RESUME OF AGM NOTES BY IHUB POSTERS:
The meeting was strictly about P2O...JBI is an Oil and Gas Company!
Lots of shareholders there and John thanked us all...many times.
No mention of the tape business.
Pak-it was mentioned briefly...not sure if I got this right but he is selling the assets and turning the plant into a P2O Factory.
Pak-it samples were given to all shareholders.
Name tags handed in at end so the plastic can be recycled.
1 to 2 million liters of fuel sold to Coco paving in first year.
All in all a very good meeting and turnout!
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Confirmed that JBI is receiving plastic from Waste Management Inc., Smurfit-Stone, Chrysler and plenty of plastic locally. Negotiations with Smurfit-Stone began a year ago.
Negotiations with several large companies for joint ventures.
Requests from national news media for interviews.
Strategic partnerships with parts/equipment providers, most are shareholders, one such partner is Honeywell (need someone to confirm this for me). Orders from Honeywell now take two weeks instead of eight.
Billion dollar companies, big money investors/shareholders will allow JBI to quickly overcome hurdles and speed up the P2O roll out.
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Here is the bottom line with the AGM: John exudes confidence and is going to make JBI the next big thing! He made it a point to say numerous times he will do what's best for the shareholders LONG TERM. That means we will have a big time company. He is aiming for the fortune 100 companies to deal with. He doesn't want to deal with and pr small potatoes sales with minor companies. If he has had a choice to do something he always makes the final decision based on what is in our long term best interest. He also said that when we get into the door of a big company (OXY) that all of a sudden the doors from other big companies open up. It gives us credibility. He said he could have sold small amounts of fuel to small companies but did not because he has bigger fish to work with.
From the tv media attention a large customer called him from Texas and wants to do a deal. I could only imagine what will happen when we get national media attention. He noted correctly that in the past we were not ready for national media because we hadn't sold any fuel so it would have done us no good. We are close to reaching that point. He also mentioned that we have been working with WM and Smirf stone for almost a year and it's starting to pay off big dividends (Chrysler)
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John made a point to say a number of very large companies have been working with JBI for over a year going over every nook and cranny and they are very excited. They are still here and on board so we will be seeing there validation over the next coming weeks and months.
Connect the dots. When this hits the national news level the "dung
is going to hit the rotating oscillator"
Shit is going to hit the fan
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I had the chance to talk to some experienced investors and they are amazed at how far JBI has come in just over two years with P2O. It was one of the reasons they were so intrigued with JBI and why they traveled across the continent to attend the AGM.
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I took many notes to report back to our fellow investor in Iowa - here is my recap that I shared. Once again, nice meeting you justice and other ihubbers.
John spoke for an hour or so. He started with discussing the financials over the last year. He mentioned the fact that the reports have been filed late the last couple of times. He said he would rather be late and accurate than on time and incorrect. JBI is working on getting the in house infrastructure in place that will be able to handle the processing of financials for a company with multi-currencies and multi-locations. The are actively searching for a CFO to cap this team when it is completed.
He spoke many times about the fact that many of the suppliers and contractors utilized by JBI are shareholders. They compensation for many of these is in stock not cash. Therefore, they are building their vested interests in the company by providing high quality products in a quick turn around.
The processor has undergone a redesign over the last year. They key features are:
1. Low capital costs
2. Low operating costs
3. High quality fuel (Fuel oil 2,4,6 - diesel, gasoline, natural gas)
4. Highly automated
5. Residue is now removed without shutting down the machine
6. It is a continuously processing machine
7. Low maintenance time
8. Modular design
He mentioned that there has been no wear on the tank with the processor that has been running for a year. He said that a tank could easily work for 10 years without having to be replaced.
Products:
As mentioned, the processor can now produce many types of fuel. It produces fuel oil 2, fuel oil 4, fuel oil 6, diesel and gasoline that does not need to be refined, and natural gas that is used to run the processor. The sulphur content of the product is .17 or 1 ppm or less. They also have completed the work on a fuel lab on site so they can do all the testing of the products with immediate results instead of having to wait for outside labs.
John made a point of mentioning that many of the processes that JBI has been through in the last year or two have taken more time than originally planned. He stated that JBI wants to do things correctly and completely so there is no refuting the results. They have used the best labs to validate the product, gone through due diligence with many large companies, and are in the process of getting patents for many of the features and parts of the processor.
He talked about the business plan for Joint Ventures with JBI. He said that they are now focussing on sites that will utilize many machines. They feel that by doing this it just solidifies how well the JBI processors work. They are working with Smurfit-Stone to get a site started in Florida. He mentioned that though Waste Management, JBI is getting all the plastic wastes from Chrysler. He also mentioned that there are some Joint Venture agreements that are coming to completed with some Fortune 500 companies that have been in the works for a year. The structure for these joint ventures will be that JBI will own and operate the processors on the sites. JBI will not pay for the waste plastics. In return, the Joint Venture partner will recieve 20% of the revenue from the products manufactured on their locations.
John talked about the support that JBI is receiving. Many of the suppliers are shareholders. Many of the manufacturers are shareholders. He spoke about having State and local support for the company with state senators, the Buffalo mayor, and the NY Empire State Development Department. He mentioned they have the full support of the NY DEC. He also mentioned that all filings have been completed and the final permits should be received soon. Once this happens, the plant will expand to three processors. He also spoke about the last pipe that was issued. Its purpose was to acheive working capital for expansion and starting sites. The pipe included high net worth individuals, a middle east billionare congolmerate and fund managers.
As the final part of his presentation, he brought the director of business development up on stage. Together, they announce the signed agreement with Coco Paving from Toronto for the sale of 1 to 2 million liters of product for the first year. This sale was completed at 5:05 pm on Friday afternoon.
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John also mentioned that in the next 1-2 weeks there will be some interesting news coming out, he looked a little like he did when he was on BNN show, grinning like the cat that just ate the canary when he mentioned it. He also said no more pipes at this level, until we are cash flow positive. He wants the machines to generate income. Also he did say we would be converting the pakit plant into a plastic2fuel factory and mentioned selling off subsidiaries to pay for the roll out. Although they gave us free pakit products on the way out? I would have loved a little boiler fuel in a nice sealed jar maybe next year.
Also mentioned that the residue has value as a fuel 10,600 btu's and will be used as such if chosen to be. It is also safe to get rid of in the landfill if one choses to do so.
Folks it doesn't get any greener than this.
Made a point to say that a big leap forward was the ability of the processor to run continuous because they figured out a way to remove the residue without shutting down the machine. They have tested the machine to see what parts are wearing(they shut it down once a month) but have so far not seen any wear, so they are estimating a minimum of tens years plus life on the machine before anything needs to be changed out. John said that may underestimate the time frame since there has been no way to extrapolate out until they see some wear on the machine so realistically could be 20 years out before parts need replacing. Could you imagine being a fortune 100 company and validating all the information and NOT SIGNING ON THE DOTTED LINE I can't you'd be foolish not to want to get in a the ground floor of this once in a lifetime opportunity.
Just imagine going in front of your board of director's and shareholders and telling them you are fixing two major world problems
John also mentioned processor site "clusters" putting a group of machines together in one location making them more cost effective that one here one there.
Also we have the best fuel out there in terms of Sulfur content, most other fuel is 8-12 ppm sulfur we are .17ppm that number is almost unheard of, for intensive purposes almost zero, pristine
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More from notes:
8-16 ppm normal sulfur standard we are .17ppm
We are making heating oil #2, #4, and #6 because there are NO REGULATIONS to deal with (unlike gas for transportation) read fast to market. More money is made with heating oil than refined gas products (his words)
Chrysler is sending plastic
Meat processor is also sending us plastic. Both are free to us. John said a few companies asked him to pay them he said take a hike and keep paying for land fill. HA HA
Oxy's fuel that they purchased is being used in there boilers
Patent's are a big thing and we need and will to get them done real soon because John does not want to proceed with out them. They are being handled and have been in the works for a long time with toronto firm. Look for something in the next fews days/ weeks on this
Positive cash flow on the horizon
Sell subsidiary
3,000 to 5,ooo shareholders many of who help out the company in big ways. And quite a few are now high net worth shareholders
Tax credits, John made a point to say that as of yet JBI has not used any government money to fuel the company, but now that the process is proven to work as advertised we will be going after tax credits to boost income stream even higher.
Cost is $10 per barrel no change here from previous accounts, only takes two workers to make two processors run three shifts
The Whales love us, he made a joke about the Caribbean countries that he visited are not worried about plastic pollution because it just "blows away in the wind" In other words it's not there problem
Glad i could update folks who couldn't make it here in beautiful Niagara falls this year as i remember last year i was reading all the accounts with excitement since i could not attend.
sleep well tonight as your investment is in good hands with John and Lynn
Also saw John B Sr there
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I believe the fuel Oxy purchased is being used in their boilers, Oxy fully tested the fuel, created a lot of phone calls to JBI once news that Oxy approved and purchased fuel. Makes me wonder who is making plastic pipes out of JBI fuel, John mentioned that fuel was being used for that purpose in one of the televised news stories.
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And from a PM I received today, it sounds as if the permits are to be on time
and on time to me means by this coming Friday...
So Im guessing two press releases next week.
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I can't believe how many massive details haven't been mentioned already.
We got billionaire financing for starters, feedstock from a parade of multi-billion dollar companies, and Joint Ventures and fuel sales from another parade.
Mass media is pounding down their door.
I can't remember which items (you'll see when the tape comes out) but there were certain things to look for over the next few months other things over the next few weeks and others over the next few days.
I believe the "much bigger media" was mentioned for over the next several weeks. They are coming TO jbii.
I've only scratched the surface. Video out in about two weeks. As you'll see in the video emphasized over and over again, the plastic is FREE and anybody who calls offering to sell plastic for even a token price is shown the door and told they can keep on paying to have it landfilled. They have floods of free industrial grade plastic coming in that doesn't need washing nor sorting all free from huge houseold name companies such as Chrysler and a meat-packing company and a bunch of others.
They do not and will not buy plastic. Free all day long.
BILLIONAIRE investor(s) apparently understand that and invested and were there.
What wasn't said was bigger than what was said. You guys really need to see the video. There's a parade of huge positive things coming the rest of the year.
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One point of interest was project based financing....when P2O rolls out it's not going to be onesy-twosy......it's going to be a flood of processors
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John’s comment on cash flow/P2O roll out. John mentioned his top priority was to get 3 company machines up and running and go cash flow positive. From there he won't won't have to do any pipes to fund day to day operations. Then he intends to do the P2O roll out with project based financing via joint ventures with big corporations such as Smurfit Stone and Waste Management. Once again John is working for and protecting shareholder value.
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Bob Molodynia explained the process of acquiring a customer for p2o. They are concentrating on potential high volume clients and as such are undergoing lengthy auditting processes which takes time. The client will want to see the plant and get a sample of fuel for their own testing, maybe just a gallon at first. If that passes their tests then they may want a 3000-5000 gallon sample to run. Only after audit process is done to their satisfaction will they consider JBII as source. However, once completed these types of clients will provide very large and regular orders. It is for this reason that John didn't go after the immediate small one time sales. Building much larger and stronger client relationships to increae shareholder value in the long run..
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Things that expedite the flow:
Suppliers are shareholders
Construction entities are shareholders
Thus everything expedited.
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Major media. Now ready for that. Didn't want that until they could say they are selling to companies on an ongoing basis. Lends Credibility.
Permanent Permit is 'Very Close'
Air and Solid Waste Permit need to be issued at same time.
Not selling to refineries, but selling a finished product to retail consumers.
Concentrate on sites that can accomodate many processors in one place.
The state of New York has some of the strictest permitting requirements, which means getting permitted in other states should be a slam dunk
Paper mills: 10% of output (plastic) goes to landfills
Businesses shipping B2B generates large quantities of plastic
Carpet Manufacturers: Produce 20T/Day 'shavings'/Machine
Residue is now removed automatically, without having to cool down machine
Heating oil much more profitable than gasoline/diesel, since specs much more flexible.
Large companies have many subsidiaries around that will take all we can produce.
Chrysler one of many sources of plastic now
Companies would use our product in boilers.
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Financing Options:
On machines: Perpetual Annuities
Kuwait/ME: Billionaire Conglomerates
Whales
Fund managers
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Several Patents: In progress
5,000 Shareholders in JBII
Coco Paving: 1-2M Liter/Year Fuel Sale
Less than $10/Barrel production cost confirmed..mainly because of 8% of the output used to run machine.
If they used electricity to heat the plastic, it would be $45-50/Barrel
Quotes:
'Plastic is Free'
'Positive Cash Flow #1 Priority'
'Go Big or Go Home'
'Validation is Yesterday'
Re: Several Patents: In progress
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The name of the patent company was provided, name was Osler...out of Toronto
