THOROLD, Ontario, May 9, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company" or "JBII") (OTCQX:JBII) announced today that Oxy Vinyl Canada, a wholly owned subsidiary of Occidental Petroleum (NYSE:OXY), has agreed to purchase JBI's low sulphur heating oil for $109.80 per barrel. Low sulphur heating oil is a product of our Plastic2Oil™ process. Under the terms of the agreement, the first order of approximately 214 barrels of low sulphur heating oil is expected to be delivered this week.
"Today's announcement is for the sale of JBI petroleum products derived from waste plastic," said CEO John Bordynuik. "I am pleased that our green initiative has come to fruition evidenced by Oxy Vinyl's purchase."
JBI's revolutionary Plastic2Oil™ process converts mixed waste plastic into separated diesel, heating oil, and light naphtha fuels. Low sulphur heating oil is diesel fuel without transport additives. In Q1 2011, Bordynuik designed quality controls, fuel blending, and automatic additive injection so that the fuel produced is a final product, unlike crude oil. The agreement with Oxy Vinyl marks the company's first alternative fuel sale.
JBII used highly reputable laboratories and service providers to validate and test its Plastic2Oil™ process and products. This strategy has provided a long term benefit to our shareholders.
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.