JBI, Inc. Executes JV LOI With Rick Heddle, Signs LOI for 45 Florida P2O Sites,
and Will Apply for ASE Listing
NIAGARA FALLS, Ontario, Dec 22, 2009 (GlobeNewswire via COMTEX) -- JBI, Inc. (the
"Company") (JBII) is pleased to announce that December, 2009, has been a month of
intense activity and very positive productive progress. The Company and Rick
Heddle have agreed to a Joint Venture whereby Heddle Marine Service, Inc. will
retrofit ships with P2O processors. The Company is now finalizing a JV Agreement
for production of its first P2O ship with Heddle. JBI anticipates contracting
with various countries to convert their plastic waste into oil.
The launch of P2O in early 2010 will be an exciting and important harbinger for
job creation, environmental clean-up, and oil production. Plastic waste is a huge
global problem, contributing heavily to landfill expansion and ocean pollution.
The Company has a goal of initially establishing 2500 P2O sites with
municipalities/interested parties and launching P2O ships for various countries'
plastic waste retrieval and energy production.
Converting plastic to oil has previously been attempted unsuccessfully by other
companies as it was not economically feasible. However, the Company's research
discovered a unique catalyst that is now proprietary to P2O, as it greatly
enhances the efficient and economical conversion of plastic waste to oil,
allowing for a 99% recovery rate compared to 45% +/- for competing systems. In
essence, the catalyst greatly expedites the cracking of the plastic and allows
the Company to select on a tight curve the particular hydrocarbon to produce.
Competing methods require much higher heat, considerable energy cost,
prohibitively expensive residue disposal, and result in poorer conversion. There
is a negative energy cost to operate a P2O processor, since 15% of feedstock
weight is converted to gas to run the system. The P2O processor is not a
"perpetual machine", 15% of its feedstock is consumed to provide gas to power the
Heddle Marine Service Inc., established in 1987, is the only marine repair firm
that operates floating dry-docks on the Canadian side of the Great Lakes. Located
on land leased from the Hamilton Port Authority, the site has 160,000 square feet
of land, 1,000 feet of wharfage and dock frontage, 30,500 square feet of
fabrication shop and 5,000 square feet of machine shop.
This continually expanding, successful company, with 20+ years of expertise in
rebuilding ships, converting tanks to cargo and cargo to tankers, will be a
valuable and important partner in helping JBI to achieve its eventual goal of
attaining a fleet of P2O ships to address global demand for their service. For
further information, visit http://www.heddlemarine.com/
Also, JBI has signed a Letter of Intent for the establishment of an Area
Development Agreement (ADA) for 45 P2O sites in the State of Florida with a newly
formed entity controlled by Al Sousa of Largo, Florida.
Mr. Sousa is a seasoned executive with extensive business experience in both the
public and private sectors and has been involved in a wide variety of matters
including operational management of multiple entities including acquisitions,
marketing, financing and governmental affairs.
In his position with a large publicly held company, he planned and implemented a
start-up venture with multiple business units and annualized revenues nearly $150
million. His division had seven business segments in sixteen states with
approximately 2,800 employees.
The Company expects that the ADA will be consummated by February 15, 2010.
The Company expects that Mr. Sousa's company will begin to quickly cultivate
supply chains and sites for the installation of P2O sites throughout Florida
concentrating first on large metropolitan areas and expanding outwards. The
"Green" aspects of the P2O process is expected to solve huge problems in the area
of plastic waste disposal as well as generate much needed oil for commercial use.
Public-Private partnerships are expected and local, state and Federal credits are
available for rapid deployment and cost effective development.
An independent lab investigation of JBI's P2O technology revealed the following
information: Samples of fuels were created from various plastic feedstocks and
were tested (ASTM D 5453) and confirmed a sulphur concentration less than 8.4 ppm
(parts per million). Additionally, the water and sediment tests (ASTM D 1796)
confirm that its fuel contained less than 0.005% water and sediment. Density
tests also placed the fuel in the gasoline range.
P2O produces oil at less than $10 per barrel. In the United States, refineries
have indicated that they will pick up the fuel at the price of WTI (West Texas
Intermediate) price less $3, currently around $70 per barrel.
JBI's Pak-It division is being positioned for anticipated dynamic revenue growth
in 2010. The Pak-It factory in Philadelphia is being completely upgraded to
handle high volume retail production for their eco-friendly line of cleaning
products. An experienced 5-person national sales force is being hired in January.
JBI is in current discussions with a very large, established company that has had
great success marketing their consumer cleaning products via television
infomercials. This company has indicated a desire to partner with Pak-It in an
infomercial marketing campaign. However, if an agreement is not formalized with
this potential partner, Pak-It will proceed on its own to have infomercials
produced and begin a massive marketing campaign.
Successful infomercials have proven to be a very effective method to rapidly
attain major consumer awareness and often generate a significant increase in
sales revenue. The patented, cost-effective Pak-It product line clearly appears
to have all the attributes for a successful infomercial launch.
JBI will soon establish a Board of Directors consisting of key talent within the
Company, including the CEO, and on their Advisory Board, as well as some
dedicated open market shareholders to adequately represent our anticipated large
shareholder base. Unlike many other BOD's, the Company wants to have a proactive
Board that is committed and focused on the continued future growth of the Company
for the benefit of all shareholders.
Additionally, the JBI websites are currently being redesigned by a group of
loyal, tech-savvy shareholders. The new cutting-edge site will better reflect the
Company's achievements and unique technologies. On-site videos will provide the
world with a clear view and understanding of the Company's important
John Bordynuik, CEO/President of JBI, Inc., will be flying to New York the first
week in January to meet with exchange officials and begin the application process
to up-list JBI on the American Stock Exchange. Furthermore, at the end of
January, Mr. Bordynuik will be traveling to China to meet with P2O processor
manufacturers, and establish production requirements and volume agreements. The
Company has previously been advised that its Chinese manufacturer could produce
one P2O processor every day, with a 15-day lead time for each batch.
Furthermore, to avoid dilution, Mr. Bordynuik will be returning an additional 9
million of his personal common shares to treasury on Dec. 29, 2009. Therefore, as
of that date, total outstanding common shares will remain at 46,725,106.
John Bordynuik commented, "All of JBI's dedicated team members have been working
long hours and very hard to ensure an extremely successful future for our
Company. I am most appreciative of all the loyal supporters who have stepped up
and committed their valuable time and efforts to our shared vision of growing JBI
into an extraordinary, successful company and maximizing share valuation. I wish
everyone a most joyous holiday season and a very prosperous New Year."
About JBI, Inc.
JBI, Inc. is transitioning to become a global technology leader whose purpose is
to mine data from JBI's large information archive, find under-productive entities
to inject our superior proprietary technologies into, and benefit from increased
productivity and profitability, beginning with Plastic2Oil. JBI has also acquired
the following operations:
JAVACO, Inc. ("Javaco") is part of the Supplier Diversity Network, WBENC. JAVACO,
Inc. currently distributes over 100 lines of equipment from fiber optic
transmitters to RF connectors. To further enhance business in the United States,
new distribution lines are frequently being added including a line of home
theater and audio video products. Javaco will operate and manage the Company's
Plastic2Oil sites in Mexico.
Pak-It, LLC ("Pak-It"): Using the patented Pak-It(TM) delivery system (liquid
cleaner in a water soluble sachet) Pak-It can deliver glass cleaner,
disinfectant, multi-purpose, and many more cleaning products (42 products
currently) shipped in tiny packages of condensed cleaner (inside a 'dry' 1 quart
container). This delivery method is "green" since it's fully biodegradable and
saves thousands of dollars in shipping. The user simply adds water to the
container without measuring or cutting the Pak-It. Large retailers and many
national Building Service Contractors already using the product have documented
significant cost savings from shipping, training, inventory control and space.
Accordingly, our revenue sources presently include (i) income from reading
archived tapes (including microfiche) from clients such as NASA, (ii) income from
the recently acquired JAVACO, Inc., (iii) income from the sale of Pak-It
products, and bulk chemical facility which we realize beginning October 1, 2009,
and (iv) from the anticipated commencement of operations in the first quarter of
2010 with Plastic2Oil, a process and service that converts plastic to fuel oil.
For more information, please see http://www.jbiglobal.com
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 and 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
This news release was distributed by GlobeNewswire, http://www.globenewswire.com
SOURCE: JBI, Inc.
John Bordynuik, President and CEO
+1 (289) 296-5538
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