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They'll give you a whole Q update next week.
they were attempting up list - as you know it takes time and in the meantime the share price no longer met the up-listing criteria. To call it bullshit is bullshit.
you mean all that fuel tested by all those 3rd parties was apple juice. The results of those tests prove otherwise.
wait and see - proof will come soon enough - financing, sales, divi issued, BoD seated and up-listing. Many of these things will be within the next 6 months. Those that are Naked are the most vociferous.
The exact number of naked shorts will become known when JBI issues their 1st divi.
all that plastic and no processor - I expect they could use a cluster of 3 easily.
some shares were returned by agreement - others were retuned to help finance the company.
So there's never been a company in the history of companies that have ever changed their business plan. I suggest that the opposite is correct and most company's plans have changed many many times.
I'm thinking just a little longer to make it to the end of the tunnel. One more round of financing, a sale, seating of an independent board and up-listing. When this happens what do you think is a realistic PPS?
I Believe they'll sell hundreds of processors over the coming years
Looks like a little profit taking for some in the range of about 300% - that's what it's all about, no?
Companies like JBII and Capital EFT Inc. are a couple of exceptions to your rule. They have great reputations and a product that will be world renown.
Another Green Day - AWESOME!
Already answered earlier today
It means nothing of the sort. The CFO is 26 years old and they are getting ready to distribute worldwide. I expect he realized that business is getting to be point where it was beyond his experienced and knowledge. He's also helping complete the necessary work for the Q's and K's. Doesn't sound ominous to me.
Do you have a link to this so called "promise" to do a mid-quarter update. My recollection is that he said he'd like to do mid-quarter updates. That was said within a few days of his taking the CEO's position. That may have been his desire but in actuality it may not have been possible immediately. Also, did you hear when he expected to start mid-quarter updates?
Wasn't suggesting that at all - a few thought making 300% was a good time to take a little off the table. Those who did will lose out on a whole lot more profit in my opinion.
probably all those who bought at 6-7-8 cents turning a huge huge profit.
Here comes the bounce - I expect bigger news soon - the bounce then will be huge then.
Only 60 M - to research and develop what's turned out to be the world's best plastic pyrolysis processor. They've employed between 40-60 people for 5 years, created a public company and they took a table top model to a 10 ton processor.
They now have 3 completed processors (each one better than the last) and 2 others that are 75% complete. They are now at the stage of roll-out.
Pretty awesome I'd say at such a low price.
Perhaps the CFO and his family?
Hey Jimmenee - How are the charts going?
why would anyone sell their JBI shares. Shorts who haven't covered are going to lose their shirts soon so I expect your statement is true relating to them, but longs - they all expect to be very wealthy very soon.
Companies wanting to recycle HTF. Walmart, Canadian Tire, Jiffy Lube to name a few.
And, what about companies with huge fleets. Used oil in one end reusable oil out the other.
Army, Navy, Air Force.
How true this must be:
Comments from Nick Terranova (Chief Financial Officer)12/10/13 AGM
Since mid-August, we have made some positive strides in decreasing our hard monthly operating costs and overall cash burn. Not only have we decreased the amount we are spending
on feedstock, but we have also been running efficiently in terms of our workforce at our Niagara Falls, New York plant.
We’ve also seen significant cash savings in the months since closing our recycling center.
We have also decreased any type of spending that is not relevant to our goal of making fuel. This includes a significant curtailment of any spending related to facility upgrades or improvements to the property and buildings here in Niagara Falls.
Although SG&A costs were approximately $2.73M during the third quarter of 2013, a portion of this expense, approximately $1M, was related to non-cash stock-based compensation charges for employees, and also the one-time immediate vesting of options of prior executives.
Additionally, costs related to severances paid in cash were approximately $180k. We are continuously working to keep spending at a minimum, and believe we are executing in that regard successfully.
The best Plastic Pyrolysis Processor in the world has been created by JBI and to think that they did it with far less funds and in far less time than should have been possible. Sure, it would have been better if processor # 1 could have been the flagship but after a few months of operation it became evident that a new design was required. Processor # 2 was also expected to be "the one" but, without continuous real-time clean out, it too needed to be re-designed. Processor number 3 has real-time clean out and continuous operation of 30+ days.
When processors 4 and 5 are sold (hopefully in Q1) the company will instantly become cash flow positive. The designs/engineering are all in place for quick roll-out of the modular processors going forward.
Not only that there was never any admission of any wrong doing.
Not only that there was never any admission of any wrong doing.
yeah, those amount will be peanuts once they start selling processors for between 5-15 million.
You're absolutely correct - why make money 1 gallon at a time when you can sell processors for between 5-15 million.
The smart way to do it, sell processors to those who already have an endless supply of feedstock and existing permits.
The company's loses are a result of being a start-up. They at times had a staff of between 40-60 people (accounting, auditing, legal, IR, buyers, sellers, lab techs, admin. etc. etc.). And, to add to that they had the growing pains of being a public company.
They opened a new plant from scratch to manufacture the processors and were working with a new technology. They had to locate parts and fabricators, they were doing R & D and they went from making oil to in-spec fuel. They've completed three operational processors and are building 2 others that are 75% complete.
Processor shut-down for clean-out was a problem that needed to be resolved and they've now achieved that with the invention of their flagship processor that's capable of processing 2000+ lbs./hr. of feedstock for 30+ continuous days with real-time clean-out.
The company is now prepared to roll-out their flagship.
I expect revenues to increase and costs to be cut significantly. Sales are just a matter of time and will result in:
- between $5-10M per processor (may be on the low side)
- maintenance contracts,
- sales of the catalyst,
- 4-6% royalties.
The best Plastic Pyrolysis Processor in the world has been created by JBI and to think that they did it with far less funds and in far less time than should have been possible. Sure, it would have been better if processor # 1 could have been the flagship but after a few months of operation it became evident that a new design was required. Processor # 2 was also expected to be "the one" but, without continuous real-time clean out, it too needed to be redesigned. Processor number 3 has real-time clean out and continuous operation of 30+ days.
When processors 4 and 5 are sold (hopefully in Q1) the company will instantly become cash flow positive. The designs/engineering are all in place for quick roll-out of the modular processors going forward.
Mr. Heddle's comments from the Dec 10, 2013 AGM
"Additionally, we continue to be in talks with potential buyers for machines four and five.
We have received many questions regarding the business model of such a deal, and while we work out the specifics on a case-by-case basis, a potential deal would involve an up-front licensing
fee with continual royalties on fuel production, as well as machine maintenance, software maintenance, and our proprietary catalyst."
Who did you expect will break down JBI's technology and how will they do it? It's not only the catalyst that's unique it's the entire process - it's extremely technical and highly computerized.
For those who have yet to read the evolution of JBI processors I've attached the an excerpt from the 2012 AGM. This is a very thorough, concise summary of the different processors.
John Bordynuik (Chief of Technology):
For those on the call new to our company, we are a technology company who has developed a process for converting waste plastic into in spec fuels. We do this in our patent-pending processors, which crack the long hydrocarbon chains found in plastics into smaller length chains resulting in diesel and gasoline molecules. The process is primarily powered by converting some of the waste plastic into a gas. I would like to focus this update on the individual processors and provide updates on production, operations and the capability of the processors.
Processor 1:
Processor 1 was our original machine to “master” making in-spec fuels. As it is only a single kiln unit, it is now being used for research and development and limited fuel production. After operating Processor One for a year and a few months, we were able to determine that the Plastic2Oil process would work more efficiently with two separate kilns to house the different
reactions occurring (the melting of plastic in one and the cracking of the hydrocarbons in the other). In addition, Processor 1 originally had a residue removal system on it. However, we were unable to consistently remove residue from it because on occasion, partially melted plastic would make it to the end of the kiln and exit through the residue removal system. It was believed that implementing the new “two-kiln system” would eliminate this residue issue, and hence, Processor 2 was designed. Processor 1 did enable us to solve a number of prior unsolvable issues in other technologies by making a continuously fed waste plastic to fuel machine:
We had a number of successes with this first machine and contribute much of the evolution of the processor since 2009 to Processor 1.
1.We developed a method to feed cold waste plastic into a hot kiln with a very low power requirement. This is the same in feed
system that we use on Processor 3 today. Normally, a device called an extruder is used with extremely high power requirements
and low feed.
2. We perfected rotary seals at high temperatures while containing hydrogen and other gases.
3. We were able to model the system and extract data every minute to scale the process.
4. We were able to design a novel back end of the process that changed our product output from a “
diesel-like fuel” to pure in-spec diesel and naphtha. We were able to produce a #6 fuel specifically for US Steel. We solved a common problem encountered in waste plastic to fuel technologies: pet coke. This problem was solved in the first processor and kept the walls from being coked up, thereby preventing heat transfer.
Processor 2.
Our second processor was assembled in early 2012. It was our first modular machine, with the kilns and towers being standardized. After running Processor 2 for some time, and 160,000 lbs runs, the 1-3% residue was becoming a large number
in volume, that is, twenty barrels of residue would half-fill the reactor over a few days and that residue would have to be removed. We then tried to remove the residue from the processor while it was running. From time to time we could, and from time to time we could not. Processor 2 also had a new burner design which enabled us to put far more heat into the kilns and therefore process more plastic and waste oil. We have run several million pounds through Processor 2. It has been a work horse and produced most of the fuel we made in 2012 and a significant amount in 2013.
The successes of Processor 2:
Challenges with Processor 2:
1. We were able to scale our small feeder from Processor 1 to a large feeder of similar design on Processor 2 to allow up to 2,000 pounds per hour (Please note, at that time, our permit only allowed us to ever operate at a maximum of 2,000 pounds per hour).
2. The melting of plastic and the cracking of long hydrocarbon chains were separated in this processor. This allowed us to run far more product through the processor on average and as disclosed prior, we can run approximately 160,000 pounds of plastic through this processor, or up to 20,000 gallons of heat transfer fluid, all depending on inert fillers in the plastic.
3. In-spec fuels were consistently produced.
4. A new proprietary gas compression system was perfected and is still used today.
5. Transferring molten plastic to the reactor was a challenge when tested in R&D. However, in Processor 2, we developed an
interconnecting transfer system that could easily move molten plastic from one kiln to another with vapor and residue.
6. Metals were retained in the pre-melt for recycling purposes.
Residue removal.
We were inconsistently able to remove residue due to plastic in various states in the reactor. Therefore, the temperature would have to be brought down in order to remove residue from the kilns. This would generally occur after 160,000 pounds of plastic were fed. This, in turn, led to solving the residue issue with Processor 3.
Processor 2 Status NOW:
Processor 2 is an ideal candidate for residue removal system as installed on our third processor. This would allow for lengthy run times, less cycling, and no residue buildup.
Processor 3
Processor 3 is best described as: a totally modular, highly standardized machine with individual units for melting of plastic, cracking the hydrocarbons, and conditioning and removing residue. Processor 3 is our flagship machine. It is able
to accept heat transfer fluid and plastic simultaneously and continuously. In addition, Processor 3 has not exhibited any of the challenges that were remaining to be solved on Processors 1 & 2.
To walk you through Processor 3: Plastic is melted in the first kiln. The second kiln and the first tower work to crack the hydrocarbons primarily to the length we select. The residue removal system that was implemented in the design of this processor, accepts any residue, fuel, or remaining plastic from the reactor. It cracks any remaining plastic, boils out any fuel, and conditions the residue. Based on our current operating data, 1-4 barrels of residue are removed from this unit every 12 hour shift. The number of barrels removed is dependent of the amount of inert filler in the plastics or dirt in the heat transfer fluid. The residue removal system has worked successfully without any modification from its initial installation. Processor 3 is fed heat transfer fluid and plastic every hour continuously. Residue is removed every hour continuously into drums as per our permit. We believe the residue has value as it has a BTU content of approximately 12,000 BTU’s per pound and we are going through testing by a few potential buyers of this product. Maintenance & System Revisions To Processor 3: To date, we have only changed flue gas piping, and removed and/or added a couple of pipes. No other repairs or extended maintenance have
been done to Processor 3 since its start-up. This is primarily due to the fact that the processor does not have to be heat cycled every few days and the continuous nature of the entire process at steady state. The hardware requires normal maintenance like greasing seals, bearings, and other normal daily or weekly maintenance items. The seals and sleeves have held up well. The in- feed system is by far the most robust machine we have built to date and it has functioned as expected.
We have encountered challenges in feed stock, fuel capacity, and new training issues around running this processor that I will discuss at length. Most of it is attributed to a much higher fuel production than in the Company’s prior history.
Feed Stock Issues:
Plastic: Since our new CEO Rick Heddle took over in August, the Company had significant volumes of unacceptable
feedstock that was procured at higher prices. With the transition, that practice ceased and the Company went back to procuring waste plastics that were not intentionally contaminated with inert materials like wood, large metal bolts, and other heavy objects that would assist the seller of the plastic loads much more money. Since discarding this plastic, and closing the Recy
cling Center in Thorold, we have not had any plastic & water, plastic & snow, or plastic and large inert objects getting into the processor and causing problems. We did however, attempt to correct the high feeds to ck cost of goods of the past by seeking very inexpensive heat transfer liquids.
Heat Transfer Fluid:
In all fairness, in Q4 2012, the NYSDEC required us to use expensive in-spec, highly controlled, highly screened heat
transfer fluid for testing. We were not permitted to accept waste oils from any other source because we did not have the equipment required internally to test for NY State regulations of heat transfer fluid. The HTF was acquired during that
quarter for approximately $1.90-$2 per gallon. We wanted to introduce HTF because we knew that waste oils could be acquired much cheaper than that if we had our own testing in-house and it would allow us to quickly melt very large blocks of solid plastic. The expensive waste oil was being purchased when we received our HTF permit in June 2013. Since our new CEO Rick Heddle took over in August, cheaper sources of HTF were sought. As with any waste in the recycling world, there are good suppliers of material, and there are poor suppliers. Poor suppliers tend to try to blend other wastes in the streams to get rid of them. At this time we had to quickly assemble and operate a fully capable HTF testing lab, which included testing for PCB’s, halides, hazardous metals, and other requirement s by the NYSDEC. We were able to procure HTF for $1.00 per gallon. Some of those suppliers provided great HTF, but others supplied HTF mixed with some other products that did not appear in the material or in the screening and passed NYS testing. These other products added to the waste oil, while they were not hazardous, they were clearly not desirable and not compatible with our process. When we determined what these contaminants were, we then developed a very quick screening method to determine the quality of HTF specific to our process. While this is not required for permitting, it is required for what is compatible with our process. The kinds of foreign compounds blended in
to the HTF have included: liquefied farm waste, vegetable oil, and animal fat oil. These products caused downtime due to the fact that in some cases, we had to refuse the truckload and therefore run out of HTF, and slowed our process down due to quickly creating a second tier of quality control testing beyond the NYSDEC’s testing criteria. WE have done something
similar to this with waste plastic. We could not afford to let our waste oil quarantine tank become contaminated in any way with this inferior product. We have learned over the past 3 years what some undesirable suppliers try to melt into their
plastic or add to their loads, to attempt to get rid of waste that would otherwise be expensive for them to dispose of. We have active counter measures in place to keep that material from getting to the hopper of the machine. We had to learn this process with HTF fairly quickly. We were able to develop tests to determine unknowns, and more importantly, was the HTF in question what was being sold.
Fuel Output Issues:
With Processor 3 coming online and fuel production increasing to all-time highs for the Company, we encountered growing pains in our logistics department, loading/unloading, and customer demand issues. On more than one occasion in Q3 and Q4, we had to idle Processor 3 because our fuel tanks were filled quickly. When processor 2 and 3 run at our plant simultaneously, our tanks fill very quickly. On some occasions we could not book trucks on short notice and sometimes we’ve had to send fuel to our blending site for temporary storage. The reason for this is that our customers have a very specific amount of fuel they consume every week. They schedule their fuel purchases weeks, and in some cases months, in advance. Our large customers will off-set fuel from other sources if given enough notice in advance. At the same time, we would have to be absolutely certain we would have the fuel in stock to service them as (if they are displacing fuel from other sources). With Processors 2 & 3 running, we produced 45,000 gallons of fuel very quickly. However, many of our fuel buying customers are on their own set production schedules. As a company, we also want to avoid driving up additional cost of goods by shipping our fuel to the
blending site for storage. We have worked to resolve this problem by going through acceptance procedures with bulk fuel distributors who can handle surges or excess fuel production. This process becomes less and less problematic as we produce
large volumes of fuel more consistently. Our end customers appreciate and reward consistent, on time delivers, of the specific fuels they require. We have come a long way by contracting multiple trucking companies and more customers.
Staffing Issues:
As discussed last spring, I consulted with Islechem and other local chemical factories management personnel for the ideal operating team staff structure for chemical processes. (Islechem is an independent lab that we have been fortunate to work
with for the past four years. Their core businesses include: Chemical Manufacturing; contract Research and Development (R&D); Analytical Services; Environmental Services; and Technical and Support Services.) They have been through years of experience in this area and identified what we needed to run our processors. The ideal operating team is a chemical engineer (in the $60,000 salary range), a chemical operator (in the $50,000 range), and a material handler. We are still amassing these shift teams so that the machines have full coverage of all three required people to operate the processors without challenges. As of today, we have a molecular chemist, an analytical chemist, and a chemical engineer on staff. We have 3 chemical operators and a full slate of material handlers. We are short chemical operators to cover vacations, sickness, and emergencies. New training on the process requires about 3-6 months of time with an experienced P2O operator to become very comfortable and familiar with the entire plant and operate it independently. When a new staff member has a challenge or missed something occurring in the process, it has enabled us to automate that challenge out of the system so that we don’t encounter downtime. In this Q, on one occasion, a new chemical engineer allowed water to be pumped into the system, causing a two day shutdown. Like many of the technical hurdles we have overcome, we will perfect our approach to training our staff so that processor deployment with be efficient and collaborative with our future customers. We are interviewing, hiring and training new staff for our future customers of machines. As with any company, amassing the right team and great people takes time and turnover. Processor 3
Status NOW:
We are not modifying or changing the processor. I am stepping up the feed rates on shifts with experienced staff and running at lower feed rates on new staff, until everyone is trained the same way on this machine. I have run the Processor at 2,700 lbs/hr on shifts that I am operating it or training others. Seasoned staff is quickly getting there, between 1500 and 2000 lbs/hr with our staff depending on what their experience is. I am working with new staff on their shifts to teach them everything I know and to determine what additional information they need to help diagnose issues. As we evolve a team of 3 for operating shifts I suspect most issues will go away. Our processor requests more plastic some hours, and less others, with an average in the middle where we want to operate. Unfortunately, permitting does not work that way. Permits establish an absolute maximum limit and we are not allowed to make up for lost time or hours that a maximum was reached. Originally we were granted a
permit to operate at 2000 lbs/hr. This proved to be a severe limiting factor when dealing with a machine that needed a 1000 lbs/hr one hour, and 3000 the next. With our 4000 lbs/hr permit, my goal is to achieve 3000 lbs/hr or 36T/day on average o
n system 3. Prospective customers are requesting this performance data so I am mindful of the need to accomplish this as soon as possible.
For those new to the Company, plastic and heat transfer fluid converts into diesel and gasoline fuel with off-gas and a small amount of residue. The exact conversion is dependent on the amount of hydrocarbons in the feedstock as well as inert filler in the feedstock thereby displacing potential fuel production. Through the various tests by independent engineering firms and
our own internal Mass & Energy Balance, 2,200 pounds of waste feedstock comprised of plastic and HTF, makes on average 75% liquid fuel product or 1,320 pounds or 184 gallons of diesel and 330 pounds or 52 gallons of naphtha. Residue could be up to 220 pounds and off-gas or gas to run the system would be approximately 330 pounds. The ratios of naphtha and diesel can also vary depending on how the process or is run by the operator or programmed to run. For ideal feedstock, we generally get an 86.7% liquid conversion. The example I have given you is 75%, which is representative of a lot of industrial plastic and H TF waste streams. These numbers can vary based on water content, inert fillers and other non-hydrocarbon substances in the waste stream. I am always working to increase the diesel production and reduce naphtha production, as diesel has more value.
The gas compression system, chiller system and hot oil skids have all worked flawlessly. We have had no downtime with these even though this was our biggest downtime factor in Processors 1 and 2.
Machines Off-Site:
Internally, we have fully documented processor 3, which is our flagship machine for joint ventures and sales. We have a full set of engineering prints, and installation prints (engineering drawings). We have completed process flows, and troubles
hooting manuals. We have also had to produce operating manuals and at this time, we are preparing maintenance documentation for third parties. We are supplying due diligence information to prospective buyers and we are gathering and tracking weekly reporting on processor 3 for buyers. Our team and technology We are a technology company, not an operator. There are plenty of companies with decades of experience in wastes, fuels, and operating equipment and plants. That is why many companies who design and develop processes don’t build and internally operate them. I am very confident in system 3 and a seasoned 3 rd party would be able to operate our system well.
Competitive Advantage:
Since day one, we were very aware of the problems plaguing other waste plastic into fuel technologies and the fatal barriers they still have to this day. Our greatest strengths against current competitive technology is:
Challenges Solved in Last Five Months:
For example, we have no waste water in our process. Other technologies (where the fuel contacts the water) have waste water disposal bills of $100,000 or more per month.
Another significant problem that other technologies have is residue that cannot pass TCLP testing and therefore is considered
hazardous waste. The competitors are still plagued with that problem today. Our catalyst and process ensures the residue is inert and safe for the environment.
Fuel output quality is also a significant problem. Halides like chlorine and bromine in fuels render the syn-crude or random
hydrocarbon mash fuel nearly worthless. Halides can be as high as 800 ppm in competitive technologies without catalysts. Our
fuels were tested for halides and no halides were found. We do not sell to small refineries, we sell to large customers with significant fuel quality requirements, layers of government regulations, and the need for halide free, high flash point, in spec fuels.
Residue comes out 1-4 barrels every 12 hours consistently every shift, depending again on the fillers in the feedstock. The product is uniform, much better than before, and we knocked it out of the park from a solutions standpoint. To date, we have removed 367 barrels of residue from Processor 3. 2. We have amassed significant data from Processor 3 that allowed us to adjust the heating distribution across the machine, the cooling demands and flows into a steady state.
New catalyst into Processor 3 and it is functioning well and a liquefied version will be complete soon. The new catalyst was
discussed in detail in my ASME published paper “Viable Production of Diesel from Non-Recyclable Waste Plastics.” I recommend those listening today who are new to the Company today to read that paper to better understand the technology and the evolution of this Company. The support equipment for the system has worked flawlessly. The high cost feedstock and those practices have be en eliminated from the Company.
Challenges Remaining & How We are Mitigating Those Risks: Fabrication Team:
When Rick Heddle came on board, he set up our fabrication in a manner that he has experience with from his prior business ventures. The team has executed very difficult tasks, very quickly, without error. Their work has been significantly better than this site has ever seen. The new policies, methods and structure implemented have improved the quality of work as a whole by the fabrication department.
Material handlers and feed stock quality
Our material handlers have been trained. They are very good at spotting any material that is not right. We built testing procedures on site for them to be able to test and reject any plastic loads. For example, the old feedstock we received before the transition in August, was 50% rejected at the hopper. We are now at 95% acceptance. Going through these challenges have built a very robust front line team who know what to look for, how to test the plastic and waste oil, and how to stop any problematic feedstock before it gets near the hopper.
Inexpensive HTF
We are being very careful what vendors/suppliers we take HTF from. We believe we have covered most possible inert fillers, however, we are in the infancy of this and therefore, despite the fact that we tried to correct high cost of goods caused from extremely expensive feedstock from Q1 and Q2 of 2013, we will not be risking the up-time any further to acquire ultra-cheap HTF. Instead, we will focus on reasonable HTF at a much lower price around $1.00-$1.30 per gallon and not risk new sources
until we have infrastructure in place to flag possible unknowns.
Staffing
We are seeking and hiring experienced engineers and chemical operators. We currently have half the staff we had before, doing double the amount of work. We are putting together training materials and hiring the appropriate people to run our processors. We need trained JBI employees to be able to train staff and start-up processors in remote locations in the future. They need to be fully trained here in Niagara Falls, NY to be able to do so in the future. We need more staff for this purpose.
.
Winter
The plant environment is different from the very hot summer to the cold winter. While we have things in place to stop pipe freezing and cold areas, in cases, cold related issues can rear its ugly head when least expected. It is a challenge when dealing
with low temperatures and high wind lake effects. We are being vigilant to correct any issues that arise.
Recycling
Recycling is a dirty business! Suppliers, brokers, MRF’s, are all looking at a way to maximize their recyclables and get rid of their waste.. free. Because we are interested in the non-recyclables, our challenge is always being on the defensive trying
to stop a large bolt, a skid piece of wood, a large spoon, a baseball bat, or some other large object of that kind from getting into the processor. We are continuing to work with new large feedstock sources and be continue to be vigilant even with the most trusted sources.
SUMMARY:
Fortunately, we have relationships with large engineering firms that have had the advantage of reviewing other competitive systems and have in turn validated ours. We learned a lot from these firms and were reassured at various stages in our
evolution that simply “you don’t know what you don’t know.” What I mean by this is when you have a new technology that hasn’t been done before, you don’t know always what issues are left until you’ve removed any in your way. This is a new technology that has been put through a very fast evolution from a 1 gallon desktop reactor to a massive, high volume, waste
plastic to fuel production plant. With our current permit of 4,000 lbs/hr, my goal is to achieve 3,000 lbs/hr or 36T/day on average on System 3. We have overcome growing pains in all areas of the business and become a stronger, more adaptable company because of it. We believe this experience will be very beneficial to our future partners. We worked through these
challenges and we will continue to work towards our goals.
Like you, I am a major shareholder in this company and have a significant vested interest in making this company a success.
well said
JBII - shorts dilemma
1. The legal short on JBII went from 69k to 341k from 12/31-1/15
2. The short has taken the pps down to .06 and can't get longs to sell.
3. The short has to have shares to manipulate the pps. So, last Friday through Tuesday of this week, they had to run the stock to a high of .25 in an attempt to get shares.
4. They did not get enough shares on the run to .25 which is evidenced by them borrowing 50k and 30k from IB over the last 3 days.
5. Reg sho percentages have increased significantly in the last day. They were also elevated into the run to .25
6. Their are many longs with large bids bids sitting below the present closing bid. I have 3 myself.
7. The shorts do not have enough shares to take the pps down very much, Why would they need to borrow from IB if they had a ton of shares?
So what options does shorty have?
1. They can borrow more shares. They have already borrowed over 4 million from IB since .40. Who is going to sell them 4 million shares? No long at these stupid prices.
2. They can try and take it down using shorting, wash trading and any other thing they come up with, and hope some large long will sell. That hasn't worked ever on JBII . The problem here is they will keep running into longs bids.
3. They can run the stock much higher and hope they collect some long's GTCs.
All I know is that the short has a dilemma- there are zero outcomes where he gets out alive.
P2O is real. JBII will sell a processor. This stock will go back to all time highs. Longs will win and shorty- who cares.
Even to get an average of 2000 lb/hr. they would need to exceed the old permit maximums. Some days they would be shut down, other days they could exceed the old 2000 maximum limit to maintain 2000 lb./hr. average.
They anticipate the average to be much higher than that in the future thus the need to have a 4000 lb./hr. maximum.
The company's loses are a result of being a start-up. They at times had a staff of between 40-60 people (accounting, auditing, legal, IR, buyers, sellers, lab techs, admin. etc. etc.). And, to add to that they had the growing pains of being a public company.
They opened a new plant from scratch to manufacture the processors and were working with a new technology. They had to locate parts and fabricators, they were doing R & D and they went from making oil to in-spec fuel. They've completed three operational processors and built 2 others that are 75% complete.
Processor shut-down for clean-out was a problem that needed to be resolved and they've now achieved that with the invention of their flagship processor that's capable of processing 2000+ lbs./hr. of feedstock for 30+ continuous days with real-time clean-out.
The company is now prepared to roll-out their flagship. I expect revenues to increase significantly:
- between $5-10M per processor (may be on the low side)
- maintenance contracts,
- sales of the catalyst,
- 4-6% royalties.
Why would entities want to make JBI into a trading stock? I don't believe there are too many advantages to longs to start trading especially if they don't have the knowledge to trade successfully. Seems to me that the advantage will go to the entities - no? Does it have to do with covering short.
Thanks in advance.
well if he still wants to buy 45 processors then I say let's sell them to him