NYSDEC Issues Permits to JBI for Plastic to Diesel Conversion
THOROLD, Ontario, June 17, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company" or "JBII") (OTCQX:JBII) announced today that the New York State Department of Environmental Conservation (NYSDEC) has issued a Solid Waste Management and an Air State Facility permit for 3 Plastic2Oil(TM) processors in its Niagara Falls, NY facility.
The air and 360 waste permits allow JBI to store, process, and convert waste plastic into fuel. All permits required to operate Plastic2Oil(TM) processors were issued.
"The DEC permit is great news for JBI and the future of plastic-to-fuel conversion. This exciting technology has the potential to fundamentally transform how we obtain our energy, and it's happening right here in Western New York," said New York State Senator George D. Maziarz, (R) 62nd Senate District. "I'm happy to help our state understand how it must embrace and support companies like JBI as we work to reduce our dependence on foreign energy sources, and grow our own economy by creating green jobs. Congratulations to JBI on this important milestone!"
The NYSDEC permitting process is considered to be the second most rigorous in the United States. The agency's stringent environmental regulations positions JBI to potentially emerge as a leader in the alternative fuel and oil industry.
"The city of Niagara Falls, New York and JBI, Inc. have reached a big milestone. JBI, Inc. -- Plastic2Oil was granted a Solid Waste Permit to commercially operate its Niagara Falls facility with three Plastic 2 oil processors," said Mayor Paul Dyster, Niagara Falls, NY. "This is a huge positive economic boost for Niagara Falls -- especially in these tough times. It will ultimately create hundreds of new green jobs for Western NY, eliminate waste plastics from going into our already expansive landfills, and provide North Americans with cleaner and greener sulfur free fuels."
JBI would like to extend its sincere gratitude to the NYSDEC for their cooperation and support. Bordynuik and his team are grateful for the NYSEDEC's efforts in expediting the permits.
JBI, Inc. is a domestic alternative Oil and Gas company. JBI developed a process that converts waste plastic into fuel (Plastic2Oil), without the need of further refinement. JBI scaled a 1kg process to a 20MT commercial processor in less than 1 year. For further information please visit www.plastic2oil.com and review our SEC filings, including without limitation our Form 10-K filed with the SEC on April 20, 2011.
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, and members of its management as well as the assumptions on which such statements are based, including the expected timing of the Company's Form 10-K, execution of the proposed agreements described above and consummation of the transactions contemplated by such agreements. 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 April 20, 2011, 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.
Contact: JBI Inc.