JBI, Inc. Appoints Matthew J. Ingham, CPA, as Chief Financial Officer
December 19 2011 - 6:33PM
JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce the
appointment of Matthew J. Ingham as the Company's Chief Financial
Officer ("CFO").
As CFO, Mr. Ingham will report directly to CEO, John Bordynuik.
He will be responsible for establishing the Company's financial
strategies while ensuring the Company has the appropriate financial
systems in place to manage current operations. He will lead the
development of financial planning models and cost-benefit analysis
to forecast and support future growth. Mr. Ingham will also be
responsible for all financial filings required by the SEC, and will
serve as a financial and business advisor to the leadership
team.
"We are extremely pleased to welcome Matthew Ingham as our new
Chief Financial Officer. Matthew brings the experience and skills
the Company needs to support both our short and long term growth
plans. Not only is he a seasoned auditor, but he possesses
extensive experience managing a successful corporate finance
division," states CEO, John Bordynuik, on the appointment of Mr.
Ingham.
Prior to joining JBI, Inc., Mr. Ingham held, successively,
senior positions with two of the "Big 4" audit firms,
PriceWaterhouseCoopers LLP and Ernst & Young LLP, specializing
in auditing assurance, financial reporting and transaction
analysis, and developed a broad base of auditing and financial
reporting skills through assignments on publicly traded and
privately held companies.
At Ernst & Young, LLP Mr. Ingham held the position of Audit
Manager, Assurance Advisory Business Services, working directly
with firm partners and company executive management on audits to
finalize findings and issue audit reports. He assisted with client
implementation of first year compliance with the Sarbanes-Oxley Act
for three SEC accelerated filers, including the coordination of
international scoping and testing and participated in cross service
line initiatives which included working on an internal audit
engagement team to assist a new client in their first year
Sarbanes-Oxley implementation.
Most recently, Mr. Ingham was Senior Manager, Technical
Accounting, Insight Enterprises, Inc., a $4.8 billion international
Fortune 500 information technology company. Reporting to Executive
Management and Senior Financial Staff, his responsibilities
included managing all communications with the external auditors,
providing evaluations of technical accounting research and analysis
matters. He led a global team of finance personnel in formalizing
and documenting accounting policies and procedures, including
working with multi-national teams on sales operations improvement
initiatives.
About JBI, Inc.
JBI, Inc. is a domestic alternative 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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