On February 4, 2010, the Company formed a wholly owned New York corporation, JBI RE #1, Inc. to purchase an industrial building containing 14,860 square feet that is situated on about 3.37 acres of land in Niagara Falls, NY. This entity will house the first commercial operation of Plastic2Oil (“P2O”).
Form 10-K Filing Date 2010-03-31
sec.gov
JBI, Inc. Acquires New York Processing Facility
NIAGARA FALLS, Ontario, Feb. 12, 2010
GLOBE NEWSWIRE
JBI, Inc. (the "Company") (OTCBB:JBII) announces that it has purchased a New York property for business expansion. The facility will be used for P2O processing and consists of a warehouse, processing building, weigh station and office space located on 10 security-fenced acres with parking availability for 27 trucks.
The property, located in New York, was purchased for $100,000 down with a $270,000 loan and will serve as a primary P2O site. Additional details will be provided at the Annual Shareholders' Meeting.
CEO Bordynuik said, "This is a perfect location for a company-owned P2O site as we will be able to demonstrate an operating P2O processor to visiting shareholders and prospective investors."
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