THOROLD, Ontario, July 13, 2012 (GLOBE NEWSWIRE) -- JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) announces plans to close its subsidiary Javaco, Inc. ("JAVACO") over the next several weeks, as part of the Company's strategic plan to focus on its core business, Plastic2Oil® ("P2O").
The Company acquired JAVACO, a retail and wholesale distributor of equipment, hardware and tools for maintenance and construction in 2009. JAVACO has not been profitable since 2010. In accordance with the Company's current objectives and business plan, management has decided to discontinue the JAVACO business operations. This development marks a significant component in its execution of the overall P2O business strategy and vision.
"My directive continues to be leading the expansion of P2O and making decisions aimed at positioning JBI as the trailblazer in our industry," stated CEO Kevin Rauber. "Our reasons for initially acquiring JAVACO are no longer relevant to our strategic plan for the P2O roll-out and we plan on concentrating all of our operating resources on P2O and its commercial execution."
Facility shut-down is expected to take place over the next several weeks. JBI would like to extend its appreciation to all JAVACO employees for their service and commitment.
About JBI, Inc.
JBI, Inc. is an innovative North American fuel company that transforms unsorted, unwashed, waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. JBI, Inc.'s patent pending Plastic2Oil® (P2O) process is a commercially viable, proprietary process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. JBI, Inc. is committed to environmental sustainability by diverting plastic waste from landfill and potential incineration. For further information, please visit www.plastic2oil.com and review JBI's filings with the Securities and Exchange Commission ("SEC"), including without limitation our Form 10-K, filed with the SEC on March 19, 2012, as amended on April 30, 2012.
Forward Looking Statements
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 Annual Report on Form 10-K, filed with the SEC on March 19, 2012, as amended on April 30, 2012, 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.
JBI, Inc. Investor Relations
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