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.
About JBI, Inc.
JBI, Inc. is transitioning to become a global technology leader whose purpose is to mine data from JBI's large information archive, find under-productive entities to inject our superior proprietary technologies into, and benefit from increased productivity and profitability, beginning with Plastic2Oil. JBI has also acquired the following operations:
JAVACO, Inc. ("Javaco") is part of the Supplier Diversity Network, WBENC. JAVACO, Inc. currently distributes over 100 lines of equipment from fiber optic transmitters to RF connectors. To further enhance business in the United States, new distribution lines are frequently being added including a line of home theater and audio video products. JAVACO will operate and manage the Company's Plastic2Oil sites in Mexico.
Pak-It, LLC ("Pak-It"): Using the patented Pak-It(TM) delivery system (liquid cleaner in a water soluble sachet) Pak-It can deliver glass cleaner, disinfectant, multi-purpose, and many more cleaning products (42 products currently) shipped in tiny packages of condensed cleaner (inside a 'dry' 1 quart container). This delivery method is "green" since it's fully biodegradable and saves thousands of dollars in shipping. The user simply adds water to the container without measuring or cutting the Pak-It. Large retailers and many national Building Service Contractors already using the product have documented significant cost savings from shipping, training, inventory control and space.
Accordingly, our revenue sources presently include (i) income from reading archived tapes (including microfiche) from clients such as NASA, (ii) income from the recently acquired JAVACO, Inc., (iii) income from the sale of Pak-It products, and bulk chemical facility which we realize beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the first quarter of 2010 with Plastic2Oil, a process and service that converts plastic to fuel oil. For more information, please see http://www.jbiglobal.com, http://www.javacoinc.com and http://www.pakit.com/.
The Plastic2Oil Land, Inc. Chief Operating Officer will be Robert Shoemaker who, prior to taking on this role, was CEO of Pak-It, LLC. Mr. Shoemaker takes no salary.
Assisting Mr. Shoemaker (also with no salaries) are Richard M. Haber, Esq., Steven Weiss, Esq., Paul Raymond, Esq., Geoffrey Weber, CPA, and Al Sousa (Mr. Sousa is the Area Developer for Florida and he provides advisory services to P2O at no-charge).
Michael Kaplanis (JBI VP of Mergers, Acquisition & Strategy) provides research and analytical support to the P2O operations as does JBI Chief Financial Officer, Ronald Baldwin.
The P2O professionals have developed a strategy and business plan for the global launch of P2O that utilizes a combination of Area Development Agreements, licenses, JV’s and Company owned sites. Their compensation is strictly “value based” and will be directly correlated with P2O profitability.
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