JBI, Inc. Secures New Financing for Its Plastic2Oil Technology
January 09 2012 - 12:39PM
JBI, Inc. (the "Company") (OTCQB:JBII.PK) is pleased to announce
that it closed agreements on January 6, 2012 for equity financing
in the amount of US$2.795 million to build its Plastic2Oil ("P2O")
technology.
Thirteen accredited individuals participated in this recent
round of financing, which consisted of units purchased at $1.00 per
unit. Each unit included a share of common stock and a warrant to
purchase an additional one-half share at an exercise price of
US$2.00 at any time for a period of 18 months.
"I think this is further validation of our business model by
sophisticated investors who believe in the innovations and
proprietary technology that JBI, Inc. has developed," commented
John Bordynuik, CEO of the Company. "This financing will continue
to support the operational build-out of our P2O processors at the
Company's Niagara Falls facility and the initial site in our
agreement with Rock-Tenn Company."
The Company believes that this new injection of capital will
assist in increasing its production capacity more quickly in order
to satisfy the recent fuel distribution agreements made with Indigo
Energy Partners, LLC and XTR Energy Company Limited. It is yet
another step in the development of the Company as it executes its
vision of becoming a vertically integrated plastic recycling, fuel
processing and fuel distribution company.
For more information on the details of this recent financing,
please refer to the Company's Current Report on Form 8-K file on
January 6, 2012 and posted on the Company's website at:
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
one 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/A, filed on July 18, 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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