JBI, Inc. Announces Dismissal of the Stockholder Derivative Lawsuit
June 27 2013 - 8:00AM
Marketwired
JBI, Inc. (the "Company") (OTCQB: JBII) announced today that the
U.S. District Court for the District of Massachusetts issued a
ruling on June 26, 2013 granting, without prejudice, the individual
defendants' motion to dismiss the previously disclosed stockholder
derivative lawsuit. The lawsuit had been filed on March 16, 2012
against certain former officers and directors with the Company
named as a nominal defendant. The Court's action concludes this
litigation.
For further information about JBI, Inc., including its financial
results, readers of this press release should review the Company's
disclosures in its Annual and Quarterly Reports on Forms 10-K and
10-Q, which are 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 as
amended on April 30, 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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