Feb. 12, 2010 - AS PTO, LLC Enters Into JV/License Agreement With ES Resources, LLC for First P2O Processing Site in Florida
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBII) is pleased to announce that on February 12, 2010, AS PTO, LLC, which entered into an Area Development Agreement (ADA) with JBI, Inc. for 45 P2O sites, has entered into a Joint Venture and Licensing Agreement with ES Resources, LLC for a P2O processing site to be located in Clearwater, Florida.
ES Resources has made a reservation deposit in the amount of $100,000.00 to confirm its interest in purchasing a License for the marketing and exploitation of the Plastic2Oil technology from AS PTO, LLC on behalf of JBI. The announcement of this first P2O processing site aligns with AS PTO's strategy of installing P2O sites throughout Florida with an initial concentration on large metropolitan areas.