It was like a dream come true indeed and we were beyond excited. The 226 attendees of the 2nd Recyclix's Open Days in Zagan, Poland had the chance to follow comprehensive presentations, networking, and tours of our facilities that hopefully enlightened the participants even more about our business model and how much more we can grow together in the future.
We were also joined once more by Ms. Natalia Cudecka-Purinja from the Latvian Ministry of Environmental Protection who shared a very timely and crucial presentation on the immediate need for a new recycling mind-set and what resources are available for ecological efforts such as what Recyclix is pushing.
But of course we offered also an extensive social and cultural program. Our guests were treated to a palatial venue, a show of fire and light, hot air balloon adventures, a cavalry show, music and dancing, amazing food and plenty of drinks, warm hospitality, and true camaraderie among like-minded people.
We are also very proud to have offered live video streaming of all the events to make sure our members who were not able to come to Poland this time could also be a part of the whole experience from the comfort of their own homes. We will of course have a highlight reel available, as well as a selection of the best photos, on our social media page soon for everyone to enjoy.
Recyclix is making sure that, hand in hand with our continued success and expansion, we are also in line with all regulatory and legal responsibilities as an international company. Our compliance to financial and corporate laws is of utmost importance to us to maintain our legitimacy and ensure the long-term sustainability and security of Recyclix as a business entity. Our first step is to create a Compliance Department, which will be headed by our Chief Compliance Officer Klaus Heusslein based at our Koblenz, Germany office.
We have already started implementing procedures, first of all to fulfill our responsibility to inform you that any appropriate taxes deriving from your Recyclix profits are to be reported as per your own country's specific taxation laws. Please consult with an authorized tax adviser in your country if you are not sure how this applies to you.
Our long-term vision is to make Recyclix a globally recognizable brand in recycling and we truly appreciate your efforts and enthusiasm in helping us reach this goal. Unfortunately, there was some misconception that Recyclix is just another Multi Level Marketing company, which we are definitely not. Our activities are solely about plastic recycling, and affiliate marketing is just an added bonus. To avoid confusion and to further solidify our brand as a recycling company, we will move away from the 4-level affiliate structure and simply give a 12% bonus for every deposit of a direct referral.
This change will not happen instantly but since it requires also some technical changes, we expect that the new system will be implemented by mid of October. Once the implantation has been concluded, affiliate links will no longer work, instead you should give your account ID to your prospective affiliates and they have to manually enter it on the sign up page as their sponsor. From that moment on, no second, third or fourth level commissions will be paid and no new affiliates in these levels will be added to your downline. Our terms of service will be amended accordingly over the next days.
To end on a very high note, we are also announcing that we are in the initial stages of negotiation for the purchase of a plastic waste processing facility in the beautiful resort-city of Bari on the Italian coast. A letter of intent has been signed and we will keep you posted of any new developments.
Our next newsletter will be an Interim Financial Report that will include important financial statistics and data that we are happy to share with our users, as well as upcoming plans for future international expansion. We hope that this will enhance transparency between us and further show our commitment to make Recyclix not only a global ambassador for the environment, but also the best financial platform available to serious investors.
And don't forget, you can always meet our team and hear more about our work personally by joining us on the next Recycling Expos we are sponsoring and taking part in. We will have our own stands at the Solids Basel Schuettgut trade show (Stand B12) on November 16-17 and at the Plastic Recycling Show in Amsterdam on March 29-30, 2017 (Stand D38).
Once again, we are overwhelmed with the responses we have received over the Open Days and we hope that we have exceeded your expectations. We thank all those who traveled far and wide to join us, and those who showed their support even without being there themselves.
We assure you that we will only work harder from here on out, and there can only be even greater things in store for Recyclix!