Saturday, February 13, 2010
JBI Inc. Executes Letter of Intent to Acquire U.S. Air Filtration Company
NIAGARA FALLS, Ontario, Feb. 13, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (OTCBB:
JBII) is pleased to announce that the Company has executed an
LOI for its planned acquisition of a profitable U.S. air filtration
and custom air ventilation company. The acquisition is anticipated
to be officially consummated in the second quarter of
2010. This company is privately owned and the owners have
requested that its name not be disclosed to the public until the
Definitive Agreement is executed.
The acquisition is a high tech air filtration and custom air
ventilation company that has a strong relationship with the US Army
Corp of Engineers, numerous Federal agencies and the Health Care
industry. They design and install customized, energy efficient air
handling and air filtration systems. These systems are installed in
some of the most sensitive Federal and Military buildings in the
US. There are potential synergies for this business with P2O and
intellectual property of JBI. In both 2008 and 2009, the company
had approximately $15 million of revenues and was profitable.
John Bordynuik, JBI Inc. CEO and President, stated, "This is
really a synergistic, value-added acquisition that truly
complements our business model and corporate growth goals. In
addition to our core product line, these products have very high
growth potential, and excellent profit margins. The Company's IP is
protected through a patent. Initially, we will utilize our media
credits to launch an extensive public-awareness campaign to market
our green product line to consumers and retailers in the United
States, Canada, and Mexico."
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.comand
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
James Parker
+1 (916) 990-3667
jparker@jbiglobal.com