) fund operations and working capital.
Since
July 2007, the Company has received a total aggregate amount of $5,338,000in
bridge loans from various investors and secured with a Note, as referenced in
Item 1.01 above.  As a condition of the Initial Closing, the principal
and accrued interest underlying these Notes converted into Series A Convertible
Preferred Stock (the "Series A Preferred") at an average of $0.0382 per share.As
a result of the Initial Closing and the conversion of the Notes, the Company
issued 152,843,409 shares of Series A Preferred.Please reference Item 1.01 above
for supplementary information.
The
$
5,338,000
in bridge loans were received and the
shares of Series A Preferred were issued pursuant to an exemption under Section
4(2) of Securities Act.
Each
Investor
is an "accredited investor" within the
meaning of Rule 501(a) of Regulation D under the Securities Act.  None
of the
Investors
learned of the opportunity to acquire
shares of the
Company
or any other
security issuable by the Company through any form of general advertising or
public solicitation
.
Each
share of Series A Preferred and Series B-1 Preferred is convertible into one
share of common stock of the Company,is subject to adjustment for stock splits
and the like andhave the rights, preferences and privileges as described in
their respective Certificates of Designations.
Item
5.02                      Departure
of Directors; Election of Directors
OnMay 30,
2008, William Whittaker resigned as Chairman of the Board of Directors (the
"Board") of ECO
2
Plastics,
Inc. (the "Company"), effective June 4, 2008.  Mr. Whittaker will
continue to serve as a Director and shall serve as such until the earlier of (i)
his resignation, (ii) appointment of his successor or (iii) his
termination.
On June
4, 2008, the Board of the Company appointed and elected G. Thompson Hutton as
Chairman of the Board of the Company.  Mr. Hutton shall serve as a
Chairman until the earlier of (i) his resignation, (ii) appointment of his
successor or (iii) his termination.
Mr.
Hutton, 53,is currently the Managing Partner of Thompson Hutton, LLC, where he
has actively pursued and managed private equity and venture capital investments
in partnership with a number of leading firms since
2003.  Additionally, from 2006-2007, Mr. Hutton served as Chief
Executive Officer of White Mountains Re Group, Ltd. ("White Mountains"), a
holding company based in Hamilton, Bermuda.  White Mountains acts as a
broker-market Property and Casualty reinsurance company and has approximately $2
Billion in capital and in annual premium volume.  As the Chief
Executive Officer of White Mountains, Mr. Hutton was one of five senior partners
of White Mountains Insurance Group, the publicly held parent
company.  From 2000-2002, Mr. Hutton served as a Venture Partner at
Trident Capital, Inc., and as an adviser/consultant to Sutter Hill Ventures and
Morgan Stanley Capital Partners.Mr. Hutton received a Masters in Business
Administration with Distinction from Harvard Business School in 1986, and
Bachelor degrees in mechanical engineering and economics from Stanford
University in 1978 and 1977, respectively.  He currently serves as a
Trustee of the Phillips Exeter Academy in New Hampshire.
Mr.
Hutton is not a director of any other public company, nor is he related to any
officer, director or affiliate of the Company.  Mr. Hutton is not a
party to any pending legal proceeding, nor has he been subject to a bankruptcy
petition filed against him, nor been convicted in, or subject to, any criminal
proceeding.
On June
4, 2008, the Board of the Company appointed and elected David Buzbyas a Director
of the Board of the Company.  Mr. Buzby shall serve as a Director
until the earlier of (i) his resignation, (ii) appointment of his successor or
(iii) his termination.
Mr.
Buzby, 48, is a private equity investor and entrepreneur.  Since 1991,
Mr. Buzby has been investing in early stage environmental and e-commerce
companies, serving as a Director and/or in other senior management
roles.  Since 2007, Mr. Buzby has served as a Director of Xunlight, a
thin-film flexible photovoltaic manufacturer and, since 2004, Mr. Buzbyhas
served as the Chairman of SunEdison, LLC, a solar services company in the US and
Europe.  Mr. Buzby, since 1998,has also served as the Lead Directorand
as past Chairman of the Audit Committee from 2000-2007, of ValueClick
(NASD:VCLK), an online marketing company.  Mr. Buzby founded Reid
Industries in 2004, a manufacturer and e-tailer of products for
seniors.  In 1991, Mr. Buzby and Rodney S. Rougelot, CEO of the
Company, jointly founded Recycling Resource, a multi-material recycling company
based in California.  Recycling Resource grew to be one of the largest
independently owned recyclers in Northern California before being sold to
TomraSystems ASA(OSLO:TOM) in 1998.Prior to these experiences, Mr. Buzbyworked
for a private leveraged buy-out group acquiring and operating manufacturing and
distribution businesses and has worked in international banking. In 1988, Mr.
Buzby received aMasters in Business Administration from Harvard University and
in1982, he received a Bachelors of Arts degree from Middlebury
College.
Aside
from the above, Mr. Buzby is not a director of any other public company, nor is
he related to any officer, director or affiliate of the Company.  Mr.
Buzby is not a party to any pending legal proceeding, nor has he been subject to
a bankruptcy petition filed against him, nor been convicted in, or subject to,
any criminal proceeding.
On June
5, 2008, the Board of the Company appointed and elected John Moragneas a
Director of the Board of the Company.  Mr. Moragneshall serve as a
Director until the earlier of (i) his resignation, (ii) appointment of his
successor or (iii) his termination.
Mr.Moragne,
51, is a co-founder of Trident Capital and has been a Managing Director since
1993. From 1989 to 1993, Mr.Moragne was a Principal with Bain Capital, a
leveraged buyout firm affiliated with Bain & Company. He was also a
Principal of Information Partners Capital Fund, a private equity firm associated
with Dunn& Bradstreet Enterprises and Bain Capital. Earlier in his career,
Mr.Moragne was a management consultant with Bain & Company.
Mr.Moragne's
current directorships include AirTight Networks, BenefitPoint, Chamberlin
Edmonds, Datatel, E&C Medical Intelligence, HomeAway, Inc., Infopia, Intagio
Group, Turn, Inc. and Vixxi Solutions.  Mr.Moragne'spast directorships
include MapQuest.com, Inc. (MQST) (acquired by AOL), Newgen Results Corporation
(NWGN) (acquired by Teletech Corporation (TTEC)), bamboo.com (acquired by
Internet Pictures (IPIX)), Daou Systems, Inc. (DAOU), Frisco Holdings, Inc.,
Internet Profiles Corporation (acquired by CMGI), Medicode, Inc. (acquired by
United Healthcare (UNH)), Resolution Health (acquired by WellPoint (NYSE: WLP),
Vality Technology, Inc. (acquired by Ascential Software (ASCL)), boats.com
(acquired by Trader Publishing Company), and ClaimIQ (acquired by Mitchell
International), and UltraLink, Inc.(acquired by Secova eServices,
Inc.).  Mr.Moragnewas also a board observer to Webify Solutions, Inc.
(acquired by IBM).
Mr.Moragnereceived
a B.A. from Dartmouth College in 1979, an M.S. from Stanford University
in 1983 and an M.B.A. from the Stanford University Graduate School of
Business in 1986.
Aside
from the above, Mr. Moragneis not a director of any other public company, nor is
he related to any officer, director or affiliate of the Company.  Mr.
Moragneis not a party to any pending legal proceeding, nor has he been subject
to a bankruptcy petition filed against him, nor been convicted in, or subject
to, any criminal proceeding.
On June
4, 2008, the Board of the Company accepted the resignation of Gary De Laurentiis
as Director of the Company's Board.  Mr. De Laurentiis' resignation
does not arise from any disagreement on any matter relating to the Company's
operations, policies or practices, or regarding the general direction of the
Company.  Mr. De Laurentiis will continue to maintain Board
observation rights and will continue to serve as the Chief Technology Officer of
the Company and shall serve as such until the earlier of (i) his resignation,
(ii) appointment of his successor or (iii) his termination.
On June
4, 2008, the Board of the Company accepted the resignation of Ronald Domingue as
Director of the Company's Board.  Mr. Domingue's resignation does not
arise from any disagreement on any matter relating to the Company's operations,
policies or practices, or regarding the general direction of the
Company.
On June
4, 2008, the Board of the Company accepted the resignation of Lawrence A. Krause
as Director of the Company's Board.  Mr. Krause's resignation does not
arise from any disagreement on any matter relating to the Company's operations,
policies or practices, or regarding the general direction of the
Company.
Item
5.03                      Amendments
to Articles of Incorporation.
Pursuant
to the issuances of shares Series A Preferred and Series B-1 Preferred, found in
Item 3.02 above, the Company filed the Series A Convertible Preferred Stock and
Series B Convertible Preferred Stock Certificates of Designations with the
Secretary of State of the state of Delaware (the "Certificates").  The
Certificates were deemed effective by the Secretary of State of the state of
Delaware on June 4, 2008.
Item
9.01                      Exhibits.
Exhibit
      4.1
Certificate
      of Designations of Preferences and Rights of Series A Convertible
      Preferred Stock
Exhibit
      4.2
Certificate
      of Designations of Preferences and Rights of Series B-1 and Series B-2
      Convertible Preferred Stock
Exhibit
      4.3
Investor
      Rights Agreement
Exhibit
      4.4
Securities
      Subscription Agreement, Series A Preferred
Exhibit
      4.5
Securities
      Subscription Agreement, Series B
Preferred
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ECO
2
PLASTICS,
INC.
(Registrant)
Date:
June 10, 2008
­
/s/ Rodney S. Rougelot
__________________________________
Rodney S.
Rougelot, CEO