JBI, Inc. Receives Court Approval for Previously Announced SEC Settlement
March 21 2013 - 2:00PM
Marketwired
JBI, Inc. (the "Company")(OTCQB: JBII) announced today that the
U.S. District Court, District of Massachusetts, has approved the
settlement of the previously announced Securities and Exchange
Commission (SEC) enforcement action against the Company and its
former chief executive officer, John Bordynuik.
Under the terms of the settlement, the Company and Mr. Bordynuik
consented to the entry of orders enjoining them from future
violations of certain provisions of the federal securities laws
(including the antifraud, reporting and books and records
provisions), and required the Company and Mr. Bordynuik to pay
civil penalties of $150,000 and $110,000, respectively. The
settlement did not require payment of "disgorgement" or other
amounts. The order against Mr. Bordynuik included a five-year
officer/director bar. Mr. Bordynuik stepped down from his Officer
and Director positions with the Company in May 2012, and currently
serves as its Chief of Technology.
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. 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 processors
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
15, 2013, 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 Corporate Communications &
Investor Relations Manager 716.471.5995 ir@jbi.net MEDIA
INQUIRIES media@jbi.net or please visit the JBI, Inc. Newsroom
at www.plastic2oil.com
Plastic2Oil (PK) (USOTC:PTOI)
Historical Stock Chart
From May 2024 to Jun 2024
Plastic2Oil (PK) (USOTC:PTOI)
Historical Stock Chart
From Jun 2023 to Jun 2024