JBI, Inc. Completes Private Placement
NIAGARA FALLS, Ontario, May 21, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB: JBII) has completed a private placement. A total of 488,779 shares were sold at $4.00 per share allowing the Company to raise a total of $1,955,116.
JBI CEO John Bordynuik commented, "The money raised in this placement will allow JBI to run all continuing operations and support development of our Plastic2Oil rollout."
JBI, Inc. is a technology company focused on injecting intelligence into existing products and processes, making them efficient and profitable. JBI seeks to innovate new solutions to issues facing today's world, including environmental concerns. JBI currently has four business lines including JBI's tape data recovery, JAVACO, PAK-IT LLC and our new Plastic2Oil business. Information on our company and all of our products and services can be found at www.jbiglobal.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.
+1 (916) 990-3667