JBI, Inc. Announces a Ten-Year Agreement for Commercially Viable Conversion of Waste Plastic to Fuel
August 08 2011 - 5:57PM
JBI, Inc. (OTCQX:JBII) is pleased to announce that on July 29,
2011, JBI entered into an agreement with Rock-Tenn Company
(RockTenn) to convert mill by-product waste into fuel using JBI's
Plastic2OilTM technology.
Under the agreement, JBI has an exclusive ten-year license with
a renewal option to build and operate Plastic2Oil™ processors at
RockTenn facilities to process RockTenn's waste plastic at paper
mills and Material Recovery Facilities (MRF) and to mine and
process plastic from RockTenn's plastic-filled monofill sites.
RockTenn's paper mills and MRFs currently produce thousands of
tons of plastic per day. To handle the plastic waste stream,
RockTenn has been storing this by-product in company-owned
plastic-only monofill sites for several years. The agreement gives
JBI the exclusive rights to mine plastic from these sites.
JBI's Founder & CEO John Bordynuik said, "We are honored
that RockTenn has chosen JBI to be its long-term partner in this
venture and believe this provides further validation that we have a
viable commercial process to handle not only the critical issue of
waste by-product but also rising energy costs. RockTenn has the
industrial relationship and feedstock to support hundreds of
Plastic2Oil™ processors. We anticipate a mutually beneficial
relationship for both parties and intend to expand as quickly as
possible. RockTenn currently has sites that can support clusters of
processors. In preparation for this agreement, we have designed our
processors to be modular 'plug and play' to allow rapid deployment
across RockTenn's locations."
JBI's business principles are guided by environmental
sustainability and a strategic model to cluster processors at
single high-volume waste plastic sites. The company aims to create
long-term shareholder value through joint venture partnerships with
Fortune 500 companies.
About JBI, Inc.
JBI, Inc. is a domestic alternative Oil and Gas company. JBI
developed a process that converts waste plastic into fuel
(Plastic2Oil), without the need of further refinement. JBI 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
filed with the SEC on April 20, 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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