More DD!!!
In April 2009, Bordynuik bought a public shell company, and moved most of the assets and production facilities from his private company (JBI) into the public company. The public company now has a positive balance sheet, with revenues. The transaction was independently audited
1. Existing machines are used in China, Thailand, Taiwan, etc to convert Plastic to oil.
2. Bordynuik discovered a catalyst that makes this process much more efficient.
3. After the data is recovered from these tapes (they weigh about 5 lbs each), they will be fed into the machine and converted back to the oil from which they came from in the first place.
4. The oil needs minimal refining (will actually run in an engine as is), and will be sold into the diesel market. He already has buyers.
5. The whole process will be franchised across the country/world. The first franchise has already been bought.
6. The process will also recover oil from used tires.
7. Of course there an unending amount of other waste plastic available to be converted to oil.
Roughly 8 lbs of plastic = 1 Gallon of fuel.
8. In larger metropolitan areas, the company will run it's own machines.
9. The first big production machine has arrived in Niagara Falls and is being assembled.
The Company will able to use the hardware to immediately service existing clients of JBI which includes processing tapes from NASA. This Agreement will allow the Company to read tapes to realize the revenue of migrating data of customers’ tapes at a flat rate and then recycle the old tapes by using our Plastic2Oil processor. As we are currently paid by clients to recycle these tapes, this will effectively cause a negative feedstock cost into our Plastic2Oil processor. These old tapes weigh approximately 2 kg each with their plastic cover, and we believe we will be able to produce 2 liters of fuel from every recycled tape. Through this acquisition, the Company will have approximately 50 tons of tapes to read, to migrate the data and to recycle in its Plastic2Oil processor, 20 tons immediately.
CEO, John Bordynuik, is a very well respected scientist with ties to NASA, MIT, numerous Fortune 100 companies, United Nations, US Army. Website: http://JohnBordynuik.com .
2. Bordynuik has a very profitable private company, John Bordynuik Inc. (JBI) that reads the 'unreadable', i.e. the over 50 million computer tapes from the early computer era (60's-80's). There is a wealth of information on those tapes, and he developed his own tape drives to read these degraded tapes.
He has an exclusive contract with NASA and gets paid $22 per tape to recover the data. They are ‘sole sourced’ by NASA and MIT because no one else can read these tapes with 100% accuracy. They are currently processing about 700 tapes a day, but will be processing many more due to 70 new tape drives coming online.
News Links:
August 28, 2009 ----- Establishes International Presence with purchase of Javaco Inc. Purchases Media Credits
August 14, 2009 ----- Shareholder Update
August 10, 2009 ----- Company to Acquire Chemical Company
July 28, 2009 ----- Cambridge Facility to Open. Net Revenues per shift: $11,800
July 15, 2009 ----- JBI Updates Shareholders/Investors
July 9, 2009 ----- Patent Application Filed
July 8, 2009 ----- JBI Celebrates Newest Generation of Tape Reading Technology
June 30, 2009 ----- Private Placement at 3x Share Price, New office near MIT
June 26, 2009: ----- Company reads millions of Legacy Computer Backup Tapes at $22 per tape
June 25, 2009 ----- Definitive asset purchase agreement
June 16, 2009 ----- JBI Returns 10M Shares to Treasury
June 16, 2009 ----- JBI Inc. Commences Operations With Plastic2Oil Processor
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