Wednesday, January 06, 2010
JBI, Inc. is Debt-Free
NIAGARA FALLS, Ontario, Jan. 6, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) announces that the Company has paid all corporate debt,
including accrued interest prior to its December 31, 2009, year-end
in furtherance of its growth strategies. The Company's debt-free
status results in a monthly savings of over $26,000 in interest
payments.
The debt and accrued interest was paid without dilution to the
Company's shareholders. In order to increase shareholder value and
prevent shareholder dilution as JBI expands, since June 2009, CEO
John Bordynuik has returned 31 million of his personal common
shares to the Company's treasury.
"With so much opportunity on the horizon including the launch of
P2O and the establishment of P2O sites pursuant to our LOI and the
anticipated listing of our Company on a senior exchange, it was
critical for me to achieve my goal of a debt-free JBI prior to
2010," said Bordynuik. "I am proud of this Company and its loyal
shareholders that made this significant accomplishment
possible."
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 a 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
Katie@johnbordynuik.com
+1 (289) 296-5538