JBI, Inc. Begins Taking Applications for Plastic2Oil Licenses
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. ("JBI" or the "Company") (OTCBB: JBII) is pleased to announce that it has started taking Applications for Joint Venture license partners for Plastic2Oil.
Pre-Applications can be completed online at this link:
JBI is already evaluating candidates for licenses, joint ventures and area development agreements based upon the Company's predetermined standards and inquiries received within the past 30 days.
Consistent with the agreement for the establishment of an Area Development Agreement for 45 P2O sites in the State of Florida with Al Sousa's ASPTO, LLC of Largo, Florida, the JBI team is assisting in evaluating candidates for 7 Florida sites. JBI is also evaluating candidates for areas of Virginia, Washington, DC, Ohio, California, Arizona, Oregon, Georgia and Wisconsin.
The "Green" aspects of the P2O process has created great interest as it is expected to help solve problems in the area of plastic waste disposal as well as generate much needed oil for commercial use. Public-Private partnerships are expected and local, state and federal credits are available for rapid deployment and cost effective development.
JBI has sent team members to Washington D.C. to discuss P2O with several Congressmen. They emphasized not only the green aspects of the process but the number of jobs that can be created by an effective launch of P2O sites. It has been estimated that as many as 20 jobs per site can be created when considering each site will employ 4-6 full time people, up to 6 part-time and an estimated 10 derivative jobs will be created by an emphasis on feedstock acquisition, transportation related jobs, as well as manufacturing jobs created by the need to build reactors and acquire and build sites.
An independent lab investigation of JBI's P2O technology revealed the following information: Samples of fuels were created from various plastic feedstocks and were tested (ASTM D 5453) and confirmed a sulphur concentration less than 8.4 ppm (parts per million). Additionally, the water and sediment tests (ASTM D 1796) confirm that its fuel contained less than 0.005% water and sediment. Density tests also placed the fuel in the gasoline range.
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 a bulk chemical facility which we realized beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the first quarter of 2010 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 as 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 (916) 990-3667