You guys can argue all you want about the relative merits of JBI and as to whether its a scam or not. The fact is that we don't really know. JB knows and he is currently not speaking. When I first went to a presentation given by JB, my first reaction was that it was a scam. I visited their facility in November 09 and I thought I would give him the benefit of the doubt. I still had huge reservations and questions but I regarded the investment as a lottery ticket and invested what I considered as a loseable amount. If it goes to zero, I will have to work another couple of months in order to retire. When it went to $7 and they had the AGM and visited the facility in Niagara Falls NY, I thought perhaps it was the real thing. I still reserved judgement until they actually had revenue and earnings.
At the AGM, I was the one that asked about future financing and they did give me what I considered an evasive answer. Their CFO replied specifically that they could not rule out another PIPE offering but they hoped not to. I was angry when I found out that they were actually doing a PIPE at the same time as their CFO answered my questions. I questioned JB about this and he said regulations prevented them from answering this question directly at the time. I doubted that and I still have concerns about this event. When they announced the restatement, I thought that was it. It was a scam. But why hire Withum? Why go to the bother of assembling a 20 mt processer in NF, NY. The table top model would have been good enough to fool most investors. And why not just disappear? JB could have absconded with a couple of million. Then I thought, he would never get away with it. He has made to many public comments that would incriminate him. He would face prison and be forced to give back the money. So many questions and still no answers. He is still at work in Niagara Falls and there is activity there. None of this makes any sense currently. Time will tell.
I ams still prepared to accept the fact that I have lost all my investment and I would give 50/50 odds of this happening. However if any of this is true and JB can pull it off, it could be a successful investment. I feel badly for those who have invested more than they can potentially lose.
BTW, the current PIPE holders cannot sell their investments. They are currently restricted for the foreseeable future and will remain so until the financials are restated and they pay Anslow $500 to unrestrict the shares and their own brokerage firm an additional $200 as well.
AI
