JBI, Inc. Hires Experienced Ship Captain Michael Moneyhan to Oversee P2O Ship Expansion
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB: JBII) is pleased to announce that it has hired Captain Michael Moneyhan to oversee JBI'S planned P2O ship expansion strategies. As a ship Captain with a US License for vessels to 3000 GRT on all waters and considerable experience in project management of ships, new builds, rebuilds, and refits, Captain Moneyhan is well-qualified to assist JBI with its offshore P2O expansion. From 1970 -1974 with the U.S.M.C., he was trained in aircraft communications, navigation, and electronic counter measures. He has been a commercial deck officer for the past 34 years and for the past 22 years, he has concentrated on building and Captaining large privately owned yachts.
Captain Moneyhan has extensive knowledge in computers and electronics, which has proven to be a valuable aid in today's electronic bridge and vessel monitoring systems. With a previous employer, Gary Comer, he helped design and develop the computerized navigation software and digital charts for his company, Maptech, which has become the world's largest supplier of digital charts.
Currently, Captain Moneyhan is finishing the refit and conversion of a 180 foot military freight ship to an adventure dive ship, which he will shortly be delivering from the west coast of the United States to the East Coast of South Africa.
During Moneyhan's career, he has sailed extensively on the world's oceans and waterways, covering well over 150,000 nautical miles.
He currently holds the following licenses and certificates:
US Merchant Master
3000 tons ITC, any waters, steam, power and sail
1600 domestic, any waters, steam, power and sail
Pilot of towing vessels upon oceans.
US Merchant AB
(Unlimited, any waters)
Radar Observer Unlimited
Advanced Fire Fighting
Master Mechanic, Caterpillar
Service Mechanic, MTU
Service Mechanic, Volvo Penta
Advanced first aid, CPR AED
Scuba Diver, NITROX, O2 provider
Private Pilot, Instrument airplane
In commenting on hiring Captain Moneyhan, CEO John Bordynuik concluded, "I couldn't be more pleased having Captain Mike join the JBI team. I quickly approved his appointment, based on his extensive qualifications, experience, and expertise. He will be providing the Company with necessary internal expertise in regard to ships, mechanics, navigation, and retrofitting, so that JBI can effectively deal with JV partners and P20 ship expansion."
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