JBI, Inc. Securities to Trade on OTCQX U.S. Premier Market
NIAGARA FALLS, Ontario, July 23, 2010 (GLOBE NEWSWIRE) -- On Wednesday, July 21, 2010, JBI, Inc. (the "Company") (OTCBB: JBIIE) received approval of its application to the OTCQX U.S. Premier marketplace (www.otcqx.com). The Company was further advised on Wednesday, July 21, 2010 that quotation could begin as early as Friday, July 23, 2010. On Thursday, July 22, 2010, management was informed that, in fact, the timing of the transition would be determined by the removal of the "E" from the Company's stock symbol. Management is filing an emergency motion with the hearing officer handling management's case with FINRA to seek removal of the "E." As soon as a hearing is held and the hearing officer renders a decision, the Company will provide a further update. It is management's understanding that once the Company became compliant with SEC reporting requirements by filing its first quarter Form 10-Q on Friday, July 16, 2010, that the "E" would be removed within three business days. Management has not been provided an explanation for why the "E" has not been removed.
The OTCQX marketplace is the premier tier of Pink OTC Markets Inc. interdealer quotation service providing investors with an objective measure to distinguish OTC-traded companies. Trading on the OTCQX provides investors with transparent, fully electronic trading, superior access to information, and efficiency through many major online and full-service brokerage firms. The OTCQX Premier has many listing requirements including financial and market-related minimums and the conduct of annual shareholders' meetings. Unlike the OTC Bulletin Board, the OTCQX is not owned by FINRA.
The Company is pleased to join other global companies that trade their securities on the OTCQX including, among others, Adidas, Air France-KLM, Allianz, AXA, BASF, Benetton, BNP Paribas, Deutsche Telekom, Marks & Spencer, Roche, Wal-Mart de Mexico and Zurich Financial Services.
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 planned 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. Such risks include, but are not limited to: (1) JBI has a history of net losses, and may not be profitable in the future; (2) JBI may not be able to obtain necessary licenses, rights and permits required to develop or operate our Plastic2Oil business, and may encounter environmental or occupational, safety and health conditions or requirements that would adversely affect its business; and (3) JBI may experience delays in the commercial operations of its Plastic2Oil machines and there is no assurance that they can be operated profitably. For a more detailed discussion of such risks and other factors, see the Company's amended Annual Report on Form 10-K, filed on July 9, 2010, with the Securities and Exchange Commission, and its other SEC filings. 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.
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CONTACT: JBI, Inc.