Over the years, there have been various solutions proposed – diversion, burning, etc.; however, nothing to date has proven to be a truly effective or environmentally responsible solution to the burgeoning global landfill problem. In fact, many existing solutions have been just the opposite: costly, energy inefficient or equally as harmful to the environment as the plastic itself. It’s only now, with the Plastic2Oil technology, that there is a solution that is not only economically viable, but that is remarkably simple and “green” as well.
John Bordynuik is on a personal mission: to help rid the world of its waste plastic problem.
Now the company had a problem in Jan this year, the allegations in the complaint concern legacy accounting issues that have since been corrected. Among other things, since restating its financial statements, the Company has hired a new chief financial officer and engaged additional experienced accounting staff as well as a reputable independent audit firm.
Contrary to the allegations made by the SEC, the Company believes that its officers acted in good faith in valuing the media credits discussed in the complaint, based on the information available at the time. The Company further maintains that after learning of potential problems relating to these credits, it took appropriate steps in compliance with its obligations to shareholders and the public markets at large.
JBI, Inc. is acutely aware of its responsibility to its shareholders and values the trust shareholders put in the Company. The defense of this lawsuit will further demonstrate the Company’s commitment to transparency and ethical business practices.
THOROLD, Ontario, May 15, 2012 (GLOBE NEWSWIRE) – JBI, Inc. (the “Company”) (OTCQB:JBII) is pleased to announce the following:
• Investment of $10 million in equity capital
• Successful independent review of its Plastic2Oil® (“P2O®”) technology by SAIC
• John Bordynuik to become Chief of Technology (“CTO”)
• Senior Rock-Tenn Company (“RockTenn”) executive Kevin Rauber to join the Company as CEO and President
• Transition to governance practices consistent with other leading companies
John Bordynuik to Become Chief of Technology
Signifying the transition of JBI from a start-up technology company to a rapidly growing environmental and industrial business, the company is significantly enhancing the senior management team with the hire of a new CEO. As part of this transition, Mr. Bordynuik will step into the position of Chief of Technology. In his new role as Chief of Technology, he will continue to play a leading role in furthering the technological development of the P2O process and assist in the escalating commercial roll-out of the P2O processors, which he invented.
Mr. Bordynuik commented:
“We are now at a point where P2O has been proven to be commercially viable. While we will continue to improve the technology, it is time to focus on leveraging this unique technology to build a world-class company. I am immensely proud of the achievements of our team to date, and am energized to be embarking on the commercialization phase of our technology. In my view, it is time to bring in senior management with deep operational, marketing and sales experience relevant to the roll-out of P2O. We are now intent on building a great leadership team to ensure the Company appropriately leverages P2O to become one of the world’s great companies.”
OK now that is the way to do business when you almost fell on your ass. Mr. Bordynuik pulled his team together got rid of stale personnel and is coming out swinging to make Plastic2oil a world-class company. What else is interesting is the agricultural industry does not like Ethanol, which consumes 35% of the corn produced. The public does not like it either for the simple reason that food prices are through the roof. This is not a new concept but one Bordynuik has perfected and the big boy’s don’t want to see him make it (lawsuit?). This is a man on a mission and the country needs all the superman we can get, you’re seeing a hero in the making and not only that but he is creating jobs and the company’s stock is on the Nasdaq, symbol JBII one to watch.
Hold on America and the rest of the world, don’t give up on US just yet, we’re just doing some house keeping.
Video uploaded by U Tube user plastic2oil
TEDx with John Bordynuik
John Bordynuik, of JBI, Inc. shows how plastic came to make up a huge part of the world’s waste stream, and discusses the challenges and triumphs in recycling plastic back into clean, usable oil.
Video uploaded by U Tube user TEDxTalks
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A little help from our friends in Canada and they build the first plant here in the states! Almost a financial disaster (lawsuit?) but John did not give up on his dream and the hope to help his fallow man including the planet. Boy you know the big tankers are watching you, what’s that you say?
” I’m not your boy and hey old man I’ve got a real good tip”!
Video uploaded by U Tube user RhinoEntertainment