Plastic2Oil Inc (PTOI)

[MorningLightMountain]

Item 2.05. Costs Associated with Exit or Disposal Activities.

On January 3, 2014, the management of JBI, Inc. (the “Company”) announced to the employees of its production facility in Niagara Falls, New York its plan to reduce its workforce by twelve employees (representing approximately one-third of its workforce) in an effort to further reduce operating expenses and extend its cash position. The reduction plan was effective immediately and only included non-core function employees who were not primarily engaged in fuel production or processor sales. This reduction is part of the Company’s previously disclosed plans to continue to aggressively monitor and reduce operating costs. The Company expects to reduce overall weekly payroll expense by approximately $17,500 through these measures, as well as through temporary pay reductions of select key employees. The Company does not expect it will incur any material charges as a result of this reduction.

This current report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the expected financial effect of the closing including estimate of costs. Statements that may be considered forward-looking include statements incorporating terms such as "expects," "believes," "intends," “estimates”, “forecasts,” "anticipates," “may,” “should”, and similar terms that relate to future events, performance, or results of the Company and specifically include statements made in this Report regarding the expected costs, savings, and timing of the closing of the Company’s recycling facility as well as the reduction in workforce at such facility. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the historical experience of the Company and management's present expectations or projections, including unexpected adjustments made in connection with the preparation and review of the Company’s financial statements. Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

http://www.sec.gov/Archives/edgar/data/1381105/000121390014000130/f8k010314_jbi.htm