Replies to post #10992 on Dump The Pump

[Buckey]

wowsa Pak-IT cost JBII shareholders aone hell of a pile of money. INitially here was the deal.

2009-10-01 09:12 ET - News Release NIAGARA FALLS, Ontario, Oct. 1, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) is pleased to announce that the Company has completed the acquisition of Pak-It, LLC, a privately owned chemical company. Pak-It shareholders will receive 625,000 of 310 restricted Common Stock pursuant to the Agreement. The income from the combined operations of the entities as well as licensing fees will be used to pay off all Pak-It debt (approximately $3.6 million) and provide working capital to the Company for other operations. The Company also intends to open a Pak-It manufacturing operation in Canada.

Then the company says debt free.
JBI, Inc. is Debt-Free
2010-01-06 09:28 ET - News Release NIAGARA FALLS, Ontario, Jan. 6, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBII) announces that the Company has paid all corporate debt, including accrued interest prior to its December 31, 2009, year-end in furtherance of its growth strategies. The Company's debt-free status results in a monthly savings of over $26,000 in interest payments.

The debt and accrued interest was paid without dilution to the Company's shareholders. In order to increase shareholder value and prevent shareholder dilution as JBI expands, since June 2009, CEO John Bordynuik has returned 31 million of his personal common shares to the Company's treasury.



Then they say this.

On January 14, 2010, JBI, Inc., (the “Company”) consummated a confidential private placement (the “Private Offering”) with certain accredited investors for the issuance and sale of 8,260,842 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at per share price of $0.80 for aggregate offering proceeds of $6,608,673. The Private Offering was conducted in connection with the acquisition of Pak-It, LLC, a Florida limited liability company (“Pak-It”) by the Company.

In connection with the acquisition of Pak-It, the Company also converted a total of $2,736,000 of debt owed to the Pak-It members and lien holders at a per share price of $0.80. The Company issued 3,420,000 shares of common stock in conjunction with this debt conversion.

In addition, the Company paid off debt and founder loans of its subsidiary Javaco, Inc., in an amount totaling $397,644.44 from the proceeds of the Private Offering.

Item 2.02 Results of Operations and Financial Condition


In connection with the Company’s Form 8-K filed on Jan 6, 2010 discussing the Company’s debt status and incorporated herein by reference. The Company converted a total of $2,736,000 of debt owed to the Pak-It members and lien holders at a per share price of $0.80. Additionally the Company paid an aggregate cash amount of $1,768,353 for debt owed to the Pak-It members and lien holders.