Good morning, and thanks for taking the time to join us. As a significant JBI shareholder, holding several million shares, it’s my pleasure to speak to and welcome all of our loyal supporters, shareholders, and potential investors onto today’s call. Like many of you, I’ve been invested in this company since 2009 and I’ve never been more excited about what is happening at JBI.
For those of you that don’t know me, my name is Richard Heddle. I’ve followed the evolution of the company closely, have participated in numerous private placements of the company’s stock, and believe deeply in the Plastic2Oil process and John’s technology. I share in the same passion for the company as its employees, but most of all, share in the work ethic and shareholder-first mentality that this company was founded on.
I have over 25 years of executive business experience and have owned, managed, operated and grown my first business, Heddle Marine Services, since 1987. Heddle Marine Services is currently the largest marine repair and conversion firm that operates floating dry docks on the Canadian side of the great lakes. I believe this experience in running a startup company will be key in helping me contribute to the operations at JBI. I grew my first company from a small startup consisting of two individuals to a company that now employs over 60. I feel my comprehensive experience in fabrication, engineering, and machinery are key traits for an emerging market company like JBI, where its machines are at the center of its growth potential.
I'm someone that is committed to the company. In addition to having participated in numerous private placements, I continue to be actively involved in the company's financing going forward.
I was extremely eager to transition into this role, as I feel like I’ve noticed some areas for major opportunity with JBI, most notably very aggressive cost management and increased acknowledgement of what our retail shareholders want from the company. I know this, because like many of you and most of JBI’s employees, I’m a shareholder.
As you know, the company filed its quarterly report on Form 10-Q yesterday, and while there seems to be great momentum going forward, I’m going to be very focused on limiting many of the obstacles holding us back – namely cost management, feedstock prices, and accountability.
Consistent with the governance changes and this financing, I’m also proud to introduce JBI’s new Chief Financial Officer, Nicholas Terranova. I’ve had a chance to meet and brainstorm with Nick over the past few weeks and he is someone who, as a former corporate controller at JBI, shares my vision for aggressively managing our costs as well as striving to build value behind our company, its technology, and our stock. Make no mistake about it, the number one priority is going to be getting this company to stand on its own two feet, and the only way to do that is to get extremely conservative with our spending while continuing to increase our revenue streams.
In addition, we are going to consider the sale of our machines as well as the sale of our fuel as potential sources for revenue. We believe that this direction is one that can lead us to cash flow positive quicker than any other path.
With that, I’m going to now turn over the call to JBI’s new Chief Financial Officer, Nicholas Terranova
Richard Heddle, Chief Executive Officer
Thanks, John.
So, as you can see, there’s a lot that we’re excited about here for the future of JBI.
As you’ve heard, the company is consistently producing fuel at a rate that it never has before and we feel we have more substantial interest in our company from the market than we’ve ever had.
As a closing note, in striving to immediately align ourselves with our shareholders, executive salaries will be reduced significantly. There will be absolutely zero consideration of executive bonuses and extras until the company is standing steadily on its own two feet.
Furthermore, in an effort to align ourselves towards more transparency for our shareholders, we’ll be offering a mid-quarter snapshot into company operations on a consistent basis from here moving forward. We anticipate starting this midway through the fourth quarter, as we’re nearly halfway through quarter three already.
Again, we feel we’re in a substantial position to reduce our spending significantly before the end of the year.
It’s clear to me that the company, at this point, should be swimming with the current to get ourselves towards cash flow positive, not against it. Reducing excessive spending, curbing large executive salaries and being fully transparent with the market are how you make things easier for yourselves. That starts today.
It’s extremely important that our shareholders and potential investors know that the hard parts of a startup, we feel, are almost behind us. We’ve settled some major legal issues, we’ve had the technology validated by several scientific engineering firms and we’ve established customers like U.S. Steel and feedstock partnerships with reputable companies like Crayola. Most importantly, we have a dedicated team of people, all of whom sacrifice countless hours day after day, week after week to strive for the same thing that our shareholders want: building value behind our company with its one of a kind technology.
I look forward to updating everyone in the future, thank you for your time on this call today.
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this is the co.s 4th Q .. it started on 10.1.13 and ends on 12.31.13
mid way thru the 4th Q would be approx 11.15.13 .. so by having the CC on 11.12.13 .. RH is delivering *early* on what he promised back in mid August ..
=== 4kids all jmo
10/5/07 -- there are no coincidences here ... oh and like many other longs .. not selling at this level --
AI
