In March, 2010, JBI RE #1, Inc. entered into a contract for sale for approximately 3.37 acres of land with about 14,000 square feet of office and manufacturing space in Niagara Falls, New York. The seller is currently configuring the property to meet the needs of JBI RE #1 during which time lease payments are being made in the amount of $5,288/month. These payments will be applied to the purchase price at the time of closing in mid-July.
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBII) announces that it has purchased a New York property for business expansion. The facility will be used for P2O processing and consists of a warehouse, processing building, weigh station and office space located on 10 security-fenced acres with parking availability for 27 trucks. The property, located in New York, was purchased for $100,000 down with a $270,000 loan and will serve as a primary P2O site. Additional details will be provided at the Annual Shareholders' Meeting.
CEO Bordynuik said, "This is a perfect location for a company-owned P2O site as we will be able to demonstrate an operating P2O processor to visiting shareholders and prospective investors."
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