JBI, Inc. Announces Completion of Its Third Plastic2Oil(R) Processor
June 13 2013 - 9:40AM
Marketwired
JBI, Inc. (the "Company" or "JBI") (OTCQB: JBII), a clean energy
company that recycles waste plastic into liquid fuels, is pleased
to announce that it has finished assembly of its third Plastic2Oil
("P2O"®) processor at its Niagara Falls facility.
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following URL:
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The designs behind the third processor have undertaken
significant upgrades since the previous generation processors,
including the addition of a real-time residue removal process that
the Company anticipates will increase processor uptime, as measured
by the amount of time the processor is at full capacity producing
fuel. All individual subsystems, including burners, kilns, towers,
off gas, cooling and flue gas systems have been tested and are
operational. Processor 3 is now undergoing initial plastic feeding,
fuel production and process debugging, which will address any
initial problems and any parts that may potentially fail under the
full heat of the process and plastic loads. This testing is
consistent with the Company's standardized new processor start-up
protocol.
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"Hands down, we believe that this processor will be recognized
as the world's most technologically advanced and efficient piece of
machinery in the emerging plastic to oil market. We have addressed
the residue removal challenge head on with the addition of the
continuous removal system. In addition to the towers being larger
than those of the previous generation processors, we have also used
operational data from previous generation processors to make a
significant number of upgrades to the rest of this processor. We
believe this processor is positioned to be second-to-none in terms
of fuel product, emissions, process efficiency, automation and
operating cost," said John Bordynuik, Chief of Technology and
Company founder.
JBI President and Chief Executive Officer Tony Bogolin said, "We
believe that this new processor will significantly improve our
production and will be our flagship for use at future P2O sites. In
addition, we anticipate that consistent production out of this
processor will be a stabilizing force to help fuel the Company's
growth."
"We expect that this processor's operation will translate
directly into increased revenues, improved margins and ongoing
growth," continued Mr. Bogolin. "In addition to working towards
consistent production, our highest priorities remain aggressively
managing costs and working towards constituting a highly qualified
Board of Directors."
Since 2011, through March 31, 2013, JBI has processed
approximately 2.8 million pounds of plastic and produced
approximately 482,000 gallons of in-spec end user fuels, including
diesel, fuel oil #6 and naphtha.
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following URL:
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For further information about JBI, Inc., 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 a 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 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
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