JBI, Inc. Signs Long-Term Fuel Supply Agreement with Indigo Energy Partners, LLC
December 21 2011 - 2:03PM
JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce today
the signing of a long-term fuel supply agreement with Indigo Energy
Partners, LLC ("Indigo Energy").
Indigo Energy is a service-driven, wholesale distributor of
petroleum products and renewable fuels that utilizes an expansive
network of distribution terminals and bulk plants across the
continental United States.
Under the terms of the agreement, Indigo Energy will off-take
No. 6 Fuel Oil, from the JBI, Inc. Plastic2Oil ("P2O") facility in
Niagara Falls, NY.
The timing of this agreement in the early stages of the
Company's growth allows it to focus singularly on increasing
production and growing capacity, instead of the marketing and
distribution of its fuel products.
"We are very impressed with JBI, Inc.'s proprietary technology
and the quality of their fuel products," stated Martin N.
Underwood, Jr., COO of Indigo Energy. "Additionally," continues Mr.
Underwood, "We feel this partnership is a natural fit for both
companies and we look forward to bringing JBI, Inc.'s products to
market as they expand production capacity to future plants across
the U.S."
John Bordynuik, CEO and Founder of JBI, Inc., commented, "We are
excited about this partnership on several levels. First of all, we
are proud to be affiliated with a company with the profile of
Indigo Energy; a company which believes that green fuels can make a
significant contribution to supplying clean, reliable energy."
"Secondly," continues Mr. Bordynuik, "After securing plastic
feedstock supplies and creating a commercially viable, 'green'
process for transforming plastic into oil, this agreement fulfills
the final stage of our business growth plan, the distribution of
our ultra-clean, ultra-low sulphur fuel to end-users."
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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