Business
JBI, Inc. Comments on Recent Trading Activity and Discloses Potential Transactions
JBI, Inc. Comments on Recent Trading Activity and Discloses Potential Transactions.
About this update from Plastic2oil, Inc.
[{"type":"text","content":"JBI, Inc. Comments on Recent Trading Activity and Discloses Potential TransactionsJBI, Inc. (the “Company” or “JBII”) stated today that it was concerned about this month’s significant trading volumes and stock price increase, which appear to be unrelated to any disclosures by the Company.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; however, it is possible that the Company and the potential customer may not finalize a definitive agreement. 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. The contemplated referral agreement provides a framework for the other party to introduce JBI to their clients who produce plastic feedstock to leverage JBI’s Plastic2Oil™ process. The referring party would be paid a fee based on Plastic2Oil™ fuel produced from plastic feedstock which JBI is provided at no cost from the client. At this time no definitive agreement has been executed and it is possible that the Company and the other party may not finalize a definitive agreement. 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...