Business
JBI, Inc. Shareholder Update on Business Activities
JBI, Inc. Shareholder Update on Business Activities.
About this update from Plastic2oil, Inc.
[{"type":"text","content":"Wednesday, March 16, 2011JBI, Inc. Shareholder Update on Business ActivitiesTHOROLD, Ontario, March 16, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (\"JBI\") (OTCQX:JBII) announces that the Company has deemed it necessary to remove its independent accounting firm Ernst & Young, LLP and replace them with MSCM, LLP. 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. We wish to reassure shareholders that there were no disagreements on any matter of accounting principles or practices, financial statement disclosures, auditing scope, or procedures with Ernst & Young, LLP. With respect to the Company’s Consent Order for Plastic2Oil, the New York Department of Environmental Conservation has received, on time, all submissions required under the Consent Order. These comprehensive submissions were constructed in line with the provisions set forth in the Consent Order. Submissions included a revised Air State Facility Permit for three processors, an Environmental Assessment, and Part 360 Solid Waste Permit binders. 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. In addition, JBI is pleased to announce the signing of a letter of intent with a confidential party for the purchase of the naphtha produced from the Company’s Plastic2Oil process. The term “naphtha” is used when fuel does not contain additives required for gasoline used as transportation fuel. This is very similar to the relationship between fuel oil #2 and diesel fuel. When road-use additives are not present, the petroleum product is referred to as fuel oil #2 and conversely, when road-use additives are present, the product is termed diesel. The confidential party named in the letter of intent has the capacity and interest to purch...