JBI, Inc. Previews Annual Shareholders' Meeting
NIAGARA FALLS, Ontario, April 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB: JBII) would like to remind all Shareholders who plan to attend the Company's Annual Shareholders' Meeting on Saturday, April 24, 2010 to complete the pre-registration process. Notice of attendance must be received by Friday, April 16, 2010. Pre-registration instructions and full details about the Meeting can be found on the Company's website at www.jbiglobal.com. CEO John Bordynuik and the JBI management team will provide an update on JBI's progress across all business units at the Meeting.
Mr. Bordynuik comments, "Since our last update, the JBI team has been working to achieve results on several fronts. I am extremely pleased with the progress we have accomplished and look forward to updating the shareholder community at the Annual Shareholders' Meeting. In addition to the intense focus on our Plastic2Oil initiative, JBI has made a significant investment to automate production at our Pak-It facility to support the widespread retail campaign."
Regarding the Company's Plastic2Oil (P2O) progress, Bordynuik adds, "IsleChem has provided me with comprehensive reports and analysis based on their work on our P2O processor. Included is the analysis of non-condensable gases and determination of trace metals in feed, residue, and analysis of fuels based on more than 38 repeatable 'runs'. They have also provided the raw data for each run, including energy, temperatures and product. The comprehensive reports include detailed energy consumption, GC data condensates, off-gas analysis and all other relevant statistics. Due to the extremely technical nature of the work performed by IsleChem, we are now having their reports translated into laymen's terms and scrubbed of proprietary information for release to the public. At the Shareholders' Meeting we will also provide the Intertek and Petro Lab reports about the fuels as well as some detail from the IsleChem work."
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") distributes over 100 lines of equipment serving the Cable Telecommunications industry, cable systems and their contractors. Supplier of tools and test equipment, RF and fiber optic connectivity accessories, and many other related items, JAVACO adds new lines of products as technology changes. With much experience working in Latin America, 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