JBI, Inc. Announces Completion of Its Second Plastic2Oil Processor
February 27 2012 - 4:37PM
JBI, Inc. (the "Company") (OTCQB:JBII) is pleased to announce that
in Q1 the Company has been successful in bringing its second
Plastic2Oil® ("P2O") processor (the "Processor No. 2") online at
the Niagara Falls, NY facility.
The design of Processor No. 2 is based on data retrieved while
working with the original P2O processor (the "Processor No.1"),
which since June 2011 has undergone a number of substantial
upgrades. The enhancements include a replicable and deployable
modular design that leverages economies of scale with our
manufacturers, the ability to cater to specific fuel needs of
customers and a reduction of stack emissions.
Processor Nos. 1 & 2 are permitted to operate at 4,000 lbs.
per hour, however they are currently operating at 2,000 lbs. per
hour. The Company expects to operate both processors at 4,000 lbs.
per hour, as per the upgraded Air Permit issued by the New York
Department of Environmental Conservation ("NYSDEC"), once the
Company receives approval on its amended Solid Waste Permit from
the NYSDEC.
The Company expects that this amendment will effectively double
the plastic feedstock throughput, from 2,000 lbs/hour per processor
to 4,000 lbs/hour, which should double the amount of fuel output
each P2O processor can produce.
"Bringing Processor No. 2 online represents a significant
achievement as well as a milestone for our Company. We believe this
sets us apart from other plastic into fuel conversion
technologies," states John Bordynuik, CEO and President. "JBI, Inc.
is the first company to successfully move from a pilot plant to a
multiple processor, full production plant within the industry."
Towers and reactors have been fabricated for the third P2O
processor (the "Processor No. 3") and the Company looks forward to
bringing No.3 online in the near future.
About JBI, Inc.
JBI, Inc. is an innovative North American fuel company that
transforms unsorted, unwashed waste plastic into ultra-clean,
ultra-low sulphur fuel without the need for refinement. JBI, Inc.'s
patent pending Plastic2Oil® (P2O) process is a commercially viable,
proprietary process designed to provide immediate economic benefit
for industry, communities and government organizations with waste
plastic recycling challenges. JBI, Inc. is committed to
environmental sustainability by diverting plastic waste from
landfill and potential incineration. 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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