Replies to post #246310 on Plastic2Oil Inc (PTOI)

[stocker11]

Exactly - so obviously nothing nefarious going on here as he keeps investing in JBI. He could have stopped investing and let it fall into his lap, as you say, but he didn't.

If Heddle liked JBI enough, he would stop keeping it afloat and let it fall into his lap.

[JBIIRULES]

Our next step..maximizing feed rates!

Great News! #3 is rolling now!!!!

Updated feed rates report soon to follow!!!

JBI, Inc. Receives $1 Million From Debt Financing and Provides Processor No. Three Operations Update

Posted Aug 30th, 2013 in 2013 News Releases

Niagara Falls, New York, August 30, 2013 - JBI, Inc. (the “Company” or “JBI”) (OTCQB: JBII), a clean energy company that recycles waste plastic into liquid fuels, announced today the receipt of $1 million in proceeds from the sale of a secured promissory note and a successful first cycling of its flagship third processor leading to its continued operation.



On August 29th, the Company sold to Mr. Richard Heddle, the Company’s President, Chief Executive Officer and a director, a $1 million 12% secured promissory note, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.54 per share. Gross proceeds to the company were $1 million. The Company had previously reported the entry into a term sheet agreement with Mr. Heddle concerning the note financing. Further details regarding the financing can be found in the Company’s Form 8-K filed with the Securities and Exchange Commission.



“This financing is a crucial bridge for our Company, as we continue to move forward with our new executive team and implement strategies for cost reduction, while also focusing on building fuel production momentum,” stated Chief Financial Officer Nicholas Terranova.



As previously planned, the Company cooled and cycled processor number three, it’s recently commissioned Plastic2Oil® processor, for approximately six days to inspect the machine internally, perform routine safety checks, and make minor adjustments to the machine’s flue gas piping. Processor number three’s initial production run lasted a total of 30 days, until the machine was cooled down intentionally.



“The speed in which we were able to cycle processor number three was very encouraging. We believe the technology behind our third processor is absolutely world-class. With our previously disclosed spending cuts and production momentum, we continue to progress with an eye on moving this company closer to a cash flow positive state,” stated Richard Heddle, JBI’s Chief Executive Officer.



JBI Chief of Technology, John Bordynuik stated, “Processor number three, as expected, had very mild amounts of coking throughout the pre-melt and the residue removal system has been operating as we had hoped. The resultant mild coking in the pre-melt was expected, due to our flue gas piping needing to be slightly adjusted. The reactor and residue kilns were both in excellent condition during our visual inspection. In addition, the adjustments that were made to the machine’s flue gas piping have helped the machine achieve ideal heat profiling, which is precisely what we were striving for during this period of downtime. Our next step for processor number three is to work on maximizing feed rates.”