Thursday, June 10, 2010
JBI, Inc. to Issue Restated Financial Statements
NIAGARA FALLS, Ontario, June 10, 2010 (GLOBE NEWSWIRE) -- JBI,
Inc. (the "Company") (OTCBB:
JBIIE) is providing notice that the Company's previously issued
audited financial statements for the year ended December 31, 2009,
filed on Form 10-K with the Securities & Exchange Commission
("SEC") on March 31, 2010 and the interim financial statements for
the period ended September 30, 2009, filed on Form 10-Q with
the SEC on November 16, 2009, should no longer be relied upon
due to questions regarding: 1) the accounting treatment and
related disclosures of two acquisitions which were completed during
2009 and 2) the valuation of media credits acquired by the
Company during 2009 through the issuance of common stock. The
Company's former independent registered public accounting
firm, Gately and Associates, which was dismissed on May 13,
2010, was informed of the matters disclosed above.
Subject to approval by its new independent auditors, Withum
Smith + Brown, PC, the Company intends to
file revised financial statements as soon as they are
available. The Company has hired Moore Stevens to assist in
this effort, and provide ongoing accounting expertise.
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.
Investor Relations
James Parker
+1 (916) 990-3667
jparker@jbiglobal.com