THOROLD, Ontario, February 27, 2012 (GLOBE NEWSWIRE) – JBI, Inc. (the "Company") (OTCQB:JBII) is pleased to announce that in Q1 the Company has been successful in bringing its second Plastic2Oil® (“P2O”) processor (the “Processor No. 2”) online at the Niagara Falls, NY facility.
1-20-12: Viability of JBII Plastic2Oil ReConfirmed
THOROLD, Ontario, Jan. 20, 2012 (GLOBE NEWSWIRE) -- After completion of audit and peer reviews of the stack test conducted on December 5-6, 2011 by Conestoga-Rovers & Associates ("CRA") on its Plastic2Oil ("P2O") processor, JBI, Inc. (the "Company") (OTCQB:JBII.PK) has received the final emissions report from CRA. This report further validates the viability of the P2O process and allows the Company to apply to the New York Department of Environmental Conservation ("NYSDEC") for a modification to its Air Permit to run at significantly higher feedstock rates.
In December 2011, three separate stack tests were performed on the existing P2O processor with a pre-melt system. Only unwashed, unsorted waste plastics, including various industrial plastics (buckets & barrels, waste meat packaging, bags, etc.) and gas tanks from scrap cars, were used as feedstock for the test, consistent with the feedstock the processor is currently converting into ultra-clean, ultra-low sulphur fuel.
The three tests were conducted at feed rates of 3,258 lbs/hr, 3,233 lbs/hr and 3,932 lbs/hr, respectively. Ultimately, the test results proved that emissions decreased with increased feed rates. Emissions were considerably reduced through the addition of the pre-melt system (Q3) and more efficient and higher combustion of the off-gas generated by the P2O process.
Residue was not removed from the pre-melt reactor so that the internal walls could be examined. When the reactor was opened, the inside walls were remarkably clean. Two small "tumbleweeds" of clean dense bailing wire bunches were present from processing some paper mill ragger tail waste. Normally, residue and metals would be removed from the pre-melt periodically during operation.
The final report included particulate matter (PM) and hexane testing, both of which showed exceptionally low results.
Comparative emissions results from all of the stack tests performed on the Company's P2O processor were as follows:
"In-spec" end-user fuels produced (Fuel No. 6, Fuel No. 2, and Naphtha) were also tested and verified as ultra-low sulphur, consumer-ready fuel. The conversion ratio for waste plastic into fuel averaged 86%.
"This report is very exciting for the Company as it allows us to apply for a modified Air Permit from the NYSDEC which should enable us to effectively double the capacity of our P2O processor," notes John Bordynuik, CEO and President. "Increasing the feedstock supply rate to almost 4,000 lbs/hr will significantly increase the rate at which we are able to produce fuel from waste plastic."
1-9-12: 13 Investors put up $2.8M.
JBI, Inc. (the "Company") (OTCQB:JBII.PK) is pleased to announce that it closed agreements on January 6, 2012 for equity financing in the amount of US$2.795 million to build its Plastic2Oil ("P2O") technology.
Thirteen accredited individuals participated in this recent round of financing, which consisted of units purchased at $1.00 per unit. Each unit included a share of common stock and a warrant to purchase an additional one-half share at an exercise price of US$2.00 at any time for a period of 18 months.
"I think this is further validation of our business model by sophisticated investors who believe in the innovations and proprietary technology that JBI, Inc. has developed," commented John Bordynuik, CEO of the Company. "This financing will continue to support the operational build-out of our P2O processors at the Company's Niagara Falls facility and the initial site in our agreement with Rock-Tenn Company."
The Company believes that this new injection of capital will assist in increasing its production capacity more quickly in order to satisfy the recent fuel distribution agreements made with Indigo Energy Partners, LLC and XTR Energy Company Limited. It is yet another step in the development of the Company as it executes its vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company.
1-4-2012: Response to SEC Lawsuit:
JBI, Inc. (the "Company") (OTCQX:JBII) is profoundly disappointed by the erroneous allegations of fraud contained in the civil lawsuit filed by the Securities Exchange Commission ("SEC") earlier today. The Company regrets that its attempts to negotiate settlement of this dispute failed, and, in consultation with its litigation counsel and Board of Directors, looks forward to vigorously defending itself in court, where the Company believes it will prevail on the merits.
The allegations in the complaint concern legacy accounting issues that have since been corrected. Among other things, since restating its financial statements, the Company has hired a new chief financial officer and engaged additional experienced accounting staff as well as a reputable independent audit firm.
Contrary to the allegations made by the SEC, the Company believes that its officers acted in good faith in valuing the media credits discussed in the complaint, based on the information available at the time. The Company further maintains that after learning of potential problems relating to these credits, it took appropriate steps in compliance with its obligations to shareholders and the public markets at large.
JBI, Inc. is acutely aware of its responsibility to its shareholders and values the trust shareholders put in the Company. The defense of this lawsuit will further demonstrate the Company's commitment to transparency and ethical business practices.
The Company is proud of its recent successes and will continue to focus on building out its business growth plan with its corporate partners
12-29-2011: Progress and Key Milestones of 2011 by John Bordynuik, CEO:
As 2011 comes to a close, John Bordynuik, Founder and CEO of JBI, Inc. (the "Company") (OTCQX:JBII), offers a recap of the Company's progress and key milestones over the past 12 months.
"It's been an exciting year for the Company," states Bordynuik. "We've taken significant steps forward and on many levels have out-paced traditional industry timelines -- and it has been a team effort." He continues, "The successes we've seen in 2011 have involved many months of extensive testing, third party analysis and validation, and corporate due diligence. We are proud of our accomplishments and are confident about our growth moving into the next fiscal year."
In May 2011, JBI, Inc. announced its first sale of fuel produced by the Company's patent-pending Plastic2Oil(R) ("P2O") process. Shortly thereafter, Coco Asphalt Engineering, a division of Coco Paving, Inc., entered into a Supply and Service Agreement for the Company's ultra-clean, ultra-low sulphur fuel.
June 2011 brought more good news. "On June 17, 2011, we cleared a significant hurdle when the New York State Department of Environmental Conservation ("NYSDEC") issued a permit to JBI, Inc. to operate 3 separate P2O processors at our Niagara Falls facility," comments Bordynuik. "At the same time the NYSDEC also issued a Solid Waste Permit which allowed us to store plastic feedstock materials on-site."
During the summer months of 2011, the Company continued to make enhancements to its P2O processor, giving it the ability to produce specific fuel types to meet the needs of its customers. Bordynuik continues, "This paid huge dividends later in the year when new customers with diverse fuel requirements came onboard."
In July, the Securities and Exchange Commission ("SEC") issued a Wells Notice to the Company in relation to its legacy accounting issues from 2009. "The Company is acutely aware of its responsibilities to its shareholders," states Bordynuik. "As part of our internal corrective actions, we hired a highly respected auditor, an American Certified Public Accountant Controller, and retained the services of another highly ranked auditing firm and numerous financial consultants to advise the Company and assist in preparations of the 10Q and 10K filings. Most recently, we welcomed our new CFO, Matthew Ingham, CPA. Matthew will lead our financial reporting and will continue the improvements which began with the amending of the 2009 10K filing."
The highlight of summer 2011 was the signing of a 10-year exclusive agreement with Rock-Tenn Company (RockTenn) to convert mill by-product waste into fuel using the Company's P2O technology. "The significance of this agreement is impressive as it provides a solution to waste plastic challenges," notes Bordynuik. "And JBI, Inc. will have access to free feedstock supplies for our P2O processors, which we will locate on RockTenn sites."
The fall months of 2011 were spent enhancing the P2O processor in preparation for the final NYSDEC stack test scheduled for December. Upgrades included the installation of low NOx burners and the addition of a pre-melt system to increase through-put volumes. The Company worked with third party fabricators to produce standardized reactors and towers and has received the assembled modules.
"December 2011 has been busy, to say the least," Bordynuik states with a bit of grin. "We kicked off the month by completing the final stack test required by the NYSDEC. It was a very exciting day -- the emissions from the second stack test were found to be cleaner than the first test in August 2010, even with close to double the quantity of waste plastic through-put, while maintaining an 86.7% conversion rate to liquid fuel."
This success was quickly followed by the news of an Air Permit exemption in the state where the first RockTenn P2O site will be located, reducing the lead time for roll-out of the RockTenn agreement in that state.
The year came to a close with the signing of two major fuel supply agreements, the first with Indigo Energy Partners, LLC ("Indigo Energy") for the Company's No. 6 Fuel Oil and the second with XTR Energy Company Limited ("XTR Energy") for road transport fuels. The XTR Energy agreement will require the Company to purchase third party fuels to blend with its P2O fuel output until it can build out the capacity to meet the full quantities required by the customer.
"The beauty of the agreement with RockTenn, in combination with the fuel supply agreements with Indigo Energy and XTR Energy, is that we will be free to focus solely on the manufacturing of additional P2O processors as we move into 2012," says Bordynuik. "It's a huge step forward in achieving our vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company."
12-23-11: JBI Inc. Signs Multi-Year 'Transport Fuel' Take-Off Agreement With XTR Energy
THOROLD, Ontario, Dec. 23, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce today the signing of a multi-year transport fuel supply agreement with XTR Energy Company Limited ("XTR Energy").
XTR Energy is one of the largest and fastest growing independent retail petroleum brands for regular and premium gasoline and diesel products in Canada. XTR Energy focuses on well-priced products, timely deliveries and innovative customer retention programs. This focus has enabled XTR Energy to establish network locations in Ontario, Nova Scotia, New Brunswick, P.E.I., Manitoba and Saskatchewan.
XTR Energy will be purchasing Regular Transport Gasoline, Premium Transport Gasoline, Diesel Ultra LS Clear and other acceptable road transport products from JBI, Inc. These products are the fuel output of JBI, Inc.'s Plastic2Oil(R) ("P2O") process, which will then be blended and made available through the Company's Blending Site in Thorold, Ontario ("Thorold Terminal").
"XTR Energy looks forward to acquiring products from JBI, Inc. in Ontario and across Canada. This new relationship is directly aligned with XTR Energy's strategic objective to have a diversified secure supply of quality petroleum products from a variety of sources to meet the growing demands of the XTR Energy network and preferred customers," stated Ken Wootton, President of XTR Energy, upon signing the agreement.
"We were attracted to XTR Energy because of their corporate values and distribution reach across much of Canada," commented John Bordynuik, CEO of JBI, Inc. "They are committed to green alternatives, high operational standards and maintaining long-term winning relationships with both their customers and suppliers."
The agreement with XTR Energy is a step forward in achieving the Company's vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company. It allows the Company to utilize the value of one of its key assets, the Thorold Terminal, a registered and licensed TSSA fuel blending and distribution facility with fuel storage capacity in excess of 250,000 U.S. gallons.
12-21-11: JBI, Inc. Signs Long-Term Fuel Supply Agreement with Indigo Energy Partners, LLC
THOROLD, Ontario, December 21, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce today the signing of a long-term fuel supply agreement with Indigo Energy Partners, LLC (“Indigo Energy”).
Indigo Energy is a service-driven, wholesale distributor of petroleum products and renewable fuels that utilizes an expansive network of distribution terminals and bulk plants across the continental United States.
Under the terms of the agreement, Indigo Energy will off-take No. 6 Fuel Oil, from the JBI, Inc. Plastic2Oil (“P2O”) facility in Niagara Falls, NY.
The timing of this agreement in the early stages of the Company’s growth allows it to focus singularly on increasing production and growing capacity, instead of the marketing and distribution of its fuel products.
“We are very impressed with JBI, Inc.’s proprietary technology and the quality of their fuel products,” stated Martin N. Underwood, Jr., COO of Indigo Energy. “Additionally,” continues Mr. Underwood, “We feel this partnership is a natural fit for both companies and we look forward to bringing JBI, Inc.’s products to market as they expand production capacity to future plants across the U.S.”
John Bordynuik, CEO and Founder of JBI, Inc., commented, “We are excited about this partnership on several levels. First of all, we are proud to be affiliated with a company with the profile of Indigo Energy; a company which believes that green fuels can make a significant contribution to supplying clean, reliable energy.”
“Secondly,” continues Mr. Bordynuik, “After securing plastic feedstock supplies and creating a commercially viable, ‘green’ process for transforming plastic into oil, this agreement fulfills the final stage of our business growth plan, the distribution of our ultra-clean, ultra-low sulphur fuel to end-users.”
12-19-11: New CFO Hired. Background : Ernst+Young, Price Waterhouse:
THOROLD, Ontario, Dec. 19, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQX:JBII) is pleased to announce the appointment of Matthew J. Ingham as the Company's Chief Financial Officer ("CFO").
As CFO, Mr. Ingham will report directly to CEO, John Bordynuik. He will be responsible for establishing the Company's financial strategies while ensuring the Company has the appropriate financial systems in place to manage current operations. He will lead the development of financial planning models and cost-benefit analysis to forecast and support future growth. Mr. Ingham will also be responsible for all financial filings required by the SEC, and will serve as a financial and business advisor to the leadership team.
"We are extremely pleased to welcome Matthew Ingham as our new Chief Financial Officer. Matthew brings the experience and skills the Company needs to support both our short and long term growth plans. Not only is he a seasoned auditor, but he possesses extensive experience managing a successful corporate finance division," states CEO, John Bordynuik, on the appointment of Mr. Ingham.
Prior to joining JBI, Inc., Mr. Ingham held, successively, senior positions with two of the "Big 4" audit firms, PriceWaterhouseCoopers LLP and Ernst & Young LLP, specializing in auditing assurance, financial reporting and transaction analysis, and developed a broad base of auditing and financial reporting skills through assignments on publicly traded and privately held companies.
At Ernst & Young, LLP Mr. Ingham held the position of Audit Manager, Assurance Advisory Business Services, working directly with firm partners and company executive management on audits to finalize findings and issue audit reports. He assisted with client implementation of first year compliance with the Sarbanes-Oxley Act for three SEC accelerated filers, including the coordination of international scoping and testing and participated in cross service line initiatives which included working on an internal audit engagement team to assist a new client in their first year Sarbanes-Oxley implementation.
Most recently, Mr. Ingham was Senior Manager, Technical Accounting, Insight Enterprises, Inc., a $4.8 billion international Fortune 500 information technology company. Reporting to Executive Management and Senior Financial Staff, his responsibilities included managing all communications with the external auditors, providing evaluations of technical accounting research and analysis matters. He led a global team of finance personnel in formalizing and documenting accounting policies and procedures, including working with multi-national teams on sales operations improvement initiatives.
12-15-11: JBI, Inc. Receives Air Permit Exemption
THOROLD, Ontario, December 15, 2011 (GLOBE NEWSWIRE) – JBI, Inc. (the "Company") (OTCQX: JBII) is pleased to announce it has received an exemption from air permitting by the environmental protection agency in the state where the initial Rock-Tenn Company (“RockTenn”) Plastic2Oil ® (“P2O”) site is being constructed.
Additionally, the Company will not require a Waste permit, because the plastic being processed is already located on-site.
“The extra time we took to make enhancements to our processor during Q2 and Q3 to maximize its efficiencies and reduce emissions is now starting to pay dividends as we expand into other states,” stated CEO John Bordynuik.
12-7-2-11: JBI, Inc. Successfully Completes Its Final P2O Stack Emissions Test
THOROLD, Ontario, Dec. 7, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQX:JBII.PK - News) announces the successful completion of its final P2O Stack Test performed by Conestoga-Rovers and Associates ("CRA") on the Company's Plastic2Oil ("P2O") commercial processor. The stack test, which is a measure of emissions from the processor vent, was conducted by CRA beginning on December 5, 2011, with completion on December 6, 2011. The New York Department of Environmental Conservation ("NYSDEC") was also present during testing.
Three stack tests were performed on the existing commercial processor with a pre-melt system. Unwashed, unsorted waste plastics, including various industrial plastics and gas tanks from scrap cars, were used as feedstock for the testing. This type of feedstock is consistent with the day-to-day waste plastic that the processor is currently converting into fuel.
The stack tests were conducted at feed rates of 3,258 lbs/hr, 3,233 lbs/hr and 3,932 lbs/hour (Edit: This calculates to 281 Barrels/day) respectively. Ultimately, the test results proved that emissions decreased with increased feed rates, further validating that P2O is a highly "green," clean and scalable process. The addition of the pre-melt system, which was designed and installed in Q3, greatly improved feed rates for the process.
Draft emissions data was provided by CRA staff following the completion of each test. Emissions were significantly reduced through more efficient and higher combustion of the off-gas generated by the process.
Final average emissions for 3,923 lbs/hr were 15.97% O2, 3.05% CO2, 3.1ppm (parts per million) CO, 15.1 ppm NOx, 2.88 ppm TNMHC and 0.02ppm of SO2. The NOx emission was approximately one-fifth that of the original P2O processor tested 1 year ago.
The P2O processor did not have any stack filters or scrubbers.
"In-spec" end-user fuels produced were also tested and verified as ultra-low sulphur.
Management anticipates receiving final reports from CRA after audit and peer reviews of the testing are concluded. These reports and permit modifications, which allow a higher feed rate, will be filed in accordance with NYSDEC permit regulations.
The Company believes that the successful stack test results will aid significantly when seeking permit exemptions in other U.S. states. Additionally, the Company believes that these results will contribute to maximizing production at the existing New York processing plant.
11-16-2011. Plastic2Oil at NYSAR3 Conference: 11-16/17-11.
JBI, Inc. took part in the 22nd Annual New York State Recycling Conference and Trade Show in Cooperstown, NY on November 17, 2011.
The conference’s successful turnout drew corporations, academic institutions, municipalities and government agencies from across the state. Members from the New York State Department of Environmental Conservation (NYSDEC) and Empire State Development (ESD) were in attendance at this year’s conference and vendor participants included leading waste management companies, such as Rock-Tenn and Covanta Energy.
John Bordynuik, President & CEO of JBI, Inc., was among the elite three-person panel presenting on innovative recycling solutions. He was joined by delegates from Lubo USA and Axion International.
“At the annual NYSAR3 recycling conference, John Bordynuik presented an impressive solution to the problem of what to do with unmarketable plastic left over when the recyclable plastics are sorted out,” commented James Gilbert, Environmental Project Developer/Manager – Plastics Recycling Specialist at Empire State Development. “We are excited about the ability of Plastic2Oil to refine these unrecyclable plastics into useful fuels. Being able to process ag films and waste industrial plastic is also significant. The company’s goals of stimulating the local economy and strengthening communities go hand-in-hand with ESD’s own mission of promoting business investment and growth that leads to job creation and prosperous communities across New York State.”
Bordynuik’s presentation created considerable interest from municipal waste companies. In particular, these companies expressed interest in partnering with neighboring counties and JBI, Inc. to resolve local waste plastic challenges.
Public and private industry representatives also had the opportunity to meet Bordynuik as well as members of his team at the company’s vendor booth, and to learn more about the pioneering Plastic2Oil technology.
The conference was sponsored by the New York State Association for Reduction, Reuse & Recycling (NYSAR3) and the NYSDEC. For more information about NYSAR3 & this year’s conference, please visit www.nysar3.org/.
10-20-2011. Air and Waste Management Association toured the JBII Production Plant on Thursday 10-20-11.
JBI, Inc. hosted a tour of the Plastic2Oil facility in Niagara Falls, NY for the Niagara Frontier Section of the Air and Waste Management Association (A&WMA-NFS) on Thursday, October 20, 2011. Following the tour, the group met for dinner and a presentation by JBI, Inc.
A&WMA-NFS is a non-profit organization for individuals involved in the environmental profession and consists of approximately 200 independent and corporate members from the Western New York area. http://www.awmanfs.org/
The event at JBI, Inc. attracted both local and international A&WMA members with a diverse representation from NYSDEC, local and global waste management, and local and global environmental consulting. "The group was very excited about today's event,” commented Bruce Wattle, an International member and Co-Chair of the A&WMA-NFS. “It was a rare opportunity to tour a plant where a new environmental technology is in operation, as well as attend a talk by the CEO."
CEO John Bordynuik commented: “It's an honor to present to a group of people like the A&WMA-NFS members who are scientists, engineers and business professionals all with a vested interest in the environment."
10-9-2011: CEO John Bordynuik speaks at Buffalo TEDx:
8-4-11: RockTenn(NYSE:RKT) Supplies Plastic to JBII:
On July 29, 2011, JBI, Inc. (“JBI” or the “Company”) and RockTenn Company (“RockTenn”) entered into a Master Revenue Sharing Agreement (the ‘Agreement”) for a ten (10) year term with an automatic 5 year renewal term.
In accordance with the terms and provisions of the Agreement, JBI has an exclusive 10-year license to the following:
1. Build and operate Plastic2Oil processors at RockTenn facilities. 2. Process RockTenn's waste plastic from paper mills and material recovery facilities (MRF). 3. Mine and process plastic feedstock from plastic-filled monofill sites. 4. Monofill sites contain years of waste plastic from mills. 5. Waste plastic from RockTenn facilities exceeds thousands of tons per day.
8-22-2011: General Motors Automaker Supplies Plastic to JBII:
After a full review, General Motors is also now providing free waste plastic to our P2O facility.
7-22-11: Chrysler Automaker Supplies Plastic to JBII:
Waste plastic from Chrysler Canada’s Brampton Assembly Plant is helping to keep neighboring factories running instead of eating up precious landfill space. JBI, an Ontario-based company, has developed technology that converts waste plastic to fuel ranging from heating oil to diesel. “Because plastic is made from the same hydrocarbons that make regular fuel, we can make and blend what we want,” CEO John Bordynuik tells Ward’s. “It can also be used to make plastic again.”
Pursuant to the Agreement, the Company has agreed to supply Coco Asphalt on a weekly, per demand basis with petroleum distillate at a cost of $109.80 per barrel.
5-26-2011: JBII was a Tour Destination hosted by Canadian Plastics Industry Association (CPIA) on Thursday, May 26, 2011.
Stocker11 Report on the Event:
There were about 5 dignitaries cutting the ribbon with JB. I hope the entire event will be on the JBI website as it was obvious that the speakers were extremely excited at the prospect of being involved with JBI in the State of New York. There were about 40 who came from the plastic convention. They all appeared mesmerized by John’s presentation. They had a number of questions that, when answered, appeared to remove any doubts about the technology.
Great day for JBI.
Local TV Station WIVB Report:
Local TV Station CHCH Report:
Buffalo, NY TV Station YNN Report:
Tour of Recycling & Waste Recovery Facilities, Niagara Falls Region:
Visit # 3: A pilot plant showcasing an emerging technology that converts residual plastic waste into fuels.
JBI, Inc. (Plastics to Oil plant), 20 Iroquois Street, Niagara Falls, NY, USA
JBI converts plastics-to-fuel and natural gas, ensuring that the embedded energy in residual plastics is managed and conserved as an important and useful resource, rather than treated as a disposable waste. JBI’s fully automated process vaporizes plastics and cracks their hydrocarbon chains using a proprietary catalyst. The New York Department of Environmental Conservation (NYDEC) has recently granted the plant a consent order to operate commercially.
5-9-2011: JBII First Fuel Sales to Occidental Petroleum (NYSE:OXY)!:
JBI, Inc. (the "Company" or "JBII") (OTCQX:JBII) announced today that Oxy Vinyl Canada, a wholly owned subsidiary of Occidental Petroleum (NYSE:OXY), has agreed to purchase JBI's low sulphur heating oil for $109.80 per barrel. Low sulphur heating oil is a product of our Plastic2Oil™ process. Under the terms of the agreement, the first order of approximately 214 barrels of low sulphur heating oil is expected to be delivered this week.
4-27-11: JBII CEO on BNN 'The Pitch'. High Points:
. $587K/processor . $2-3M RD costs . Being innundated with requests to bolt down machines at high waste plastic feed sources . Process is Green. Emissions less than a gas furnace. . Filing prospectus with TSX next week . Filing 5 patents on the process. . Upgraded to an accounting firm that can file both Canadian and US. . Agreements gone through legal with a large cardboard recycler that generates a huge amount of plastic. 30 Tons/day. . Make spec fuel. Comes out of the machine that way. Directly to commodity price. . Sales this week. . Filling tankers now. . Revenues Q2.
4-20-11: 10K Released. Interesting excerpt found by Steady_T:
"It is possible that industrial partners may wish to provide financing for the construction and other costs associated with building and operating a P2O processor."
Translation.....If you want one any time soon, finance it for us. That way you can start saving money a lot sooner.
Very nice way to obtain capital.
4-20-11: 8K/PR Released. Excerpts:
The Company notes that on March 16, 2011 it signed a non-binding letter of intent with a potential customer for the purchase of the naphtha produced from the Company's Plastic2Oil process. At this time, a definitive fuel supply agreement is being negotiated
Additionally, on April 14, 2011, after much discussion and exchanges of drafts, the Company received what management believes is a final referral agreement with a large company that has a significant number of material recycling facilities and high volume waste plastic streams.
Additionally, JBI has been negotiating Joint Venture agreements with both the aforementioned company and one of its customers. These companies have sent in excess of 141,640 lbs of waste plastic to date. This plastic was processed and evaluated for qualitative and quantitative analytical data. Over the last few months, JBI has met with executives and representatives from these Companies at their respective locations and our Plastic2Oil factory.
The contemplated structure of a Joint Venture with JBI is:
· JBI will build and operate a Plastic2Oil processor at the source of the plastic waste.
· JBI will receive plastic waste at no cost.
· JBI will share in the revenue from the sale of fuel generated by the machine, 80% / 20% (JBI receives 80%).
· As JBI staff will operate the process, JBI will assume all risks.
JBII attended and John Bordynuik gave a presentation at the Air and Waste Management Association Seminar on April 13. Among the attendees were Waste Management Inc, Conestoga-Rovers &Associates, and URS.
Report from the Conference. Thank you Justice!:
The presentation was well received and you were right, no material information was disclosed.
I have a few notes I want to share as there was some new information. Another company has tested the fuel, the Alberta Research Council. They are the Gold Standard in Canada when it comes to testing fuel. Guess what, just like we have been told all along, JBI produces light naphtha (pure unblended gasoline) and diesel #2. There is one difference, the fuel is even cleaner now. Previously the sulfur content was 8 parts per million, it now has 0.5 parts per million (500 parts per billion) and no sediment or water content. The ratio of diesel and gasoline is 70% and 30% (and yes the fuel is separated during the P2O process). John is still reporting that the fuel is produced for less than $10 a barrel.
One of the questions after the presentation was if a car used the JBI fuel would it void the warranty. The answer was JBI fuel would absolutely not void a warranty, the fuel is no different than what you would get from a refinery. It started out as fuel and is converted back into fuel.
John was asked about how much a recycling facility would save if they had a P2O processor and the answer was that some large facilities send 170 tons of plastic to landfill per day. Smaller facilities send 120 tons per day.
Now I figure that for a large recycling facility, if JBI only processes half that amount, just to be extremely and overly conservative, using the average tipping fees in the states as a base, $43 per ton, a large facility saves $3655 a day in tipping fees and that does not include transportation costs. Taken to a five day work week, it's just under a million dollars a year, again this does not include transportation costs (truck, fuel, driver).
The JBI staff at the presentation were extremely upbeat and enthusiastic about what has been happening recently and look forward to when they can let us know what all the new developments are.
Letter of Intent for 144,000 Gallons/Week
The company has signed a letter of intent with a confidential party for the purchase of 144,000 gallons of naphtha per week. Naptha is produced from the Company's Plastic2Oil process and is the technical term for gasoline without the additives that pump gas has. The sales agreement is expected to be signed in April, 2011.
Extensive improvements have been made to the P2O processor:
Since receiving the Consent Order, JBI has simplified the configuration of the Plastic2Oil process using modular racking. The modular racks are prewired and plumbed, and constructed as complete units to simplify installations and reduce costs at remote sites. Also since receiving the Consent Order, our Plastic2Oil process has been extensively and successfully stress tested to ensure its operational integrity in preparation for operations at remote sites.
2 IHub Shareholders (Brigg and Rawnoc) recently visited the facility and reported their observations and thoughts. Their reports verify that there is an unending supply of waste plastic available, that the machine is running non stop, that employee morale is extremely high, and the quality of the output is everything the company has said it is. In short, both of them are impressed to the nth degree.
Brigg has also tested the gasoline which came straight from the P2O processor. Results: Ran in a lawnmower like a champ!
JBII just fired Ernst and Young for apparently not giving the company the attention that was expected:
we performed only limited audit planning procedures during this period and we did not report on any financial statements of the Company.
Yours truly,
/s/ Ernst & Young LLP
The company has hired MSCM LLP, auditors that will give JBII a higher priority in addressing their needs:
MSCM, LLP has differentiated themselves for JBI by offering a responsive, partner-led audit team that has proven to us practical and timely client services. MSCM, LLP also has the international proficiency to meet the needs of JBI's future growth. MSCM Web Site: http://www.mscm.ca/
1. Commercial Production has been approved by the NY DEC. (Only time in history a company has been given commercial production approval while other permits are pending).
2. The process has been proven to work by at least 3 independent firms.
3. Two NY Senators have endorsed P2O.
4. Each processor will generate 100+ Barrels of fuel daily.
5. 2 more processors are being built.
6. JBII owns an operational Fuel Blending Facility with a storage capacity of 250,000 gallons.
7. Company just signed a 20 year lease on A waste management recycling facility with 1,000 Ton/Day capacity.
8. Colin Robbins recently appointed as Sr. Vice President: Mr. Robbins brings more than 30 years of knowledge and expertise in operations, marketing, and manufacturing of renewable fuels to this key post. He specializes in the blending of ethanol, bio-diesel, butane, and petroleum. He has been engaged in the petroleum and bio-fuels industry in a leadership capacity since 1989 with experience extending across North America--but he is most passionate about producing a profitable, environmentally responsible energy product.
9. Waste Management Inc. is currently doing an audit on the process.
Feast your eyes on this 3 minute clip:
JBII: It's Raining Diesel:
Just listen to the excitement in their voices!
JBII Fuel Output from 20 Ton Production Processor:
Best JBII Video. Peek at P2O Sight Glass:
Free Plastic Stockpiled and ready for Processing:
Firing up the lawnmower with JBII gasoline! From Techisbest:
My unrehearsed video:
This lawnmower has not been run this season. The smoke you see when I first fire it up is from it sitting idle. Note that the longer it runs the cleaner it runs.
The jar used is the one on the left in this pic:
Fuel Ouput:
EMail to Techisbest:
Nice to hear your lawnmower ran well with the fuel tapped directly off our gasoline condenser.
Our gasoline is no different than highly refined gasoline from a refinery. Our gasoline is different than gas found at the pump because we do not inject the additives and low cost cutting agents (butane injection), aromatics, and other additives to artificially inflate the octane thereby reducing the amount of high-cost gasoline. Many additives are injected in pure gasoline to increase the margin on gasoline at the pump. Our fuel was tested in a new engine long ago and the spark plug, head, valve seats and valves were inspected. There was no carbon build up, pitting, burns, or oxidation on those parts.We were quite impressed by how cleanly it burned.
Regards,
John Bordynuik
Validation:
Plastic2Oil Why Us
We are a domestic alternative fuel company that developed, scaled, enhanced, and commercialized a process that converts difficult-to-recycle waste plastics into separated, refined fuels. We have successfully overcome significant barriers in this field, namely:
* Our process accepts mixed waste plastics. * Our process is continuous, 20T/day and small (less than 1000 sqft) * Residue is removed automatically without shutdown. * The product is refined and separated fuels without the high cost of a distillation tower. * Our equipment is not susceptible to costly pinhole leaks. * Our process operates at atmospheric pressure. * Our process is permitted to use its off-gas as fuel (8% of feedstock) therefore conversion costs are very low: 67kWh electricity for motors, and pumps, and approx. $7/hr for natural gas top up (if required). * Significant labs have validated our technology: IsleChem (process), CRA (Stack Test), Intertek and Petrolabs (fuel testing), and a rigorous permit process with the NYSDEC (NY State). * Our emissions are less than a natural gas furnace. We are not required to monitor our emissions or install scrubbers. * Fuel additives are injected inline while the fuel is produced. * We have significant downstream technology to ensure fuel quality control.
Sort of like the story that JBI is a fraud and plastic can't be converted into oil eventhough its been proven so...
As far as I know, no one has ever claimed that plastic can't be converted into oil. That is just another exaggeration. The fraud is Bordy's claim that the conversion can be done for $10 per barrel.
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