JBI, Inc. Securities to Trade on OTCQX U.S. Premier Market
July 23 2010 - 8:30AM
On Wednesday, July 21, 2010, JBI, Inc. (the "Company")
(OTCBB:JBIIE) received approval of its application to the OTCQX
U.S. Premier marketplace (www.otcqx.com). The Company was further
advised on Wednesday, July 21, 2010 that quotation could begin as
early as Friday, July 23, 2010. On Thursday, July 22, 2010,
management was informed that, in fact, the timing of the transition
would be determined by the removal of the "E" from the Company's
stock symbol. Management is filing an emergency motion with the
hearing officer handling management's case with FINRA to seek
removal of the "E." As soon as a hearing is held and the
hearing officer renders a decision, the Company will provide a
further update. It is management's understanding that once the
Company became compliant with SEC reporting requirements by filing
its first quarter Form 10-Q on Friday, July 16, 2010, that the "E"
would be removed within three business days. Management has
not been provided an explanation for why the "E" has not been
removed.
The OTCQX marketplace is the premier tier of Pink OTC Markets
Inc. interdealer quotation service providing investors with an
objective measure to distinguish OTC-traded companies. Trading
on the OTCQX provides investors with transparent, fully electronic
trading, superior access to information, and efficiency through
many major online and full-service brokerage firms. The OTCQX
Premier has many listing requirements including financial and
market-related minimums and the conduct of annual shareholders'
meetings. Unlike the OTC Bulletin Board, the OTCQX is not
owned by FINRA.
The Company is pleased to join other global companies that trade
their securities on the OTCQX including, among others, Adidas, Air
France-KLM, Allianz, AXA, BASF, Benetton, BNP Paribas, Deutsche
Telekom, Marks & Spencer, Roche, Wal-Mart de Mexico and Zurich
Financial Services.
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 planned
Plastic2Oil business. Information on our company and all of
our products and services can be found at
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. 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 amended Annual Report on
Form 10-K, filed on July 9, 2010, with the Securities and Exchange
Commission, 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.
JBI, Inc. All rights reserved.
CONTACT: JBI, Inc.
Investor Relations
John Zervas
(877) 307-7067
jpz@jbi-ir.com