Tuesday, January 10, 2012
THOROLD, Ontario, January 9, 2012 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQB:JBII.PK) is pleased to announce that it closed agreements on January 6, 2012 for equity financing in the amount of US$2.795 million to build its Plastic2Oil (“P2O”) technology.
Thirteen accredited individuals participated in this recent round of financing, which consisted of units purchased at $1.00 per unit. Each unit included a share of common stock and a warrant to purchase an additional one-half share at an exercise price of US$2.00 at any time for a period of 18 months.
“I think this is further validation of our business model by sophisticated investors who believe in the innovations and proprietary technology that JBI, Inc. has developed,” commented John Bordynuik, CEO of the Company. “This financing will continue to support the operational build-out of our P2O processors at the Company’s Niagara Falls facility and the initial site in our agreement with Rock-Tenn Company.”
The Company believes that this new injection of capital will assist in increasing its production capacity more quickly in order to satisfy the recent fuel distribution agreements made with Indigo Energy Partners, LLC and XTR Energy Company Limited. It is yet another step in the development of the Company as it executes its vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company.
For more information on the details of this recent financing, please refer to the Company’s Current Report on Form 8-K file on January 6, 2012 and posted on the Company’s website at: www.plastic2oil.com.