JBI, Inc. Announces Potential Settlement of Class Action Lawsuit, Rescheduled Conference Call and Delayed 10-Q Filing
August 09 2013 - 9:07AM
Marketwired
JBI, Inc. (the "Company" or "JBI") (OTCQB: JBII), a clean energy
company that recycles waste plastic into liquid fuels, announced
today that it entered into a stipulation agreement in potential
settlement of the previously disclosed class action lawsuit filed
by certain stockholders of the company.
Under the stipulation agreement, the company would agree to
issue shares of its common stock that will comprise a settlement
fund, the number of which will be dependent on the price per share
of the Company's common stock during a period preceding the date of
the Court's entry of final judgment in the case. Further details in
regards to the settlement can be found in the Form 8-K filed today
with the Securities and Exchange Commission, located at
www.sec.gov.
In addition, the Company announced it is rescheduling its
previously disclosed investor conference call from Monday, August
12, 2013 at 1:00PM to Thursday, August 15, 2013 at 11:00AM EDT.
This conference call will be led by the Company's management team,
will review the second quarter 2013 results and provide an
operations update.
The rescheduling of the conference call was necessitated by the
Company's decision to extend the filing date of its Form 10-Q for
the second quarter of 2013, as reported by the Company in its Form
12b-25 filed today with the Securities and Exchange Commission. The
Company's filing date was extended to August 14, 2013.
Please note the amended details for the rescheduled conference
call:
Date: Thursday, August 15, 2013
Time: 11:00AM, Eastern Daylight Time
Questions: Questions to be considered for
the call can continue to be e-mailed to ir@jbi.net prior to 11:59PM
on Monday, August 12, 2013.
Conference Access: US Participants dial
(800) 762-4758. Canadian and International callers dial (480)
629-9035.
Disclaimer: There is a 500 caller maximum
on a first-come, first-served basis. In order for callers to be
admitted, callers must provide first and last name, company, and
valid phone number. Participation is subject to the discretion of
JBI, Inc.
For further information about the Company's second quarter 2013
results, including its financial results, readers of this press
release should review the Company's disclosures in its Quarterly
Report on Form 10-Q, which will be publicly available on the
website of the Securities and Exchange Commission at www.sec.gov
subsequent to being filed.
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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