As 2011 comes to a close, John Bordynuik, Founder and CEO of JBI,
Inc. (the "Company") (OTCQX:JBII), offers a recap of the Company's
progress and key milestones over the past 12 months.
"It's been an exciting year for the Company," states Bordynuik.
"We've taken significant steps forward and on many levels have
out-paced traditional industry timelines – and it has been a team
effort." He continues, "The successes we've seen in 2011 have
involved many months of extensive testing, third party analysis and
validation, and corporate due diligence. We are proud of our
accomplishments and are confident about our growth moving into the
next fiscal year."
In May 2011, JBI, Inc. announced its first sale of fuel produced
by the Company's patent-pending Plastic2Oil® ("P2O") process.
Shortly thereafter, Coco Asphalt Engineering, a division of Coco
Paving, Inc., entered into a Supply and Service Agreement for the
Company's ultra-clean, ultra-low sulphur fuel.
June 2011 brought more good news. "On June 17, 2011, we cleared
a significant hurdle when the New York State Department of
Environmental Conservation ("NYSDEC") issued a permit to JBI, Inc.
to operate 3 separate P2O processors at our Niagara Falls
facility," comments Bordynuik. "At the same time the NYSDEC also
issued a Solid Waste Permit which allowed us to store plastic
feedstock materials on-site."
During the summer months of 2011, the Company continued to make
enhancements to its P2O processor, giving it the ability to produce
specific fuel types to meet the needs of its customers. Bordynuik
continues, "This paid huge dividends later in the year when new
customers with diverse fuel requirements came onboard."
In July, the Securities and Exchange Commission ("SEC") issued a
Wells Notice to the Company in relation to its legacy accounting
issues from 2009. "The Company is acutely aware of its
responsibilities to its shareholders," states Bordynuik. "As part
of our internal corrective actions, we hired a highly respected
auditor, an American Certified Public Accountant Controller, and
retained the services of another highly ranked auditing firm and
numerous financial consultants to advise the Company and assist in
preparations of the 10Q and 10K filings. Most recently, we welcomed
our new CFO, Matthew Ingham, CPA. Matthew will lead our financial
reporting and will continue the improvements which began with the
amending of the 2009 10K filing."
The highlight of summer 2011 was the signing of a 10-year
exclusive agreement with Rock-Tenn Company (RockTenn) to convert
mill by-product waste into fuel using the Company's P2O technology.
"The significance of this agreement is impressive as it provides a
solution to waste plastic challenges," notes Bordynuik. "And JBI,
Inc. will have access to free feedstock supplies for our P2O
processors, which we will locate on RockTenn sites."
The fall months of 2011 were spent enhancing the P2O processor
in preparation for the final NYSDEC stack test scheduled for
December. Upgrades included the installation of low NOx burners and
the addition of a pre-melt system to increase through-put volumes.
The Company worked with third party fabricators to produce
standardized reactors and towers and has received the assembled
modules.
"December 2011 has been busy, to say the least," Bordynuik
states with a bit of grin. "We kicked off the month by completing
the final stack test required by the NYSDEC. It was a very exciting
day – the emissions from the second stack test were found to be
cleaner than the first test in August 2010, even with close to
double the quantity of waste plastic through-put, while maintaining
an 86.7% conversion rate to liquid fuel."
This success was quickly followed by the news of an Air Permit
exemption in the state where the first RockTenn P2O site will be
located, reducing the lead time for roll-out of the RockTenn
agreement in that state.
The year came to a close with the signing of two major fuel
supply agreements, the first with Indigo Energy Partners, LLC
("Indigo Energy") for the Company's No. 6 Fuel Oil and the second
with XTR Energy Company Limited ("XTR Energy") for road transport
fuels. The XTR Energy agreement will require the Company to
purchase third party fuels to blend with its P2O fuel output until
it can build out the capacity to meet the full quantities required
by the customer.
"The beauty of the agreement with RockTenn, in combination with
the fuel supply agreements with Indigo Energy and XTR Energy, is
that we will be free to focus solely on the manufacturing of
additional P2O processors as we move into 2012," says Bordynuik.
"It's a huge step forward in achieving our vision of becoming a
vertically integrated plastic recycling, fuel processing and fuel
distribution company."
For more information about JBI, Inc. and the types of fuel
produced by its proprietary P2O process, please refer to the
Company's website: www.plastic2oil.com.
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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