JBI, Inc. CEO Reduces Outstanding Common Shares by 12 Million
NIAGARA FALLS, Ontario, Dec. 8, 2009 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB: JBII) announces that John Bordynuik, CEO / President, has returned twelve million of his common shares to the Company's treasury and was issued one million non-convertible preferred shares, with 100 to 1 voting rights and no dividend income. The net effect of this transaction is that there will now be 46,725,106 total outstanding common shares and 1,000,000 series A super voting preferred stock outstanding. The Company's shares are available to use for accretive acquisitions and debt pay-off.
John Bordynuik commented, "Since June 2009, I have returned 22 million of my common shares to the Company's treasury. I have no interest in selling my personal shares or impeding corporate share growth through unnecessary or potentially damaging dilution. My goal is to build a dynamic global growth company and, in so doing, to maximize share valuation for all loyal shareholders. This is best accomplished by growing our core businesses, making prudent acquisitions, and increasing net earnings per share."
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