Closure of JAVACO Subsidiary Reinforces Focus on JBI's Plastic2Oil Business
July 13 2012 - 7:30AM
Marketwired
JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) announces plans to
close its subsidiary Javaco, Inc. ("JAVACO") over the next several
weeks, as part of the Company's strategic plan to focus on its core
business, Plastic2Oil® ("P2O").
The Company acquired JAVACO, a retail and wholesale distributor
of equipment, hardware and tools for maintenance and construction
in 2009. JAVACO has not been profitable since 2010. In accordance
with the Company's current objectives and business plan, management
has decided to discontinue the JAVACO business operations. This
development marks a significant component in its execution of the
overall P2O business strategy and vision.
"My directive continues to be leading the expansion of P2O and
making decisions aimed at positioning JBI as the trailblazer in our
industry," stated CEO Kevin Rauber. "Our reasons for initially
acquiring JAVACO are no longer relevant to our strategic plan for
the P2O roll-out and we plan on concentrating all of our operating
resources on P2O and its commercial execution."
Facility shut-down is expected to take place over the next
several weeks. JBI would like to extend its appreciation to all
JAVACO employees for their service and commitment.
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 JBI's
filings with the Securities and Exchange Commission ("SEC"),
including without limitation our Form 10-K, filed with the SEC on
March 19, 2012, as amended on April 30, 2012.
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
Annual Report on Form 10-K, filed with the SEC on March 19, 2012,
as amended on April 30, 2012, 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 1.716.471.5995
MEDIA INQUIRIES media@jbi.net or please visit the JBI, Inc.
Newsroom at http://www.plastic2oil.com/site/news-room
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