NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- In a release issued earlier today by JBI, Inc. (the "Company") (OTCBB:JBII) under the same headline, please note that the Company has added a new paragraph, which is now the third paragraph. The updated release follows:
JBI, Inc. (the "Company") (OTCBB:JBII) announces that Michael Kaplanis has been appointed as JBI's Vice President of Mergers, Acquisitions and Strategy. In this capacity, Mr. Kaplanis will be responsible for leading and coordinating JBI's analysis of strategic acquisitions, forming national and international Plastic2Oil growth strategies, providing green energy research, and helping to execute JBI's business model.
Mr. Kaplanis received his Bachelor of Arts from Duke University where he graduated Summa Cum Laude with a degree in Biological Anthropology and Anatomy and a minor in history. He completed the four-year curriculum in three years while being a member of the men's varsity football team.
From 2006-2007, Mr. Kaplanis served as an Investment Banking Analyst in the Global Power and Utilities Group with Morgan Stanley in New York, NY where he performed analysis of corporate mergers and acquisitions, asset acquisitions and divestitures, equity and debt offerings, leveraged buyouts, credit assessments, dividend analysis and share repurchases. He performed extensive financial modeling including accretion/dilution, discounted cash flow, leveraged buyout, comparable company and precedent transaction analysis. Mr. Kaplanis also worked on an initial public offering of a clean technology company while at Morgan Stanley.
Mr. Kaplanis was recently employed as a Senior Associate in the Global Equities Energy & Utilities Group with Citadel Investment Group in Chicago, IL. He joined Citadel in 2007 and was promoted from Associate to Senior Associate at the end of 2008. During 2009, Mr. Kaplanis became responsible for coverage of companies in the regulated utility, diversified utility, merchant power and electric service subsectors of the U.S. Utility Industry for Citadel. He gained experience in stock selection, quantitative risk analysis, portfolio construction and position sizing in market neutral, long-short equities portfolio. While at Citadel, he provided fundamental research and investment insight to the Portfolio Manager and his team.
Mr. Kaplanis has a keen interest in clean technology, smart grid deployment, next generation energy sources and green initiatives.
Michael Kaplanis commented, "When I studied JBI's business model, I was immediately impressed with the Company's dynamic growth potential and, in particular, the global expansion possibilities that I envision for its unique P2O technology. I look forward to enabling and accelerating JBI's growth through strategic acquisitions and leveraging P2O strategies."
John Bordynuik, JBI's CEO / President, concluded, "I am thrilled with Mr. Kaplanis' appointment. Michael is a highly-qualified professional leader, who brings important expertise to our growing and experienced management team. His successful background, analytical talents, business acumen, and energetic drive will clearly benefit our aggressive growth model."
About JBI, Inc.
JBI, Inc. is transitioning to become a global technology leader whose purpose is to mine data from JBI's large information archive, find under-productive entities to inject our superior proprietary technologies into, and benefit from increased productivity and profitability, beginning with Plastic2Oil. JBI has also acquired the following operations:
JAVACO, Inc. ("Javaco") is part of the Supplier Diversity Network, WBENC. JAVACO, Inc. currently distributes over 100 lines of equipment from fiber optic transmitters to RF connectors. To further enhance business in the United States, new distribution lines are frequently being added including a line of home theater and audio video products. Javaco will operate and manage the Company's Plastic2Oil sites in Mexico.
Pak-It, LLC ("Pak-It"): Using the patented Pak-It(TM) delivery system (liquid cleaner in a water soluble sachet) Pak-It can deliver glass cleaner, disinfectant, multi-purpose, and many more cleaning products (42 products currently) shipped in tiny packages of condensed cleaner (inside a 'dry' 1 quart container). This delivery method is "green" since it's fully biodegradable and saves thousands of dollars in shipping. The user simply adds water to the container without measuring or cutting the Pak-It. Large retailers and many national Building Service Contractors already using the product have documented significant cost savings from shipping, training, inventory control and space.
Accordingly, our revenue sources presently include (i) income from reading archived tapes (including microfiche) from clients such as NASA, (ii) income from the recently acquired Javaco, Inc., (iii) income from the sale of Pak-It products, and a bulk chemical facility which we realized beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the first quarter of 2010 with Plastic2Oil, a process and service that converts plastic to fuel oil. For more information, please see http://www.jbiglobal.com/">http://www.jbiglobal.com and http://www.javacoinc.com/">http://www.javacoinc.com and http://www.pakit.com/">http://www.pakit.com/.
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, Inc., and members of its management as well as the assumptions on which such statements are based.
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. 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.