Plastic2Oil Inc (PTOI)

[JBIIRULES]

Heddle Saves JBI 2.1 Million! Brilliant Move! New investors are taking notice as the news spreads across the globe.

NIAGARA FALLS, NY -- (Marketwired) -- 08/26/13 -- JBI, Inc. (the "Company" or "JBI") (OTCQB:JBII), a clean energy company that recycles waste plastic into liquid fuels, today announced continued actions to help significantly reduce costs as part of its ongoing goal to achieve cash flow positive results.
The Company plans to close operations at its recycling facility in Thorold, Ontario over the next several weeks, at which point all eight employees at the facility will be laid off. The Company's new executive team has decided to forego having a two stage plastic delivery process in favor of dealing with processor-ready plastics delivered directly to its fuel processing site in Niagara Falls, NY.
Based on operational data from the first six months of 2013, the Company estimates total annualized cost savings as a result of these measures to be approximately $800,000. In July, the Company announced additional cost reduction measures that it anticipated would result in annualized cost savings of approximately $1.3 million.
"Aggressively managing costs is a key component in positioning a company to eventually become cash flow positive. In keeping with the encouraging production data we've had to start the third quarter, these cuts were an important strategic move for us. We continue with the vision of procuring non-recycled streams of plastic that we can divert from landfill," stated JBI's Chief Executive Officer Richard Heddle.
JBI's Chief Financial Officer Nicholas Terranova stated, "We feel there is a great opportunity to reduce the cost of our fuel production, as a large portion of these costs have been associated with handling and preparing the plastic before it enters our processors in Niagara Falls. These measures are being taken to address these specific costs directly. Based on reviews of our cost of goods sold, we have realized that acquiring non-recycled, processor-ready plastic is the easiest way to continue having adequate feedstock at a desirable cost while streamlining our supply chain."
"A recent procurement partnership with a company that has been able to provide us with great plastic that is processor-ready makes us believe there is ample supply to be delivered directly to our site. Consistent delivery and consistent on-site fuel production make it simple and effective for us to manage procurement in this fashion, while making sure that we abide by all necessary guidelines in our permitting," stated company founder and Chief of Technology John Bordynuik.
http://www.nasdaq.com/press-release/jbi-inc-announces-continued-cost-reduction-measures-20130826-00599
http://finance.yahoo.com/news/jbi-inc-announces-continued-cost-183138035.html