They only had a referral/contract with SS, and it remains to be seen if Rock Tenn is interested at all. Rock Tenn has announced no agreements with JBI, and all we have is pure speculation that they're even interested in pursuing one with JBI.
I was under the impression they had a referral agreement with SS. Was there an actual contract involved?
On April 13, 2011 the Company entered into a referral agreement with Smurfit-Stone Containers Corporation whereby Smurfit will, on a best efforts basis, make referrals to the Company of potential sites for the installation and operation of a P2O processor. To qualify as a suitable referral a site must be able to provide a minimum of 10 metric tons of plastic feedstock to the process each day. Upon receipt of a referral the Company will complete an initial assessment of the sites ability to satisfy this criterion and then, if appropriate, negotiate an agreement directly with the site for the installation and operation of one or more P2O processors. For each installation resulting from a referral, Smurfit will receive a royalty equal to 5% of the gross fuel sales generated directly from the P2O processor installed.
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