Tuesday, December 22, 2009
JBI, Inc. Executes JV LOI With Rick Heddle, Signs LOI for 45 Florida P2O Sites, and Will Apply for ASE Listing
NIAGARA FALLS, Ontario, Dec. 22, 2009 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) is pleased to announce that December, 2009, has been a
month of intense activity and very positive productive progress.
The Company and Rick Heddle have agreed to a Joint Venture whereby
Heddle Marine Service, Inc. will retrofit ships with P2O
processors. The Company is now finalizing a JV Agreement for
production of its first P2O ship with Heddle. JBI anticipates
contracting with various countries to convert their plastic waste
into oil.
The launch of P2O in early 2010 will be an exciting and
important harbinger for job creation, environmental clean-up, and
oil production. Plastic waste is a huge global problem,
contributing heavily to landfill expansion and ocean pollution. The
Company has a goal of initially establishing 2500 P2O sites with
municipalities/interested parties and launching P2O ships for
various countries' plastic waste retrieval and energy
production.
Converting plastic to oil has previously been attempted
unsuccessfully by other companies as it was not economically
feasible. However, the Company's research discovered a unique
catalyst that is now proprietary to P2O, as it greatly enhances the
efficient and economical conversion of plastic waste to oil,
allowing for a 99% recovery rate compared to 45% +/- for competing
systems. In essence, the catalyst greatly expedites the cracking of
the plastic and allows the Company to select on a tight curve the
particular hydrocarbon to produce. Competing methods require much
higher heat, considerable energy cost, prohibitively expensive
residue disposal, and result in poorer conversion. There is a
negative energy cost to operate a P2O processor, since 15% of
feedstock weight is converted to gas to run the system. The P2O
processor is not a "perpetual machine", 15% of its feedstock is
consumed to provide gas to power the processor.
Heddle Marine Service Inc., established in 1987, is the only
marine repair firm that operates floating dry-docks on the Canadian
side of the Great Lakes. Located on land leased from the Hamilton
Port Authority, the site has 160,000 square feet of land, 1,000
feet of wharfage and dock frontage, 30,500 square feet of
fabrication shop and 5,000 square feet of machine shop.
This continually expanding, successful company, with 20+ years
of expertise in rebuilding ships, converting tanks to cargo and
cargo to tankers, will be a valuable and important partner in
helping JBI to achieve its eventual goal of attaining a fleet of
P2O ships to address global demand for their service. For further
information, visit http://www.heddlemarine.com/
Also, JBI has signed a Letter of Intent for the establishment of
an Area Development Agreement (ADA) for 45 P2O sites in the State
of Florida with a newly formed entity controlled by Al Sousa of
Largo, Florida.
Mr. Sousa is a seasoned executive with extensive business
experience in both the public and private sectors and has been
involved in a wide variety of matters including operational
management of multiple entities including acquisitions, marketing,
financing and governmental affairs.
In his position with a large publicly held company, he planned
and implemented a start-up venture with multiple business units and
annualized revenues nearly $150 million. His division had seven
business segments in sixteen states with approximately 2,800
employees.
The Company expects that the ADA will be consummated by February
15, 2010.
The Company expects that Mr. Sousa's company will begin to
quickly cultivate supply chains and sites for the installation of
P2O sites throughout Florida concentrating first on large
metropolitan areas and expanding outwards. The "Green" aspects of
the P2O process is expected to solve huge problems in the area of
plastic waste disposal as well as generate much needed oil for
commercial use. Public-Private partnerships are expected and local,
state and Federal credits are available for rapid deployment and
cost effective development.
An independent lab investigation of JBI's P2O technology
revealed the following information: Samples of fuels were created
from various plastic feedstocks and were tested (ASTM D 5453) and
confirmed a sulphur concentration less than 8.4 ppm (parts per
million). Additionally, the water and sediment tests (ASTM D 1796)
confirm that its fuel contained less than 0.005% water and
sediment. Density tests also placed the fuel in the gasoline
range.
P2O produces oil at less than $10 per barrel. In the United
States, refineries have indicated that they will pick up the fuel
at the price of WTI (West Texas Intermediate) price less $3,
currently around $70 per barrel.
JBI's Pak-It division is being positioned for anticipated
dynamic revenue growth in 2010. The Pak-It factory in Philadelphia
is being completely upgraded to handle high volume retail
production for their eco-friendly line of cleaning products. An
experienced 5-person national sales force is being hired in
January. JBI is in current discussions with a very large,
established company that has had great success marketing their
consumer cleaning products via television infomercials. This
company has indicated a desire to partner with Pak-It in an
infomercial marketing campaign. However, if an agreement is not
formalized with this potential partner, Pak-It will proceed on its
own to have infomercials produced and begin a massive marketing
campaign.
Successful infomercials have proven to be a very effective
method to rapidly attain major consumer awareness and often
generate a significant increase in sales revenue. The patented,
cost-effective Pak-It product line clearly appears to have all the
attributes for a successful infomercial launch.
JBI will soon establish a Board of Directors consisting of key
talent within the Company, including the CEO, and on their Advisory
Board, as well as some dedicated open market shareholders to
adequately represent our anticipated large shareholder base. Unlike
many other BOD's, the Company wants to have a proactive Board that
is committed and focused on the continued future growth of the
Company for the benefit of all shareholders.
Additionally, the JBI websites are currently being redesigned by
a group of loyal, tech-savvy shareholders. The new cutting-edge
site will better reflect the Company's achievements and unique
technologies. On-site videos will provide the world with a clear
view and understanding of the Company's important technologies.
John Bordynuik, CEO/President of JBI, Inc., will be flying to
New York the first week in January to meet with exchange officials
and begin the application process to up-list JBI on the American
Stock Exchange. Furthermore, at the end of January, Mr. Bordynuik
will be traveling to China to meet with P2O processor
manufacturers, and establish production requirements and volume
agreements. The Company has previously been advised that its
Chinese manufacturer could produce one P2O processor every day,
with a 15-day lead time for each batch.
Furthermore, to avoid dilution, Mr. Bordynuik will be returning
an additional 9 million of his personal common shares to treasury
on Dec. 29, 2009. Therefore, as of that date, total outstanding
common shares will remain at 46,725,106.
John Bordynuik commented, "All of JBI's dedicated team members
have been working long hours and very hard to ensure an extremely
successful future for our Company. I am most appreciative of all
the loyal supporters who have stepped up and committed their
valuable time and efforts to our shared vision of growing JBI into
an extraordinary, successful company and maximizing share
valuation. I wish everyone a most joyous holiday season and a very
prosperous New Year."
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 first quarter of
2010 with Plastic2Oil, a process and service that converts plastic
to fuel oil. For more information, please see http://www.jbiglobal.com, 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