Monday, January 04, 2010
JBI, Inc. Appoints Ronald Baldwin, Jr. as CFO
NIAGARA FALLS, Ontario, Jan. 4, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) announces that on January 1, 2010, Ronald Baldwin, Jr.
was appointed as JBI's Chief Financial Officer and the Company has
centralized all of its accounting operations and controls in
Clearwater, Florida where Mr. Baldwin is located in order to manage
rapid growth successfully and cost-effectively.
Mr. Baldwin will be responsible for implementing financial
reporting software with the Company's engineers as well as
financial and audit controls for the Company and all of its
subsidiaries.
Ron Baldwin is a CPA with 15 years' experience in public
accounting and holds a B.S. in Accounting magna cum laude from the
University of South Florida and a J.D. and L.L.M in Taxation cum
laude from the University of Florida. Mr. Baldwin was admitted to
the Florida Bar in 2000. From 2007 to 2009 Mr. Baldwin was the Vice
President of Finance at Hegemon Capital, a special opportunity
hedge fund that was involved in over $100 million in loan
placements and equity investments.
Commenting on Mr. Baldwin's CFO appointment, John Bordynuik, CEO
and President of JBI, Inc., said, "We are extremely pleased to
welcome Ron Baldwin as our new Chief Financial Officer. His
extensive financial expertise, business savvy, industry
connections, exemplary qualifications, and legal / managerial
experience ensure that he is well-suited to assist us in advancing
our growth strategies."
JBI is currently rebuilding the Pak-It factory in Philadelphia,
PA to allow for an increase in its current production in
anticipation of significant consumer demand for its eco-friendly,
unique products. JBI will be launching a massive consumer awareness
advertising campaign, using infomercials and print media, for
Pak-It products during the first quarter of 2010. Further details
on this product expansion will be forthcoming in future press
releases.
John Bordynuik concluded, "2010 promises to be a year of rapid
expansion and exciting growth for JBI. I look forward to keeping
our growing shareholder base informed of our progress."
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 the bulk
chemical facility which we realized 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 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 as 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
+1 (289) 296-5538
Katie@johnbordynuik.com