SOURCE: JBI, Inc.

JBI, Inc.

July 01, 2014 08:55 ET

Plastic2Oil Announces Business Update

Winter Damage Repaired and Condensers Replaced; NYSDEC Permits; Quarterly Report for the Second Quarter; Processor Sales update

NIAGARA FALLS, NY--(Marketwired - Jul 1, 2014) -  JBI, Inc. (the "Company" or "JBI") (PINKSHEETS: JBII) today announced an update on its Plastic2Oil® ("P2O®") business operations, addressing completion of winter damage repairs, a successful NYSDEC yearly inspection, permit updates, and the delayed Quarterly Report for the Second Quarter.

This past winter was the coldest weather seen in Niagara Falls in years. This caused damage to the water-cooling systems. The water-cooling systems were being heated during the coldest days, however the heating systems were unable to keep up with the high winds and sub-zero temperatures. The damaged water-cooling components have been repaired.

We also had a major condenser failure which necessitated replacement of all of the condensers. The failing condensers allowed for the ingression of water into our fuel storage tanks but the fuel storage tanks did not sustain damage. The condensers have now been replaced with a model known to perform well in the systems over the past three years and the fuel storage tanks have been cleaned.

The solid-waste department of the NYSDEC and Albany staff were in attendance at the Plastic2Oil® site for an unscheduled inspection in June 2014. The resulting inspection report confirms the Company is fully compliant.

In December 2013, the Company submitted its permit renewals with the NYSDEC before the renewal deadline. The Company is able to continue to operate under the permits until the renewal permits are issued.

The Company is diligently working on filing its Quarterly Report for the Second Quarter and anticipates filing it shortly. The Company is committed to establishing better controls over financial reporting and timely financial reporting.

Most notably, the Company is working very closely with a highly regarded national engineering firm and its clients to complete sales of processors, which such firm is currently qualifying the JBI 'Flagship Processor' for sales to its clients. The Company intends to focus on the technology, develop unique feed systems for customer-specific requirements, and to manufacture the core processor components. In addition to its sales assistance, Company Management anticipates having the engineering firm install, operate and maintain processors as well as provide all auxiliary support systems. This will enable Management to focus on potential customer implementations. The Company has refined its 'Flagship Processor' to commercial ready standards and it is ready for sale.

About JBI, Inc.

JBI, Inc. is a clean energy company that recycles waste plastic into liquid fuels. JBI's proprietary Plastic2Oil® technology can deliver economic and environmental benefits by replacing refined fuels and diverting waste plastic from landfills. For further information, please visit www.plastic2oil.com.

Contact Information

  • JBI, Inc.
    Email: ir@jbi.net
    Telephone: 716.471.5995