Plastic2Oil Inc (PTOI)

[irock1839]

JBI : 2011 Summary & 2012 Excitement

Not excited about JBII in 2012 yet?
http://longshotinvestor.blogspot.com/2011/12/jbi-inc-plastic2oil-into-2012-sometimes.html

12 - 29 - 11 : John Bordynuik recaps Amazing 2011 Progress, DD

As 2011 comes to a close, John Bordynuik, Founder and CEO of JBI, Inc. (the "Company") (OTCQX:JBII), offers a recap of the Company's progress and key milestones over the past 12 months.

"It's been an exciting year for the Company," states Bordynuik. "We've taken significant steps forward and on many levels have out-paced traditional industry timelines -- and it has been a team effort." He continues, "The successes we've seen in 2011 have involved many months of extensive testing, third party analysis and validation, and corporate due diligence. We are proud of our accomplishments and are confident about our growth moving into the next fiscal year."

In May 2011, JBI, Inc. announced its first sale of fuel produced by the Company's patent-pending Plastic2Oil(R) ("P2O") process. Shortly thereafter, Coco Asphalt Engineering, a division of Coco Paving, Inc., entered into a Supply and Service Agreement for the Company's ultra-clean, ultra-low sulphur fuel.

June 2011 brought more good news. "On June 17, 2011, we cleared a significant hurdle when the New York State Department of Environmental Conservation ("NYSDEC") issued a permit to JBI, Inc. to operate 3 separate P2O processors at our Niagara Falls facility," comments Bordynuik. "At the same time the NYSDEC also issued a Solid Waste Permit which allowed us to store plastic feedstock materials on-site."

During the summer months of 2011, the Company continued to make enhancements to its P2O processor, giving it the ability to produce specific fuel types to meet the needs of its customers. Bordynuik continues, "This paid huge dividends later in the year when new customers with diverse fuel requirements came onboard."

In July, the Securities and Exchange Commission ("SEC") issued a Wells Notice to the Company in relation to its legacy accounting issues from 2009. "The Company is acutely aware of its responsibilities to its shareholders," states Bordynuik. "As part of our internal corrective actions, we hired a highly respected auditor, an American Certified Public Accountant Controller, and retained the services of another highly ranked auditing firm and numerous financial consultants to advise the Company and assist in preparations of the 10Q and 10K filings. Most recently, we welcomed our new CFO, Matthew Ingham, CPA. Matthew will lead our financial reporting and will continue the improvements which began with the amending of the 2009 10K filing."

The highlight of summer 2011 was the signing of a 10-year exclusive agreement with Rock-Tenn Company (RockTenn) to convert mill by-product waste into fuel using the Company's P2O technology. "The significance of this agreement is impressive as it provides a solution to waste plastic challenges," notes Bordynuik. "And JBI, Inc. will have access to free feedstock supplies for our P2O processors, which we will locate on RockTenn sites."

The fall months of 2011 were spent enhancing the P2O processor in preparation for the final NYSDEC stack test scheduled for December. Upgrades included the installation of low NOx burners and the addition of a pre-melt system to increase through-put volumes. The Company worked with third party fabricators to produce standardized reactors and towers and has received the assembled modules.

"December 2011 has been busy, to say the least," Bordynuik states with a bit of grin. "We kicked off the month by completing the final stack test required by the NYSDEC. It was a very exciting day -- the emissions from the second stack test were found to be cleaner than the first test in August 2010, even with close to double the quantity of waste plastic through-put, while maintaining an 86.7% conversion rate to liquid fuel."

This success was quickly followed by the news of an Air Permit exemption in the state where the first RockTenn P2O site will be located, reducing the lead time for roll-out of the RockTenn agreement in that state.

The year came to a close with the signing of two major fuel supply agreements, the first with Indigo Energy Partners, LLC ("Indigo Energy") for the Company's No. 6 Fuel Oil and the second with XTR Energy Company Limited ("XTR Energy") for road transport fuels. The XTR Energy agreement will require the Company to purchase third party fuels to blend with its P2O fuel output until it can build out the capacity to meet the full quantities required by the customer.

"The beauty of the agreement with RockTenn, in combination with the fuel supply agreements with Indigo Energy and XTR Energy, is that we will be free to focus solely on the manufacturing of additional P2O processors as we move into 2012," says Bordynuik. "It's a huge step forward in achieving our vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company."