JBI, Inc. Provides an Update on Corporate Progress
NIAGARA FALLS, Ontario, Nov. 5, 2009 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB: JBII) continues to make progress in the implementation of its comprehensive business plan.
In its efforts to globally market the innovative, eco-friendly Pak-It product line, JBI has appointed Creative Supply Solutions Ltd. ("CSS") of Manchester, England as a Master Distributor for the United Kingdom. CSS, a privately held company, has relationships with more than a dozen distributors in the region, and will be responsible for managing sales in England, Wales, Scotland, and Ireland.
Steve Seneca, President of Pak-It, LLC, noted, "I am excited to have CSS join us as a master distributor. CSS focuses on selling and marketing break-through technologies, which makes them perfect for our Pak-It line of water-soluble liquid cleaning chemicals."
"We see tremendous opportunity for Pak-It because of their patented technology," stated Nigel Oakes, CSS Director. "The Pak-It products provide an important green solution - and 'green' is an extremely important issue in the UK. The concentrated packets dissolve completely in water, leaving no empty containers to clog land-fills. And the shipping cartons are lighter and take up less space than normal containers, which greatly reduces the environmental impact of transportation."
Furthermore, in anticipation of Pak-It's Canadian expansion, the Company is pleased to report that PakIt Canada machines are now set up, and JBI engineers are adding automation to the production lines to process Pak-Its faster. JBI CEO and President, John Bordynuik, said, "We envision robust growth for Pak-It products in Canada and want to be fully prepared to satisfy anticipated demand."
In another important development, Pak-It has formulated a no-slip cleaner that is a cleaner, polisher and finisher all in one. Applications of this unique formulation produce no buildup and the affected surface, whether wet or dry, is not slippery. The product has successfully been tested with a James Machine and digital tribometer.
JBI is currently assembling its large P2O processor as all parts have now arrived. Testing of individual components is also ongoing, and the Company looks forward to soon demonstrating its economic viability, as a direct result of using its proprietary catalyst in the processor's smooth operation. Competing processors that run without a catalyst risk pollution, blockage in the condensers, downtime, slag, and massive cleanup, all of which can severely impact potential profitability.
In addition to reading NASA tapes, JBI has recently been presented with thousands of seismic tapes to read, which oil companies view as an important source of information for their exploration activities. JBI has just started reading tapes for a large Oil and Gas company, and its Swahili engine is being used to normalize, index and serve the seismic and well log data.
JBI is setting a presentation and interactive conference call date for Monday, November 23, 2009. Therefore, all shareholder questions should be submitted to email@example.com as soon as possible for review by corporate legal counsel. In order to adequately address all questions, JBI may publicly release news items prior to the call date. An upcoming press release will give the time and call-in details for the call. As well, the information will be posted on the JBI website at http://www.jbiglobal.com. John Bordynuik is looking forward to answering shareholder inquiries and presenting updates on JBI, Inc. to our shareholders.
JBI, Inc. is transitioning to become a global technology leader whose purpose is to mine data from JBI's large information archive, find under-productive entities to inject our superior proprietary technologies into, and benefit from increased productivity and profitability, beginning with Plastic2Oil. JBI has also acquired the following operations:
JAVACO, Inc. ("Javaco") is part of the Supplier Diversity Network, WBENC. JAVACO, Inc. currently distributes over 100 lines of equipment from fiber optic transmitters to RF connectors. To further enhance business in the United States, new distribution lines are frequently being added including a line of home theater and audio video products. Javaco will operate and manage the Company's Plastic2Oil sites in Mexico.
Pak-It, LLC ("Pak-It"): Using the patented Pak-It(TM) delivery system (liquid cleaner in a water soluble sachet) Pak-It can deliver glass cleaner, disinfectant, multi-purpose, and many more cleaning products (42 products currently) shipped in tiny packages of condensed cleaner (inside a 'dry' 1 quart container). This delivery method is "green" since it's fully biodegradable and saves thousands of dollars in shipping. The user simply adds water to the container without measuring or cutting the Pak-It. Large retailers and many national Building Service Contractors already using the product have documented significant cost savings from shipping, training, inventory control and space.
Accordingly, our revenue sources presently include (i) income from reading archived tapes (including microfiche) from clients such as NASA, (ii) income from the recently acquired JavaCo, Inc., (iii) income from the sale of Pak-It products, and bulk chemical facility which we realize beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the fourth quarter of 2009 with Plastic2Oil, a process and service that converts plastic to fuel oil. For more information, please see http://www.jbiglobal.com and http://www.javacoinc.com and http://www.pakit.com/.
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 and of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, Inc., 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. 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: JBI, Inc.
John Bordynuik, President and CEO
+1 (289) 296-5538