JBI, Inc. Files Third Quarter 10-Q, Reports Fuel Production Momentum and Confirms Progress
November 08 2012 - 4:46PM
Marketwired
JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) announced that it
filed its Quarterly Report on Form 10-Q for its third quarter of
2012 with the SEC earlier today. This was the first full quarter
for the Company's new executive team.
JBI President & CEO Kevin Rauber said, "We are very pleased
that our Plastic2Oil technology continues to deliver steadily
improving reliability and results." He continued by stating, "I am
thankful for the confidence and trust that our stockholders have in
both our new executive team as well as in the Company and its
technology." He concluded, "As we continue to make progress in
executing our business plan, we anticipate achieving increases in
production and revenue that we expect will allow us to achieve cash
flow positive results during the first quarter of 2013."
Characterizing the revenues for the quarter, the Company
reported in the Management's Discussion & Analysis section of
the Company's Form 10-Q, "During the months of July and August of
2012, we experienced downtime with processor #2 related to both a
planned downtime while we installed hardware to maximize production
of No. 2 diesel fuel oil, as well as unplanned downtime due to
feedstock quality issues. These downtimes resulted in lower than
anticipated fuel production during those months. However, our fuel
production in September 2012 rebounded such that it was the single
highest fuel producing month (in gallons) that the Company has seen
to date. In fact, this momentum in fuel production continued
through the month of October 2012."
Also, as disclosed in the Company's Form 10-Q, the
infrastructure of operations at the Company's Niagara Falls
facility continues to grow. As of the date of this filing, the
Company has one operational processor and the reconstruction and
upgrade of processor #1 has been completed and it is in startup
mode. In addition, the Company expects the third processor to be
operational in the first quarter of 2013.
For further information about the Company's third fiscal quarter
2012, including its financial results, readers of this press
release should review the Company's disclosures in its Quarterly
Report on Form 10-Q, which is publicly available on the website of
the Securities and Exchange Commission at www.sec.gov.
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 Chris Irons 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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