Niagara Falls, New York, May 3, 2013 - JBI, Inc. (the “Company” or “JBI”) (OTCQB: JBII), a clean energy company that recycles waste plastic into liquid fuels, today announced that Tony Bogolin, previously JBI’s Chief Operating Officer, has been named as President and Chief Executive Officer and to the Board of Directors effective immediately. Mr. Bogolin will replace Kevin Rauber, who tendered his resignation on May 1, 2013, citing personal reasons for leaving the Company.
Kevin’s contribution to JBI over the past year has been enormous. He has brought the Company to a launching point for future success,” stated Tony Bogolin. “I look forward, as CEO, to continuing to execute our business plan, working on reconstituting our Board of Directors and moving the company forward with an eye towards profitability.
John Bordynuik, Founder and Chief of Technology said, “As we move towards completion of our 3rd processor, I look forward to continuing to work with management and staff to build our fuel production.”
JBI, Inc. has a proprietary green process for converting waste plastics into in-spec liquid fuels. Since 2011, JBI has processed over 2.3 million pounds of plastic and has produced over 395,000 gallons of in-spec fuels. The Company is nearing completion of its third Plastic2Oil® processor at its Niagara Falls facility.
About JBI, Inc.
JBI, Inc. is a clean energy company that recycles waste plastic into liquid fuels. JBI’s proprietary Plastic2Oil technology can deliver economic and environmental benefits by replacing refined fuels and diverting waste plastic from landfills. For further information, please visit www.plastic2oil.com.
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 15, 2013 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.
Corporate Communications & Investor Relations Manager
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