Dump The Pump

[Buckey]

well Ther supposedly were debt free on Jan 6th but then on Jan 14th they issued this 8k ( Note no NR)

On January 14, 2010, JBI, Inc., (the “Company”) consummated a confidential private placement (the “Private Offering”) with certain accredited investors for the issuance and sale of 8,260,842 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at per share price of $0.80 for aggregate offering proceeds of $6,608,673. The Private Offering was conducted in connection with the acquisition of Pak-It, LLC, a Florida limited liability company (“Pak-It”) by the Company.

In connection with the acquisition of Pak-It, the Company also converted a total of $2,736,000 of debt owed to the Pak-It members and lien holders at a per share price of $0.80. The Company issued 3,420,000 shares of common stock in conjunction with this debt conversion.

In addition, the Company paid off debt and founder loans of its subsidiary Javaco, Inc., in an amount totaling $397,644.44 from the proceeds of the Private Offering.

Item 2.02 Results of Operations and Financial Condition


In connection with the Company’s Form 8-K filed on Jan 6, 2010 discussing the Company’s debt status and incorporated herein by reference. The Company converted a total of $2,736,000 of debt owed to the Pak-It members and lien holders at a per share price of $0.80. Additionally the Company paid an aggregate cash amount of $1,768,353 for debt owed to the Pak-It members and lien holders.