JBI, Inc. Signs Multi-Year 'Transport Fuel' Take-Off Agreement With XTR Energy
December 23 2011 - 9:54AM
JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce today
the signing of a multi-year transport fuel supply agreement with
XTR Energy Company Limited ("XTR Energy").
XTR Energy is one of the largest and fastest growing independent
retail petroleum brands for regular and premium gasoline and diesel
products in Canada. XTR Energy focuses on well-priced products,
timely deliveries and innovative customer retention programs. This
focus has enabled XTR Energy to establish network locations in
Ontario, Nova Scotia, New Brunswick, P.E.I., Manitoba and
Saskatchewan.
XTR Energy will be purchasing Regular Transport Gasoline,
Premium Transport Gasoline, Diesel Ultra LS Clear and other
acceptable road transport products from JBI, Inc. These products
are the fuel output of JBI, Inc.'s Plastic2Oil® ("P2O") process,
which will then be blended and made available through the Company's
Blending Site in Thorold, Ontario ("Thorold Terminal").
"XTR Energy looks forward to acquiring products from JBI, Inc.
in Ontario and across Canada. This new relationship is directly
aligned with XTR Energy's strategic objective to have a diversified
secure supply of quality petroleum products from a variety of
sources to meet the growing demands of the XTR Energy network and
preferred customers," stated Ken Wootton, President of XTR Energy,
upon signing the agreement.
"We were attracted to XTR Energy because of their corporate
values and distribution reach across much of Canada," commented
John Bordynuik, CEO of JBI, Inc. "They are committed to green
alternatives, high operational standards and maintaining long-term
winning relationships with both their customers and suppliers."
The agreement with XTR Energy is a step forward in achieving the
Company's vision of becoming a vertically integrated plastic
recycling, fuel processing and fuel distribution company. It allows
the Company to utilize the value of one of its key assets, the
Thorold Terminal, a registered and licensed TSSA fuel blending and
distribution facility with fuel storage capacity in excess of
250,000 U.S. gallons.
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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