THOROLD, Ontario, Aug. 8, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (OTCQX:JBII) is pleased to announce that on July 29, 2011, JBI entered into an agreement with Rock-Tenn Company (RockTenn) to convert mill by-product waste into fuel using JBI's Plastic2OilTM technology.
Under the agreement, JBI has an exclusive ten-year license with a renewal option to build and operate Plastic2Oil™ processors at RockTenn facilities to process RockTenn's waste plastic at paper mills and Material Recovery Facilities (MRF) and to mine and process plastic from RockTenn's plastic-filled monofill sites.
RockTenn's paper mills and MRFs currently produce thousands of tons of plastic per day. To handle the plastic waste stream, RockTenn has been storing this by-product in company-owned plastic-only monofill sites for several years. The agreement gives JBI the exclusive rights to mine plastic from these sites.
JBI's Founder & CEO John Bordynuik said, "We are honored that RockTenn has chosen JBI to be its long-term partner in this venture and believe this provides further validation that we have a viable commercial process to handle not only the critical issue of waste by-product but also rising energy costs. RockTenn has the industrial relationship and feedstock to support hundreds of Plastic2Oil™ processors. We anticipate a mutually beneficial relationship for both parties and intend to expand as quickly as possible. RockTenn currently has sites that can support clusters of processors. In preparation for this agreement, we have designed our processors to be modular 'plug and play' to allow rapid deployment across RockTenn's locations."
JBI's business principles are guided by environmental sustainability and a strategic model to cluster processors at single high-volume waste plastic sites. The company aims to create long-term shareholder value through joint venture partnerships with Fortune 500 companies.
About JBI, Inc.
JBI, Inc. is a domestic alternative Oil and Gas company. JBI developed a process that converts waste plastic into fuel (Plastic2Oil), without the need of further refinement. JBI scaled a 1kg process to a 20MT commercial processor in less than 1 year. For further information please visit www.plastic2oil.com and review our SEC filings, including without limitation our Form 10-K filed with the SEC on April 20, 2011.
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 amended Annual Report on Form 10-K, filed on April 20, 2011, with the Securities and Exchange Commission, 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.