NIAGARA FALLS, Ontario, June 10, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBIIE - News) is providing notice that the Company's previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission ("SEC") on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon due to questions regarding: 1) the accounting treatment and related disclosures of two acquisitions which were completed during 2009 and 2) the valuation of media credits acquired by the Company during 2009 through the issuance of common stock. The Company's former independent registered public accounting firm, Gately and Associates, which was dismissed on May 13, 2010, was informed of the matters disclosed above.
Subject to approval by its new independent auditors, Withum Smith + Brown, PC, the Company intends to file revised financial statements as soon as they are available. The Company has hired Moore Stevens to assist in this effort, and provide ongoing accounting expertise.
About JBI, Inc.
JBI, Inc. is a technology company focused on injecting intelligence into existing products and processes, making them efficient and profitable. JBI seeks to innovate new solutions to issues facing today's world, including environmental concerns. JBI currently has four business lines including JBI's tape data recovery, JAVACO, PAK-IT LLC and our new Plastic2Oil business. Information on our company and all of our products and services can be found at http://www.jbiglobal.com/.
Forward Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees as of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
I've always been a proponent of the Bottom Line. So what IS the bottom line here?
To me it's very simple.
JBII has a waste plastic to diesel processor that is light years ahead of the competition:
It eats waste plastic, and spits out: 90% high grade Diesel, 8% Natural Gas, and only has 1% non toxic residue.
It's Green. There are no toxic emissions whatsoever:
It's operational. It works.
It's been independently validated to work by IsleChem (a very high class company run by some brilliant CHEMISTS).
250 Shareholders saw it running full bore at the AGM which was attended by over 450 shareholders.
One day very soon, there will be a press release that states the company has received their air permit, and is commencing production.
They will most likely announce that they have sold the fuel that's in that tanker outside the building where they've pumped all the diesel from test runs.
Everyone will then realize that it's for real.
And I anticipate intense competition for shares at that time.
Then we have Pak-It with it's elegant solution of putting cleaning chemicals inside water soluble packets.
Pak-It has been generating profits all along from sales to businesses like Home Depot, and has now started to penetrate the retail market.
Karcher is already selling the Pak-It cleaners on Amazon, and they will soon be in your local WalMart.
Then we have Javaco, the little sister of the bunch, who recently reported a 52% increase in revenues. Javaco will give us a Plastic2Oil foot in the door for Mexico, and South America, since they already have a presence and extensive contacts there.
And last we have the 'sole sourced by NASA' vintage computer tape reading business that's been placed on the back burner until P2O becomes operational. We have a 100,000 tape backlog of NASA tapes at the moment, representing $2.2M in revenue. Addax Petroleum is already sending in seismic computer tapes to be converted to modern media. Other oil companies are sure to follow. Our company is the only one in the world that can guarantee 100% accuracy in reading these 40+ year old tapes. There are millions of them needing to be read and converted to modern storage. NASA has millions containing satellite data. Oil companies have millions containing seismic data.
So there you go.
The Bottom Line: JBII is on the verge of generating a significant increase in profits for her shareholders... imo.
NY DEC has given JBII the go ahead to commercially produce and SELL their Diesel/Gasoline product:
THOROLD, Ontario, Dec. 15, 2010 (GLOBE NEWSWIRE) -- Today, JBI, Inc. (JBI) (OTCQX:JBII) announces that it has entered into a formal Consent Order with the New York State Department of Environmental Conservation (DEC) Region 9, which will allow the Company to immediately run its Plastic2Oil process commercially and begin construction of an additional processor at its Niagara Falls, New York P2O facility.
CC posted on website. They mentioned some big names implying they were some type of partner but never really said that. Sounds like they let the FL P2O team go but hired a fuel person. Nothing released about and fuel sales which IMO is why the PPS will continue to go down. Seems this whole project went public about 3-4 years to soon.
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THOROLD, Ontario, May 9, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company" or "JBII") (OTCQX:JBII) announced today that Oxy Vinyl Canada, a wholly owned subsidiary of Occidental Petroleum (NYSE:OXY - News), has agreed to purchase JBI's low sulphur heating oil for $109.80 per barrel. Low sulphur heating oil is a product of our Plastic2Oil(TM) process. Under the terms of the agreement, the first order of approximately 214 barrels of low sulphur heating oil is expected to be delivered this week.
"Today's announcement is for the sale of JBI petroleum products derived from waste plastic," said CEO John Bordynuik. "I am pleased that our green initiative has come to fruition evidenced by Oxy Vinyl's purchase."
JBI's revolutionary Plastic2Oil(TM) process converts mixed waste plastic into separated diesel, heating oil, and light naphtha fuels. Low sulphur heating oil is diesel fuel without transport additives. In Q1 2011, Bordynuik designed quality controls, fuel blending, and automatic additive injection so that the fuel produced is a final product, unlike crude oil. The agreement with Oxy Vinyl marks the company's first alternative fuel sale.
JBII used highly reputable laboratories and service providers to validate and test its Plastic2Oil(TM) process and products. This strategy has provided a long term benefit to our shareholders.
8-4-11: RockTenn(NYSE:RKT) Supplies Plastic to JBII:
On July 29, 2011, JBI, Inc. (“JBI” or the “Company”) and RockTenn Company (“RockTenn”) entered into a Master Revenue Sharing Agreement (the ‘Agreement”) for a ten (10) year term with an automatic 5 year renewal term.
In accordance with the terms and provisions of the Agreement, JBI has an exclusive 10-year license to the following:
1. Build and operate Plastic2Oil processors at RockTenn facilities. 2. Process RockTenn's waste plastic from paper mills and material recovery facilities (MRF). 3. Mine and process plastic feedstock from plastic-filled monofill sites. 4. Monofill sites contain years of waste plastic from mills. 5. Waste plastic from RockTenn facilities exceeds thousands of tons per day.