Tuesday, December 08, 2009
JBI, Inc. CEO Reduces Outstanding Common Shares by 12 Million
NIAGARA FALLS, Ontario, Dec. 8, 2009 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) announces that John Bordynuik, CEO / President, has
returned twelve million of his common shares to the Company's
treasury and was issued one million non-convertible preferred
shares, with 100 to 1 voting rights and no dividend income. The net
effect of this transaction is that there will now be 46,725,106
total outstanding common shares and 1,000,000 series A super voting
preferred stock outstanding. The Company's shares are available to
use for accretive acquisitions and debt pay-off.
John Bordynuik commented, "Since June 2009, I have returned 22
million of my common shares to the Company's treasury. I have no
interest in selling my personal shares or impeding corporate share
growth through unnecessary or potentially damaging dilution. My
goal is to build a dynamic global growth company and, in so doing,
to maximize share valuation for all loyal shareholders. This is
best accomplished by growing our core businesses, making prudent
acquisitions, and increasing net earnings per share."
About JBI, Inc.
JBI, Inc. is transitioning to become a global technology leader
whose purpose is to mine data from JBI's large information archive,
find under-productive entities to inject our superior proprietary
technologies into, and benefit from increased productivity and
profitability, beginning with Plastic2Oil. JBI has also acquired
the following operations:
JAVACO, Inc. ("Javaco") is part of the Supplier Diversity
Network, WBENC. JAVACO, Inc. currently distributes over 100 lines
of equipment from fiber optic transmitters to RF connectors. To
further enhance business in the United States, new distribution
lines are frequently being added including a line of home theater
and audio video products. Javaco will operate and manage the
Company's Plastic2Oil sites in Mexico.
Pak-It, LLC ("Pak-It"): Using the patented Pak-It(TM) delivery
system (liquid cleaner in a water soluble sachet) Pak-It can
deliver glass cleaner, disinfectant, multi-purpose, and many more
cleaning products (42 products currently) shipped in tiny packages
of condensed cleaner (inside a 'dry' 1 quart container). This
delivery method is "green" since it's fully biodegradable and saves
thousands of dollars in shipping. The user simply adds water to the
container without measuring or cutting the Pak-It. Large retailers
and many national Building Service Contractors already using the
product have documented significant cost savings from shipping,
training, inventory control and space.
Accordingly, our revenue sources presently include (i) income
from reading archived tapes (including microfiche) from clients
such as NASA, (ii) income from the recently acquired JAVACO, Inc.,
(iii) income from the sale of Pak-It products, and bulk chemical
facility which we realize beginning October 1, 2009, and (iv) from
the anticipated commencement of operations in the fourth quarter of
2009 with Plastic2Oil, a process and service that converts plastic
to fuel oil. For more information, please see http://www.jbiglobal.com and http://www.javacoinc.com and http://www.pakit.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 and 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.
John Bordynuik, President and CEO
john@johnbordynuik.com
Investor Relations
Katie Matkowski
Katie@johnbordynuik.com
+1 (289) 296-5538