JBI, Inc. Responds to SEC Lawsuit
January 04 2012 - 5:08PM
JBI, Inc. (the "Company") (OTCQX:JBII) is profoundly disappointed
by the erroneous allegations of fraud contained in the civil
lawsuit filed by the Securities Exchange Commission ("SEC") earlier
today. The Company regrets that its attempts to negotiate
settlement of this dispute failed, and, in consultation with its
litigation counsel and Board of Directors, looks forward to
vigorously defending itself in court, where the Company believes it
will prevail on the merits.
The allegations in the complaint concern legacy accounting
issues that have since been corrected. Among other things, since
restating its financial statements, the Company has hired a new
chief financial officer and engaged additional experienced
accounting staff as well as a reputable independent audit firm.
Contrary to the allegations made by the SEC, the Company
believes that its officers acted in good faith in valuing the media
credits discussed in the complaint, based on the information
available at the time. The Company further maintains that after
learning of potential problems relating to these credits, it took
appropriate steps in compliance with its obligations to
shareholders and the public markets at large.
JBI, Inc. is acutely aware of its responsibility to its
shareholders and values the trust shareholders put in the Company.
The defense of this lawsuit will further demonstrate the Company's
commitment to transparency and ethical business practices.
The Company is proud of its recent successes and will continue
to focus on building out its business growth plan with its
corporate partners.
About JBI, Inc.
JBI, Inc. is a domestic green Oil and Gas company. JBI, Inc.
developed a process that converts waste plastic into fuel
(Plastic2Oil), without the need of further refinement. JBI, Inc.
scaled a 1kg process to a 20MT commercial processor in less than 1
year. For further information please visit www.plastic2oil.com and
review our SEC filings, including without limitation our Form 10-K,
as amended, filed with the SEC on July 18, 2011. 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 amended Annual Report on Form 10-K, filed on April 20,
2011, 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.
CONTACT: JBI Inc.
Investor Relations
1-877-307-7067
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