Friday, February 12, 2010
JBI, Inc. Hires Experienced Ship Captain Michael Moneyhan to Oversee P2O Ship Expansion
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) is pleased to announce that it has hired Captain Michael
Moneyhan to oversee JBI'S planned P2O ship expansion strategies. As
a ship Captain with a US License for vessels to 3000 GRT on all
waters and considerable experience in project management of ships,
new builds, rebuilds, and refits, Captain Moneyhan is
well-qualified to assist JBI with its offshore P2O expansion. From
1970 -1974 with the U.S.M.C., he was trained in aircraft
communications, navigation, and electronic counter measures. He has
been a commercial deck officer for the past 34 years and for the
past 22 years, he has concentrated on building and Captaining large
privately owned yachts.
Captain Moneyhan has extensive knowledge in computers and
electronics, which has proven to be a valuable aid in today's
electronic bridge and vessel monitoring systems. With a previous
employer, Gary Comer, he helped design and develop the computerized
navigation software and digital charts for his company, Maptech,
which has become the world's largest supplier of digital
charts.
Currently, Captain Moneyhan is finishing the refit and conversion
of a 180 foot military freight ship to an adventure dive ship,
which he will shortly be delivering from the west coast of the
United States to the East Coast of South Africa.
During Moneyhan's career, he has sailed extensively on the world's
oceans and waterways, covering well over 150,000 nautical
miles.
He currently holds the following licenses and certificates:
US Merchant Master
3000 tons ITC, any waters, steam, power and
sail
1600 domestic, any waters, steam, power and sail
Pilot of towing vessels upon oceans.
US Merchant AB
(Unlimited, any waters)
STCW 95
Radar Observer Unlimited
Advanced Fire Fighting
Master Mechanic, Caterpillar
Service Mechanic, MTU
Service Mechanic, Volvo Penta
Advanced first aid, CPR AED
Scuba Diver, NITROX, O2 provider
Private Pilot, Instrument airplane
In commenting on hiring Captain Moneyhan, CEO John Bordynuik
concluded, "I couldn't be more pleased having Captain Mike join the
JBI team. I quickly approved his appointment, based on his
extensive qualifications, experience, and expertise. He will
be providing the Company with necessary internal expertise in
regard to ships, mechanics, navigation, and retrofitting, so that
JBI can effectively deal with JV partners and P20 ship
expansion."
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
James Parker
jparker@jbiglobal.com
+1 (916) 990-3667