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JBI, Inc. Files Third Quarter 10-Q, Reports Fuel Production Momentum and Confirms Progress
By: Marketwire .
Nov. 8, 2012 04:46 PM
NIAGARA FALLS, NY -- (Marketwire) -- 11/08/12 -- JBI, Inc. ("JBI" or the "Company") (OTCQB: JBII) announced that it filed its Quarterly Report on Form 10-Q for its third quarter of 2012 with the SEC earlier today. This was the first full quarter for the Company's new executive team.
JBI President & CEO Kevin Rauber said, "We are very pleased that our Plastic2Oil technology continues to deliver steadily improving reliability and results." He continued by stating, "I am thankful for the confidence and trust that our stockholders have in both our new executive team as well as in the Company and its technology." He concluded, "As we continue to make progress in executing our business plan, we anticipate achieving increases in production and revenue that we expect will allow us to achieve cash flow positive results during the first quarter of 2013."
Characterizing the revenues for the quarter, the Company reported in the Management's Discussion & Analysis section of the Company's Form 10-Q, "During the months of July and August of 2012, we experienced downtime with processor #2 related to both a planned downtime while we installed hardware to maximize production of No. 2 diesel fuel oil, as well as unplanned downtime due to feedstock quality issues. These downtimes resulted in lower than anticipated fuel production during those months. However, our fuel production in September 2012 rebounded such that it was the single highest fuel producing month (in gallons) that the Company has seen to date. In fact, this momentum in fuel production continued through the month of October 2012."
Also, as disclosed in the Company's Form 10-Q, the infrastructure of operations at the Company's Niagara Falls facility continues to grow. As of the date of this filing, the Company has one operational processor and the reconstruction and upgrade of processor #1 has been completed and it is in startup mode. In addition, the Company expects the third processor to be operational in the first quarter of 2013.
For further information about the Company's third fiscal quarter 2012, including its financial results, readers of this press release should review the Company's disclosures in its Quarterly Report on Form 10-Q, which is publicly available on the website of the Securities and Exchange Commission at www.sec.gov.
About JBI, Inc.
JBI, Inc. is an innovative North American fuel company that transforms unsorted, unwashed, waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. JBI, Inc.'s patent pending Plastic2Oil® (P2O®) process is a commercially viable, proprietary process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. JBI, Inc. is committed to environmental sustainability by diverting plastic waste from landfill and potential incineration. For further information, please visit www.plastic2oil.com and review JBI's filings with the Securities and Exchange Commission ("SEC"), including without limitation our Form 10-K, filed with the SEC on March 19, 2012, as amended on April 30, 2012.
Forward Looking Statements
This press release contains statements, which may constitute "forward looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees as of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, and members of its management as well as the assumptions on which such statements are based, including the expected timing of the Company's Form 10-K, execution of the proposed agreements described above and consummation of the transactions contemplated by such agreements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Such risks include, but are not limited to: (1) JBI has a history of net losses, and may not be profitable in the future; (2) JBI may not be able to obtain necessary licenses, rights and permits required to develop or operate our Plastic2Oil business, and may encounter environmental or occupational, safety and health conditions or requirements that would adversely affect its business; and (3) JBI may experience delays in the commercial operations of its Plastic2Oil machines and there is no assurance that they can be operated profitably. For a more detailed discussion of such risks and other factors, see the Company's Annual Report on Form 10-K, filed with the SEC on March 19, 2012, as amended on April 30, 2012, and its other SEC filings. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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