NY DEC Approves 100% Production Increase

NYSDEC Approves Increased Rate

On February 9, 2012, JBI, Inc. received approval from the New York State Department of Environmental Conservation (NYSDEC) for an amendment to its Air Permit that allows the Company to operate Plastic2Oil® (P2O) processors at our Niagara Falls, NY facility at an increased rate of 4,000 lbs per hour.

This rate is two times the rate at which the Company was previously authorized to supply feedstock to the P2O processor.

The approval of the increased rate of operation now permits the Company to amend its Part 360 Waste Permit to reflect the storage of similar plastic volumes, and is a key component to our plans for long term growth.

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This translates into a JBII Production Capacity of 281 Barrels/Day/Processor

JBI Terms SEC Charges In Civil Suit Erroneous

JBI Terms SEC Charges In Civil Suit Erroneous - Quick Facts

(RTTNews.com) - Green oil and gas company JBI Inc. (JBII.PK) said Wednesday it is upset with the erroneous fraud charges leveled against it in a civil suit by the Securities Exchange Commission.

JBI said it regrets its attempts to resolve the dispute failed, and said it will vigorously defend itself in court against the civil suit filed by the SEC earlier today.

According to the company, the allegations in the complaint concern legacy accounting issues that have since been corrected. Since restating its financial statements, the company said it has hired a new CFO and pulled in additional skilled accountants as also an independent audit firm.

The company said it believes its officers acted in good faith in valuing the media credits discussed in the complaint. It also maintains that after learning of potential problems relating to these credits, it took corrective measures.

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