JBI, Inc. Increases Maximum and Completes Series B Private Placement With Additional $4 Million
January 17 2013 - 4:15PM
Marketwired
JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) is pleased to
announce that between January 11, 2013 and January 17, 2013 it
entered into subscription agreements with accredited investors and
consummated the sale of 1,153,556 additional shares of the
Company's Series B Convertible Preferred Stock for additional gross
proceeds of $4,037,446. As a result of the additional sales, a
total of 2.3 million shares were sold in the Series B Offering for
aggregate gross proceeds of $8.05 million.
On January 11, 2013, the Company designated an additional
300,000 shares of preferred stock as Series B Preferred Stock. As a
result of the Amended Series B Designation, a total of 2,300,000
shares have been designated as Series B Preferred Stock.
Kevin Rauber, JBI CEO commented, "We are pleased with the
positive investor response which allowed us to not only meet, but
to exceed our original goals for this raise. This funding is key to
continued execution of our plans."
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 January 17, 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
Plastic2Oil (PK) (USOTC:PTOI)
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