Thursday, May 20, 2010
JBI, Inc. Completes Employment Agreement for CEO John Bordynuik
NIAGARA FALLS, Ontario, May 20, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBII) today entered into an employment agreement including a
compensation plan for CEO John Bordynuik. The compensation plan
will commence upon issuance of the production permit for the
Company's first Plastic2Oil processor. The five year agreement
provides Mr. Bordynuik with a base salary as well as option awards
contingent upon specific milestone achievements consistent with
JBI's value-based management philosophy. Compensation will be
reviewed by the Board of Directors' Compensation Committee
annually.
Mr. John M. Wesson, Chair of the Compensation Committee,
commented, "This agreement affirms John Bordynuik's efforts to
build value for JBI shareholders and provides him with compensation
for achieving milestones significant to the growth of the
Company. The Board looks forward to establishing additional
incentives as soon as the outlined goals have been
achieved."
About JBI, Inc.
JBI, Inc. is a technology company focused on injecting
intelligence into existing products and processes, making them
efficient and profitable. JBI seeks to innovate new solutions
to issues facing today's world, including environmental
concerns. JBI currently has four business lines including
JBI's tape data recovery, JAVACO, PAK-IT LLC and our new
Plastic2Oil business. Information on our company and all of
our products and services can be found at
www.jbiglobal.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
+1 (916) 990-3667
jparker@jbiglobal.com