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Bogolin - we need a BoD seated - NOW. I hope that you, Ingham and the investors are working around the clock to make that happen. I also hope you're keeping a record of the time you're putting into the search as the shareholders are going to want to know that answer - you all are accountable to each and every one of us.
I was referring to Mr. Bogolin seating at least a 3 board members asap. I would suggest that Mr. Wesson be one of those and continue his efforts to seat the remaining suitable Directors. It doesn't have to be all at once.
There is a need for both - the AGM is required by law and there are only 2 company Directors (I wonder how a tie is broken during voting). They need an independent board to assist with operations. Mr. Bogolin is the only person capable of getting a board seated. If he doesn't have a list of candidates I would suggest calling the only person who has.
I wonder what Mr. Bogolin has done to take over from Mr. Wesson's search for a new board. After all he, Rauber and Ingham turned down all the candidates presented so he should have his own candidates ready to go. I'm curious why they haven't been seated yet.
If he doesn't have a board ready he must be working all day, all night and weekends to not only find a suitable board but financing.
What of the details of your allegations? What cooked books are you referring to that he saw?
so no BoD of any company is allowed to be a shareholder in that company?
In what way is he not independent? Are you saying that he has not and would not be a great Director. It's quite obvious that his main priorities are the success of the company and the well being of shareholders.
We need an independent BoD seated so that it can be voted on at the AGM (which must be announced soon). The best way to achieve that is to inquire whether Mr. Wesson would be willing to be seated for 1 more term. If he is, then he and perhaps 2 others can be seated immediately. Mr. Wesson's main task could be to attempt to get back the interest of BOD candidates he found during his search (i.e. those who meet or nearly meet the conditions of the side letter) and to determine if one of the investors would be willing to seated.
would you be referencing the CEO?
absolutely - he didn't take a wage for the first several months.
# 3 is still in start-up mode (according to IR)- for you to ask for results daily will not speed the process up. I fully expect that if # 3 is operational before the Q is released we'll see results for the time she's operating.
# 3 is in start-up/debugging mode - it is not 100% operational.
BI, Inc. Announces Completion of its Third Plastic2Oil® Processor
Posted Jun 13th, 2013 in 2013 News Releases
JBI Inc., Plastid 2 Oil Processor #3Niagara Falls, New York, June 13, 2013 - JBI, Inc. (the “Company” or “JBI”) (OTCQB: JBII), a clean energy company that recycles waste plastic into liquid fuels, is pleased to announce that it has finished assembly of its third Plastic2Oil (“P2O”®) processor at its Niagara Falls facility.
The designs behind the third processor have undertaken significant upgrades since the previous generation processors, including the addition of a real-time residue removal process that the Company anticipates will increase processor uptime, as measured by the amount of time the processor is at full capacity producing fuel. All individual subsystems, including burners, kilns, towers, off gas, cooling and flue gas systems have been tested and are operational. Processor 3 is now undergoing initial plastic feeding, fuel production and process debugging, which will address any initial problems and any parts that may potentially fail under the full heat of the process and plastic loads. This testing is consistent with the Company’s standardized new processor start-up protocol.
“Hands down, we believe that this processor will be recognized as the world’s most technologically advanced and efficient piece of machinery in the emerging plastic to oil market. We have addressed the residue removal challenge head on with the addition of the continuous removal system. In addition to the towers being larger than those of the previous generation processors, we have also used operational data from previous generation processors to make a significant number of upgrades to the rest of this processor. We believe this processor is positioned to be second-to-none in terms of fuel product, emissions, process efficiency, automation and operating cost,” said John Bordynuik, Chief of Technology and Company founder.
JBI, Inc. Plastic2Oil® Processor #3JBI President and Chief Executive Officer Tony Bogolin said, “We believe that this new processor will significantly improve our production and will be our flagship for use at future P2O sites. In addition, we anticipate that consistent production out of this processor will be a stabilizing force to help fuel the Company’s growth.”
JBI, Inc. Plastic2Oil® Processor #3“We expect that this processor’s operation will translate directly into increased revenues, improved margins and ongoing growth,” continued Mr. Bogolin. “In addition to working towards consistent production, our highest priorities remain aggressively managing costs and working towards constituting a highly qualified Board of Directors.”
Since 2011, through March 31, 2013, JBI has processed approximately 2.8 million pounds of plastic and produced approximately 482,000 gallons of in-spec end user fuels, including diesel, fuel oil #6 and naphtha.
For further information about JBI, Inc., including its financial results, readers of this press release should review the Company’s disclosures in its Quarterly Report on Form 10-Q, which is publicly available on the website of the Securities and Exchange Commission at www.sec.gov.
About JBI, Inc.
JBI, Inc. is a clean energy company that recycles waste plastic into liquid fuels. JBI’s proprietary Plastic2Oil technology can deliver economic and environmental benefits by replacing refined fuels and diverting waste plastic from landfills. For further information, please visit www.plastic2oil.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, and members of its management as well as the assumptions on which such statements are based, including the expected timing of the Company's Form 10-K, execution of the proposed agreements described above and consummation of the transactions contemplated by such agreements. 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. Such risks include, but are not limited to: (1) JBI has a history of net losses, and may not be profitable in the future; (2) JBI may not be able to obtain necessary licenses, rights and permits required to develop or operate our Plastic2Oil business, and may encounter environmental or occupational, safety and health conditions or requirements that would adversely affect its business; and (3) JBI may experience delays in the commercial operations of its Plastic2Oil machines and there is no assurance that they can be operated profitably. For a more detailed discussion of such risks and other factors, see the Company's Annual Report on Form 10-K, filed with the SEC on March 15, 2013 and its other SEC filings. 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
Chris Irons
Corporate Communications & Investor Relations Manager
716.471.5995
ir@jbi.net
MEDIA INQUIRIES
media@jbi.net
or please visit the JBI, Inc. Newsroom at www.plastic2oil.com
by law an agm must be held - i expect we'll hear something on that front soon enough
and major reductions in costs
I completely agree that those who are behind the BoD not being seated have much to worry about. But to assume that a singular specific person is responsible for a Board of Director not being seated needs proof. Like you, I suspect documentation will reveal the party(ies) responsible for this and documentation will reveal that certain insiders like Rauber, Bogolin and Ingham are as much to blame as others.
I believe you're incorrect in your assumption. I wouldn't like to guess until you have some kind of proof.
yes and absolutely
Why say such a thing when you know that it was part of the investors conditions of funding to settle the issue asap.
The rest is pure speculation only.
None of that really matters, I suppose. What's done is done. Period.
and their term has expired
the whales were issued a total of 614,572 convertible Preferred B shares. JB shares are Preferred A and are not convertible.
The Series B Preferred Stock is convertible at the election of the Reporting Person into shares of common stock, par value $0.001 per share, of JBI, Inc. ("Common Stock"), at the rate of seven (7) shares of Common stock for each share of Series B Preferred Stock (subject to proportional adjustment for stock splits, combinations, consolidations, stock dividends, stock distributions, recapitalizations, reorganizations, reclassifications and other similar events). Upon any conversion, the Reporting Person must convert all shares of Series B Preferred Stock then held by the Reporting Person. All shares of Series B Preferred Stock that remain outstanding on June 30, 2014 shall be automatically converted into Common Stock.
doesn't Tony only work part of Tuesday Wednesday and part of Thursday? He may not have seen your email yet.
can the pre-melts service more than 1 processor?
what's the latest figures?
how much waste oil do you have - JBI is interested in all waste oil that meets the standards set by the DEC. PM me how I can reach you and I'll put you in touch with Bob Molodynia.
Great News to follow here when results are known on # 3.
Niagara Falls plant fuels energy possibilities
maybe, just maybe, "NOE" wanted himself on the BoD and perhaps when he saw Wess's list of candidates he changed his mind.
can you provide the % today.
it's all in the books
No one is suggesting everyone needs to hold their shares forever but there certainly is a whole lot trying to get shareholders to sell their shares - any idea why that is?
Shareholders I've spoken to certainly know why they are holding and they have no fears, no uncertainty and no doubts.
things are really coming together for JBI - a few months more should resolve ALL problems.
I completely with your statement below - well said!
wow down a whole penny before close - wow
JBI is running it's business as usual in spite of Bogolin. Just consider this as yet another hurdle to jump - hopefully this is the last before CFP. Fear uncertainty and doubt is ramping up here for a reason - keep that in mind.
Anyone after cheaper shares should get them now and not ask for others to part with theirs.
Total polypropylene consumption worldwide is set to reach 62.4 percent by 2020, growing at a CAGR of 4.5 percent from 42.3 million tons in 2011, according to a new report.
The report, from U.S.-based GBI Research, says demand will rise as a result of economic growth developing industrialization.
Much of the growth is due to booming developing markets, namely China, South Korea, Japan and India. North America will see demand recover from the losses seen in 2010-2011 but Europe will continue to suffer because of the Eurozone economic crisis, says the report.
The packaging industry will consume around 20.1 million tons of PP in 2020, fueled by demand for food and flexible packaging.