JBI, Inc. Announces Operations Update
February 11 2013 - 8:00AM
Marketwired
JBI, Inc. (OTCQB: JBII)
- Fuel production increases in 4th quarter
- Successful stack test on 2nd processor
- Fabrication supply delay causes delay in
completion of 3rd processor
- Revised positive cash flow timing
JBI, Inc. (the "Company" or "JBI") (OTCQB: JBII) today announced
an update on its Plastic2Oil® ("P2O®") business operations,
reflecting increased fuel production, a successful stack test on
processor two, fabrication supplier delays, and revised
expectations for achieving positive operating cash flow.
Based on preliminary results, total fuel production in the
fourth quarter of 2012 increased over total amounts produced in the
third quarter of 2012, and was greater than any other fiscal
quarter in the Company's history. The Company believes that
production would have been higher if it had not experienced
significant downtime in December associated with a planned stack
test on the Company's second processor. This stack test was
performed to procure permits that would allow JBI the option of
processing heat transfer fluid in conjunction with its plastic
feedstock to optimize the yield per hour of the processors. This
test was successful, producing data that confirmed extremely low
emission levels at high feed rates. Performance of the stack test
adversely affected fuel production during December 2012 due to the
time necessary to prepare for and conduct the test.
JBI's Chief Operating Officer Tony Bogolin stated, "While we had
an improved quarter in terms of total production, we continue to
pursue methods to further increase production. We're focusing our
efforts on achieving consistent production from our processors." He
continued, "The technology is sound, our goal is to achieve these
results day in and day out, which is a direct function of achieving
satisfactory processor uptime. We are making continued headway in
regards to processor uptime and we expect in the near future we
will achieve targeted uptimes."
As previously disclosed, the Company's third processor is
currently being assembled at its Niagara Falls plant, however, due
to recent fabrication delays, the Company anticipates that this
processor will not produce fuel until sometime in the second
quarter of 2013. The Company had previously expected to have this
processor online during the first quarter of 2013. These delays
will preclude the Company from achieving cash-flow positive results
during the first quarter of 2013, as previously communicated. The
Company intends to provide updated guidance in its upcoming annual
report.
In addition to the progress at the Niagara Falls location, the
Company continues to work on development of its second plant to be
located in Jacksonville, Florida. Currently, the Company is
evaluating engineering options to maximize feedstock throughput for
processors that will be located at that site, in addition to site
design and construction activities related to plant
infrastructure.
JBI's Chief Executive Officer Kevin Rauber stated, "We are
encouraged by our progress and fuel production, but disappointed by
continued fabrication delays. The JBI team remains highly focused
on building a platform to capitalize on its world class technology.
We remain committed to executing our business plan and making
cash-flow positive results a reality."
More information in regards to operations in the fourth quarter
and full 2012 fiscal year will be available in JBI's upcoming
Annual Report on Form 10-K, to be filed Securities and Exchange
Commission on or before March 18, 2013.
About JBI, Inc.
JBI, Inc. is a clean energy company that recycles waste plastic
into liquid fuels. JBI's proprietary Plastic2Oil technology can
deliver economic and environmental benefits by replacing refined
fuels and diverting waste plastic from landfills. For further
information, please visit www.plastic2oil.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, and
members of its management as well as the assumptions on which such
statements are based, including the expected timing of the
Company's Form 10-K, execution of the proposed agreements described
above and consummation of the transactions contemplated by such
agreements. 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. Such risks include, but are not limited to: (1) JBI has
a history of net losses, and may not be profitable in the future;
(2) JBI may not be able to obtain necessary licenses, rights and
permits required to develop or operate our Plastic2Oil business,
and may encounter environmental or occupational, safety and health
conditions or requirements that would adversely affect its
business; and (3) JBI may experience delays in the commercial
operations of its Plastic2Oil machines and there is no assurance
that they can be operated profitably. For a more detailed
discussion of such risks and other factors, see the Company's
Annual Report on Form 10-K, filed with the SEC on March 19, 2012,
as amended on April 30, 2012, and its other SEC filings. 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.
CONTACT Chris Irons JBI, Inc. Investor Relations
1.716.471.5995 ir@jbi.net MEDIA INQUIRIES media@jbi.net or
please visit the JBI, Inc. Newsroom at
http://www.plastic2oil.com
Plastic2Oil (PK) (USOTC:PTOI)
Historical Stock Chart
From May 2024 to Jun 2024
Plastic2Oil (PK) (USOTC:PTOI)
Historical Stock Chart
From Jun 2023 to Jun 2024