JBI, Inc. Raises $4 Million in Series B Financing to Fund Continued Execution of Business Plan
January 02 2013 - 7:41AM
Marketwired
JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) is pleased to
announce that between December 27, 2012 and December 31, 2012, it
raised $4,012,554 in a private placement of 1,146,444 shares of the
Company's Series B Convertible Preferred Stock (the "Series B
Shares"). The Series B Shares, which were sold at a price of $3.50
per share, are each convertible into 7 shares of the Company's
common stock and have a mandatory conversion date of June 30, 2014.
The Series B Shares entitle the holders to a preference upon
liquidation equal to the purchase price of the Series B Shares. The
terms of the Company's private placement allow the Company to hold
additional closings for the sale of additional Series B Shares up
to the maximum offering amount of two million shares and gross
proceeds of up to $7 million prior to the January 31, 2013 offering
termination.
"This financing, combined with our efforts to grow revenues and
reduce costs, are important as we continue the momentum to execute
our business plan," stated JBI CEO Kevin Rauber. "With this
financing, we will continue to move forward towards our stated
goals and continue with development of our planned Plastic2Oil®
site on the RockTenn Company property in Jacksonville,
Florida."
Matthew Ingham, JBI CFO, commented, "We are excited about this
financing, as we believe that it provides us with the necessary
capital and flexibility to expand our production capabilities as we
continue to work towards maximizing shareholder value."
More information about this financing can be found in the
Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on December 31, 2012.
JBI's Niagara Falls facility currently has two operational
Plastic2Oil processors and a third is being assembled and is
expected to come online during the first quarter of 2013.
About JBI, Inc.
JBI, Inc. is a leading clean energy company that recycles waste
plastic into liquid fuels. JBI's proprietary Plastic2Oil technology
can deliver economic and environmental benefits by replacing
refined fuels and diverting waste plastic from landfills. For
further information, please visit www.plastic2oil.com.
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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