it was there on the old old version, trust me.......I also referenced it on I-hub, and you can see nobody disputed it in the thread, just who might have written it....
Posted by: MorningLightMountain Date: Wednesday, June 16, 2010 7:02:49 PM
In reply to: laurap who wrote msg# 20554 Post # of 20558
it was there on the old old version, trust me.......I also referenced it on I-hub, and you can see nobody disputed it in the thread, just who might have written it....
siliconinvestor.com
JBII
JBI Inc. is now a global technology leader whose purpose is to mine data from the world's largest information archive, find under-productive entities to inject our superior proprietary technologies into, and enjoy increased productivity and profitability, beginning with Plastic2Oil®
=== Executive Summary ===
CEO: johnbordynuik.com
Company: 310holdings.com (A new website is coming)
CEO Article: johnbordynuik.com
Full DD: lighthouse57.com
1. CEO, John Bordynuik, is a very well respected scientist with ties to NASA, MIT, numerous Fortune 100 companies, United Nations, US Army. Website: johnbordynuik.com .
2. Bordynuik has a very profitable private company, John Bordynuik Inc. (JBI) that reads the 'unreadable', i.e. the over 50 million computer tapes from the early computer era (60's-80's). There is a wealth of information on those tapes, and he developed his own tape drives to read these degraded tapes.
3. He has an exclusive contract with NASA and gets paid $22 per tape to recover the data. They are ‘sole sourced’ by NASA and MIT because noone else can read these tapes with 100% accuracy. They are currently processing about 700 tapes a day, but will be processing many more due to 70 new tape drives coming online.
4. Their process can be used on any tapes, and magnetic media, both legacy and current.
5. They have recently revolutionized data recovery methods (and Patented these methods), increasing the throughput tremendously, and are exploring applying the technology to disk hard drives as well.
6. A new office in Cambridge, MA has been leased, and will open soon.
JBI ===
In April 2009, Bordynuik bought a public shell company, and moved most of the assets and production facilities from his private company (JBI) into the public company. The public company now has a positive balance sheet, with revenues. The transaction was independently audited.
The company is fully reporting and compliant. Stock Symbol: JBII
Share Structure: 53M OS, of which 40M Restricted is owned by Bordynuik. That leaves a float of 13M shares.
The goal of the company is to move to the NASDAQ exchange within a few months. CEO will not consider FSing the stock until after it gets to NASDAQ, if then.
The company is profitable with an approximate .18 EPS.
Financials: Assets: $22,486,751, Liabilities: $5,831,189
(From Pro Forma 8K/A, 10-7-09): knobias.10kwizard.com
Plastic2Oil. ===
Video, Prototype: youtube.com
1. Existing machines are used in China, Thailand, Taiwan, etc to convert Plastic to oil.
2. Bordynuik discovered a catalyst that makes this process much more efficient.
3. After the data is recovered from these tapes (they weigh about 5 lbs each), they will be fed into the machine and converted back to the oil from which they came from in the first place.
4. The oil needs minimal refining (will actually run in an engine as is), and will be sold into the diesel market. He already has buyers.
5. The whole process will be franchised across the country/world. The first franchise has already been bought.
6. The process will also recover oil from used tires.
7. Of course there an unending amount of other waste plastic available to be converted to oil.
Roughly 8 lbs of plastic = 1 Gallon of fuel.
8. In larger metropolitan areas, the company will run it's own machines.
9. The first big production machine has arrived in Niagara Falls and is being assembled.
==== Plastic2Oil Video ====
youtube.com
Notes on the Videos: FYI, 1 Kilo of plastic was expected to take 4 hours to process. The actual time it takes is 15 minutes. 15 metric tons of plastic are expected to take less then 2 hours to process.
Confidential data has been protected with John’s hand
The chemical analysis will be released after the data has been confirmed by an independent lab. As is, and based on JBI own analysys, the diesel extracted from plastic is more pure then the actual diesel.
One of the NASA Tape Storage Buildings:
First Production Machine Arrives:
The Beginning
On April 24, 2009, John Bordynuik purchased 40,250,000 shares of 310 Holdings common stock, representing 63.19% voting interest from our President and Chief Executive Officer, Nicole Wright. (CEO of old company).
JBII is a fully reporting OTC company, and was just bought by John Bordynuik, who has developed a number of high tech items, including data recovery from 9 track tapes from the early computer era.
Demonstration of New Data Recovery Technology:
youtube.com
A wealth of information resides on the millions of tapes from that era. One of the things he found buried in this information is a catalyst that aids in the process of breaking down plastics. This allows waste plastic to efficiently revert back to the oil that plastic came from in the first place.
His company has done work for NASA and other Fortune 100 companies. He has ties to MIT, Harvard, United Nations, US Army.
Mr. Bordynuik's website is impressive: johnbordynuik.com
Mr. Bordynuik was granted a broad US patent (7,115,872) for a dirty bomb detector in 2006.
He is also involved in Artificial Intelligence development.
Prior to buying 310 Holdings, Mr. Bordynuik took classes at Harvard, in order to increase his business acumen.
On 6-26-09, Mr. Bordynuik transferred a large part of his private company's assets, and production facilities, into 310 Holdings. (See 8K filing and news below). 310 Holdings is now a profitable company. The next 10Q will reflect a very different company indeed.
The name has been changed from 310 Holdings to JBI Inc.
Recent Message from the CEO John Bordynuik (1 July 2009):
I am not a typical CEO. I work on hardware and software engineering. On my desk there is a new logic analyzer, oscilloscope, 3 computers – one for hardware engineering (2 x 30” lcds), 1 for software engineering (4 x monitor panel running ubuntu), one for administration, and one for server-side applications (4 x panel). As well, there are two drives in the rack for R&D and two more at the front of my desk.
I use the rack for cloud computing to solve problems and find data. It includes 11 servers (2 with 16 xeon cores – new HP DL580), a 48-cart LTO-4 tape juke, and a bunch of ML350 servers configured in a hadoop, MCI cloud computing configuration. There is also a full server room. At the present time we have:
CEO John Bordynuik
EA to CEO – Lynn Drapeau
Profit Centre Manager – Katie Matkowski
Brian Seburn – Technology Officer
Steve Clarke – Technology Assistant
Alan Barnett – Chemist
5 software engineers full time
We are hiring more chemists. As well, we have ordered a Gas Chromatograph and that will be installed in two weeks so that we can analyze our own fuel faster. (This has been delivered and installed)
A few comments:
1) Our Plastic2Oil (P2O) process outputs 90% “selectable fuel” (c1-c18).. which can be gasoline, diesel, or even furnace oil. The 10% is output by way of c1-c4 (ethane, butane, methane, and propane). It looks like we have a lok of excess c1-c4 so we will heat the building with it and generate electricity. We will be disclosing a full detailed report of the outputs later next week.
2) Our energy cost to convert the P2O is negative. Reason being, we are converting 10% of the plastic directly to propane which fuels the system.
Company Website: 310Holdings.com (A New Website is coming soon to reflect the new company JBI Inc.)
Share Structure (Verified 10-15-2009):
Authorized: 75,000,000
Outstanding: 54,576,260 (From 8K/A)
Treasury Stock: 10,000,000
John Bordynuik, CEO: 40,250,000 (Restricted)
Float Approx: 13,450,000
NOTE:
All of Mr. Bordynuik's personal shares are restricted (40M) and can only be sold directly to investment banks or others in private transactions. None can be sold through the exchange. (This usually takes weeks to months, and would be reflected in the filings).
SEC Filings: knobias.10kwizard.com
Latest 10Q (Note that this 10Q represents only 2 days of revenue
knobias.10kwizard.com
Investor Relations
Director, Investor Relations:
Katie Matkowski
E-mail: ir@310holdings.com
Phone: 289-668-7222
Transfer Agent and Registrar
PACIFIC STOCK TRANSFER COMPANY
500 E. Warm Springs Road, Suite 240
Las Vegas, NV 89119
Tel: (702) 361-3033
Fax: (702) 433-1979
E-mail: info@pacificstocktransfer.com
Independent Accountants
ECFO Corporation
Casey Walker
3551 W. Lake Mary Blvd, Ste. 209
Lake Mary, FL 32746
Phone: 407-330-0385
Fax: 1-866-773-8630
Legal Counsel
Securities Counsel:
Gregg Jaclin
195 Route 9 South
2nd Floor
Manalapan, NJ 07726
Tel: (732) 409-1212
Fax: (732) 577-1188
Latest News:
News 8-28-2009:
JBII Acquires Javaco Inc. Purchases Media Credits.
NIAGARA FALLS, Ontario, Aug. 28, 2009 (GLOBE NEWSWIRE) -- JBI Inc. (OTCBB:JBII - News) is pleased to announce that the Company has completed the acquisition of Javaco, Inc,, an international distributor of communications and cable gear that distributes more than 100 lines of equipment, ranging from fiber-optic transmitters to RF connectors. Javaco, Inc., a member of Inc. 5000, is a profitable, well-managed, growing company with current revenues in excess of $6 million and a strong presence in Latin America. With offices in Mexico City and Columbus, Ohio, their highly-technical staff strives to provide viable solutions for the ever complex telecommunications industry. Visit javacoinc.com for further information about Javaco, Inc.
Javaco, Inc. was purchased for $150,000 USD and 2.5 million shares of restricted common stock.
In addition, for an additional one million shares of restricted common stock, the Company acquired approximately $10 million in U.S. radio and newspaper prepaid advertising covering 10,000 newspapers and 6000 radio stations. The completed package resulted in a total asset purchase of approximately $15 million. The Company believes that the media advertising will be beneficial in promoting the expansion of the P2O technology and processors as well as the previously-announced planned acquisition of the chemical company's products and services.
News 8-14-2009:
JBII Shareholder Update:
JBI Inc. Provides Shareholder Update and Will File 10Q On Monday, August 17
NIAGARA FALLS, Ontario, Aug. 14, 2009 (GLOBE NEWSWIRE) -- JBI Inc. (OTCBB:JBII - News) retains Gately and Associates as its new auditor and will file the 10Q on Monday.
John Bordynuik, President and CEO of JBI, Inc., received notice this week that JBI' original auditor, Moore and Associates, had unexpectedly retired, without giving the Company sufficient notice. Moore and Associates assured management that they had another PCAOB Registered Auditor ready to take over auditing for JBI, Inc.
However, management was informed yesterday that the newly-referred auditor would not be able to complete their review of JBI, Inc. in time to file their 10Q as scheduled, since they had a backlog of six other companies.
John Bordynuik, CEO and President, commented, "James Gately did manage to review the 10Q, but unfortunately, due to time constraints, the round of approvals required to edgarize and file another 8k, and 10Q by the SEC cutoff time was impossible. We will file the 10Q August 17."
The Company apologizes for this unfortunate delay, but feels confident that with the election of Gately and his team, JBI will be able to ensure timely filings in the future.
Additionally, the Company wishes to advise shareholders that events and material news are unfolding at a rapid pace. Therefore, 310 will be forthcoming with numerous press releases to keep the investment community informed as to its progress. Keeping investors updated on the corporate web site or through emails is not an acceptable method to disseminate public information pursuant to SEC disclosure rules. Unless the SEC allows public companies to disseminate information by other means, the Company will continue to update shareholders and investors through the public media.
JBI, Inc. strives to remain clean, compliant, and transparent with its investors and will therefore continue to release frequent press releases to keep everyone up to date as the Company expands and grows.
Furthermore, the Company is in the process of retaining a competent and very experienced investment professional to handle all investor relations duties, including communications with the media and shareholders as well as writing press releases. Details will be announced shortly.
News 8-10-2009:
JBI Inc. Announces an Impending Letter of Intent to acquire Chemical Company
NIAGARA FALLS, Ontario, Aug. 10, 2009 (GLOBE NEWSWIRE) -- JBI Inc. (OTCBB:JBII - News) has completed its due diligence analysis on a profitable chemical company and anticipates executing a Letter of Intent for its impending acquisition in the immediate future. This well-managed company currently has annualized revenues in excess of $7 million, is growing at a robust rate and has already exceeded revenues by 41% compared to the last fiscal year. Its customer base includes many prominent national and local retailers. No difficulties with financing or integration planning are anticipated. Full details will be announced upon completion of the LOI.
John Bordynuik, JBI Inc. President and CEO, stated, "We feel that this acquisition will be a perfect complement to our growth model as demand for its patented and proven product is expected to continue to accelerate, while maintaining an excellent profit margin. Also, we will be able to share chemists, marketing, and sales teams, as well as have an additional site with ample room to set up Plastic 2 Oil processors. Our Company will continue to focus on our strong internal growth divisions as well as make synergistic acquisitions that will dynamically grow shareholder value, while creating a win-win situation for all participants."
A detailed announcement on the Company's Plastic 2 Oil division will be forthcoming shortly.
News 7-28-2009:
JBI Inc. is Opening a New Cambridge Tape Reading Facility
NIAGARA FALLS, Ontario, July 28, 2009 (GLOBE NEWSWIRE) -- JBI Inc. (OTCBB:JBII - News) is pleased to announce the scheduled opening of their new tape-reading facility at 500 Technology Square, Suite 150, Cambridge, MA on August 3, 2009. This state-of-the-art site will be housing 18 tape drives employing the Company's latest generation of its proprietary, highly effective magnetic media reading technology. Each shift, run by just one staff member, can process 576 open reel tapes. These highly-automated drives can each read one tape every 15 minutes. Cartridge media will also be processed, further augmenting the Company's revenue stream. Management believes this site will be fully operational by the end of August.
John Bordynuik, JBI Inc. President and CEO commented, "We look for this division to be highly profitable, since we have an abundance of business and have already fully paid for the hardware. We will net about $22 per tape with a cost factor of approximately $1.50 for each one. The low cost at this facility is due to a number of factors including: highly automated technology, very low material handling involved, the drives are fully paid for, engineering is complete, and the cost of this facility is less than $150,000/year with very low step costs for additional shifts."
The Company will immediately begin to direct some tape processing to this new facility as well as process tapes that cannot be exported from the United States.
A detailed update on JBI' Plastic 2 Oil process will be announced soon.
About 310 Holdings Inc.
John Bordynuik purchased 63% of the issued and outstanding shares of 310 Holdings on April 23, 2009. Subsequently, John Bordynuik was appointed President and CEO of the Company.
On June 25, 2009, 310 Holdings Inc. announced a definitive agreement to acquire certain assets of John Bordynuik Inc., including all of its intellectual property, its custom tape processing hardware, its Swahili data migration system, fixed assets, and its current customer base subject to certain closing conditions and adjustments. Provided all conditions to closing are met, 310 Holdings Inc. anticipates closing this Asset Purchase Agreement on or about July 15, 2009.
For more information, please see 310holdings.com (A new website representing JBI Inc. is coming soon) and johnbordynuik.com.
News: 7-15-2009:
JBII News. This is one refreshing news release:
JBI Inc. Announces Detailed Update for All Shareholders and Prospective Investors On the Definitive Agreement
NIAGARA FALLS, Ontario, Jul 15, 2009 (GlobeNewswire via COMTEX) -- JBI Inc. (JBII) today announced that it completed a definitive agreement to acquire and continue tape data migration and transcription services of John Bordynuik Inc., an agreement that was signed on June 25, 2009.
With this agreement, JBI Inc. purchased certain assets of John Bordynuik Inc., including its custom tape processing hardware, its Swahili data migration system, fixed assets, and its current customer base. The consideration for the acquisition of the assets is shares of JBI Inc. restricted common equal to the value of the assets. An 8k is being filed shortly that includes asset details and a proforma financial statement for the tape operating profit center only.
Through the agreement, JBI Inc. is able to use the specialized hardware and software to immediately service existing clients of John Bordynuik Inc., which includes processing thousands of tapes from NASA.
Since the agreement was signed, JBI Inc. has processed tapes including HRIR data for Apollo 14, Apollo 15, Nimbus III, and Nimbus IV, and is currently processing Viking Lander I tapes. As part of its data migration profit center, the Company has expanded its repertoire to include imaging of both film and microfiche, and is doubling the resolution of solutions that is currently on the market.
JBI Inc. will continue to charge a flat rate fee of $22 per tape for volume data recovery migration services. None of JBI's liabilities are being
assumed by JBI Inc. The fixed assets are presently valued at approximately $500,000 after depreciation. This equipment includes in excess of
15 multi-core HP servers in a cloud configuration, dozens of HP workstations, a complete 40-foot mobile data recovery container loaded with 18 tape drives and JBI technologies to read tapes off-site; another 45 customized tape drives; and other related supporting assets.
This is an arms-length agreement between JBI Inc. and John Bordynuik Inc. by President and CEO John Bordynuik, who is the majority shareholder in both JBI and John Bordynuik Inc.
John Bordynuik, President and CEO of JBI Inc., said, "While we were only able to recognize revenue from the tape processing for the last two days of the quarter, this acquisition has made us profitable immediately and will be detailed in our quarter financials that will be released shortly."
Private Placement:
JBI Inc. is also announcing a $3 million private placement for stock and long term warrants in the company. This stock will be sold at above market prices and will not dilute existing shareholders as John Bordynuik returned 10 million shares to the treasury to facilitate growth.
The capital is being raised to facilitate two future acquisitions that align with JBI Inc.'s growth model.
Management would like to note that this private placement is intended for shareholders looking to grow long-term with the Company, and not for flippers or traders. The issuance of long-term warrants along with above-market purchase prices was instituted to place the Company's stock in strong hands with those who want to assist the Company in moving to a larger exchange. JBI will be filing a Prospectus with the Ontario Securities Commission in order to facilitate future private placements within the Province of Ontario, and a Regulation D filing with the SEC.
JBI Inc. will use these funds to acquire profitable companies whose owners and management are looking for stock-based incentives and/or retirement. These target companies must have consistent revenues, be are already profitable, and will benefit from an injection of the Company's technology to facilitate rapid growth.
Management would like to address the questions directed at the Company regarding trading on the OTCBB exchange. Management is not particularly satisfied with trading on this exchange and is working to move to a higher exchange as soon as possible. It is premature to explore this until the Company's share price meets the minimum requirements of a higher exchange. Management has been in discussions with market makers and they have advised that they will create a market for the Company on a larger exchange. Management is confident that the revenue requirements will be satisfied, but we have not yet satisfied the number of shareholders and minimum share price requirements. As of today, there are more than 250 shareholders of JBI on record, but more is required to move to a larger exchange.
Plastic2Oil:
Plastic2Oil will convert tires to oil at a yield of approximately 45 per cent fuel and the remaining byproducts are carbon powder and steel wire. A gas chromatograph is being installed at this moment. The Company will be releasing detailed results shortly.
The Company is presently negotiating long-term agreements to acquire raw materials at no cost or negative cost to the Company, including transportation expenses paid by the supplier. Presently municipalities pay to direct these materials to landfill and are willing to direct these materials instead to JBI Inc. given that the fees to receive those materials are less.
The Company will demonstrate its technology on a small scale with a small Plastic2Oil processor. By integrating this technology into a large batch processor, the Company believes that it can accomplish the following:
--Approximately one liter of fuel is extracted from a kilogram of plastic.
--The gas byproduct provides the energy necessary to fuel the process, thereby eliminating energy costs.
--Due to our catalyst and a highly optimized process, fuel can be extracted in four hours from a large source of raw unwashed, mixed plastics.
--Raw plastic materials can be acquired in many forms at no cost or even a negative cost.
Name Change and New Symbol:
The Company will be filing a Form 14 with the SEC to change its name and symbol to better reflect its business. As well, it will be announcing an annual shareholders meeting to be held at its main facility. The Company has been contacted by a number of investors and funds and would like to provide the best possible opportunity for due diligence.
Stock Promoters
JBI Inc. is not in any way interested in dealing with stock promoters who are seeking financial or stock compensation.
"Our capital is better used for us to acquire profitable companies than to spend valuable company capital for short-term gains in the stock price," said Mr. Bordynuik. "Do not call us. If you want to promote this stock then buy it and promote it based on its real value."
News: 7-8-2009:
NIAGARA FALLS, Ontario, July 8, 2009 (GLOBE NEWSWIRE) -- Staff at JBI Inc. (OTCBB:JBII - News) celebrated the completion of the Company's latest generation of its proprietary, highly effective magnetic media reading technology last night.
John Bordynuik, JBI Inc. President and CEO said, "We are very excited about the success of our latest tape reading technology, which includes our own custom designed amplifiers, bit detection, de-skewing algorithms, and tape drive control, and use of the latest thin-film head technology. This technology instantly scales from the oldest tape drives to current models, so we can quickly retrofit the latest LTO and DLT drives to recover and migrate data exceptionally quickly and accurately for our clients."
This celebration comes after JBI Inc. President and CEO John Bordynuik and his staff of engineers had been working around the clock for the last several weeks to complete this project. This technology replaces our previous generation; it completely eliminates the need for us to do all post reading processing of the data. As a result, the raw data is now immediately usable by our Swahili data migration engine and many virtual emulators.
This technology scales from one head to hundreds of heads by increasing the number of parallel bit-detection processors in hardware. It is presently scalable in Altera's high-end Stratix-II, III, and IV "Cray-on-a-chip" FPGAs.
"Our new bit detection technology significantly exceeds the data recovery rate of current enhanced PRML technologies. Our technology can be applied to hard drives, and we plan to explore implementation in that market," said Mr. Bordynuik. "I would like to emphasize that this bit technology is so effective that we do not require and do not use post error-correcting algorithms or routines. We are using this technology in place of original equipment hardware which is unable to accurately detect bits after the media have been shelved for a few years."
This bit detection technology can accurately detect weak bits down to 10 per cent of the signal's original amplitude.
This replaces our original technology which required some post reading.
JBI Inc. will file a patent application to protect this technology.
News Links:
August 28, 2009 ----- Establishes International Presence with purchase of Javaco Inc. Purchases Media Credits
August 14, 2009 ----- Shareholder Update
August 10, 2009 ----- Company to Acquire Chemical Company
July 28, 2009 ----- Cambridge Facility to Open. Net Revenues per shift: $11,800
July 15, 2009 ----- JBI Updates Shareholders/Investors
July 9, 2009 ----- Patent Application Filed
July 8, 2009 ----- JBI Celebrates Newest Generation of Tape Reading Technology
June 30, 2009 ----- Private Placement at 3x Share Price, New office near MIT
June 26, 2009: ----- Company reads millions of Legacy Computer Backup Tapes at $22 per tape
June 25, 2009 ----- Definitive asset purchase agreement
June 16, 2009 ----- JBI Returns 10M Shares to Treasury
June 16, 2009 ----- JBI Inc. Commences Operations With Plastic2Oil Processor
John Bordynuik, CEO
Must Read:
Business Niagara Magazine Article on John Bordynuik: johnbordynuik.com
A message from the CEO:
June 5th, 2009 - To the shareholders of JBI Inc:
I, John Bordynuik, have recently acquired 63% of 310 Holdings Inc (JBII).
I will not affect a reverse stock split of JBII. I will not reverse merge another company into JBII.
JBII will be in a state of transition. I expect this to occur over the next month as I hire engineers, staff, move resources, and acquire a building for JBII. JBII will acquire assets, technologies and companies that have great value and would be profitable if they weren't so severely overleveraged with debt, excessive staff, and other draining systems. JBII will also monetize IP that I presently own, or IP gained from mining old data. I have a significant reputation in the magnetic media and data migration industry which I believe will benefit the shareholders of JBI Inc. I also have an excellent working relationship with NASA and many other organizations which will positively affect the integrity and opportunities of this company.
In early April I participated in Harvard's Corporate Restructuring, Mergers, and Acquisitions - Creating Value in Turbulent Times. I have a new network of acquaintances who share my business views and have offered assistance. There are many opportunities in the US and I will focus our efforts in sectors that my staff and I have experience in.
As always, my primary focus is to maximize shareholder value. This can be best executed with the right new technology, assets, and talent.
Regards,
John Bordynuik
President and CEO
JBI Inc.
289-668-7222
john@310holdings.com
John Bordynuik, Our CEO:
Plastic2Oil Details
Latest Filings
8K Filed 8-28-2009: Full Filing
JBI enters the International Market, and purchases Javaco Inc. The company also purchased media credits with a value of $10M. Financial Statements indicate Assets: $15,120,595, Liabilities: $770,569. Stockholders Equity: $14,350,026.
Item 1.01 Entry into a Material Definitive Agreement.
On August 24, 2009, JBI, Inc. (the “Company”) and Domark International, Inc. (“Domark”) closed a Securities Purchase Agreement (the “Agreement”) whereby the Company purchased 100% of the issued and outstanding common shares of Javaco, Inc. (“Javaco”), a wholly owned subsidiary of Domark, in exchange for $150,000 and the issuance of 2,500,000 shares of the Company’s common stock to Domark.
In connection with the Agreement, Domark has also assigned $9,997,134 of media credits in print and radio to the Company in exchange for the issuance of 1,000,000 shares of the Company’s common stock.
Except for the Agreement, there is no material relationship between the Company or its affiliates and any of the parties to the Agreement.
The foregoing description of the Agreement and the Media Credits Assignment is qualified in its entirety by reference to the Securities Purchase Agreement, and Media Credits Purchase and Assignment attached as Exhibit 2.1 and 10.1 respectively hereto.
Description of Javaco, Inc.
JAVACO, Inc., formerly JAVA Company, opened for business in 1997 as a sole proprietorship. Prior to opening JAVA Co., Judith Vazquez, owner and President, worked several years in distribution sales and finally with RMS Electronics/Channel. JAVA Company's initial focus was the sale of used cable TV equipment, including amplifiers and converters to Colombia, Venezuela and Mexico. JAVA Company teamed up with a distributor in Argentina to jointly cover a larger Latin American market. JAVA Company acted as their US office, providing sales expertise and a much needed North American connection with the manufacturers. JAVA Company coordinated the sale, expediting, invoicing and exporting of equipment purchased from the US and Canadian suppliers. JAVACO, Inc. incorporated in March 2000. 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. Early in 2002, JAVACO, Inc. expanded its US business when it hired Tina Tomblin, with over 20 years in the cable television industry in both operations and sales, to manage sales in the United States. Javaco will operate and manage the Company’s Plastic2Oil sites in Mexico.
10Q Filed 8-17-2009: Full Filing
Revenues
During this quarter, JBI Inc was in transition from the change in ownership as well as acquiring certain assets of John Bordynuik, Inc to commence tape reading operations. The acquisition of John Bordynuik, Inc completed on July 15, 2009, after this quarter ended. The company is reporting two days of revenue for June 29, and June 30, 2009.
For the three months ended June 30, 2009, we generated $47,600 revenues, and incurred a net profit of $19,304 compared with revenues of $11,250 and a net loss of $6,490 for the three months ended June 30, 2008.
8K/A Filed 7-17-09. Current Report: Assets: $1,226,044, Liabilities: $250. Independently Audited.
Item 1.01. Entry into a Material Definitive Agreement.
On June 25, 2009, JBI, Inc., (the “Company”) entered into an asset purchase agreement (the “Agreement”) to purchase and assume certain assets of John Bordynuik, Inc. (“JBI”), a Delaware corporation. This is an arms-length agreement between the Company and JBI by President and CEO John Bordynuik, who is the majority shareholder in both JBI and John Bordynuik Inc.
Under the terms of the Agreement, the Company will issue 809,593 shares of common stock, par value $0.001 per share in consideration for the assets of JBI. The closing of the Agreement occurred on July 15, 2009.
The Company will able to use the hardware to immediately service existing clients of JBI which includes processing tapes from NASA. This Agreement will allow the Company to read tapes to realize the revenue of migrating data of customers’ tapes at a flat rate and then recycle the old tapes by using our Plastic2Oil processor. As we are currently paid by clients to recycle these tapes, this will effectively cause a negative feedstock cost into our Plastic2Oil processor. These old tapes weigh approximately 2 kg each with their plastic cover, and we believe we will be able to produce 2 liters of fuel from every recycled tape. Through this acquisition, the Company will have approximately 50 tons of tapes to read, to migrate the data and to recycle in its Plastic2Oil processor, 20 tons immediately.
8K Filed 6-30-09 (Summary: Stock Purchase Agreement at 3x current share price)
Item 1.01. Entry into a Material Definitive Agreement.
On June 30, 2009, JBI, Inc., (the “Company”) entered into an stock purchase agreement (the “Agreement”) whereby the Company agreed to sell 66,667 shares of the Company’s common stock to John Bordynuik, Inc. (“JBI”), a Delaware corporation for an aggregate value of $200,000.
Item 3.02. Unregistered Sales of Equity Securities
As more fully described in Item 1.01, on June 30, 2009 the Company sold 66,667 shares of the Company’s common stock to JBI at a share price of $3.00 per share for an aggregate value of $200,000.
The issuance of these securities was exempt from registration under Section 4(2) of the Securities Act. This determination was based on the representations of JBI, which included, in pertinent part, that JBI was an "accredited investors" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act and that JBI was acquiring our common stock for investment purposes for its own respective accounts and not as nominees or agents, and not with a view to the resale or distribution thereof, and that JBI understood that the shares of our common stock may not be sold or otherwise disposed of without registration under the Securities Act or an applicable exemption therefrom.
8K Filed 6-26-09 (Summary: Moves assets from private company into JBII)
Item 1.01. Entry into a Material Definitive Agreement.
On June 25, 2009, JBI, Inc., (the “Company”) entered into an asset purchase agreement (the “Agreement”) to purchase and assume certain assets of John Bordynuik, Inc. (“JBI”), a Delaware corporation. This is an arms-length agreement between the Company and JBI by President and CEO John Bordynuik, who is the majority shareholder in both JBI and John Bordynuik Inc.
Under the terms of the Agreement, the Company will issue 809,593 shares of common stock, par value $0.001 per share (the “Common Stock”) in consideration for the assets of JBI. The closing of the Agreement is expected to occur on or about July 15, 2009.
The Company will be able to use the hardware to immediately service existing clients of JBI which includes processing tapes from NASA. This Agreement will allow the Company to read tapes to realize the revenue of migrating data of customers’ tapes at a flat rate and then recycle the old tapes by using our Plastic2Oil processor. As we are currently paid by clients to recycle these tapes, this will effectively cause a negative feedstock cost into our Plastic2Oil processor. These old tapes weigh approximately 2 kg each with their plastic cover, and we believe we will be able to produce 2 liters of fuel from every recycled tape. Through this acquisition, the Company will have approximately 50 tons of tapes to read, to migrate the data and to recycle in its Plastic2Oil processor, 20 tons immediately.
John Bordynuik’s biography is as follows:
John Bordynuik is the founding CEO and President of John Bordynuik Inc. , a Delaware corporation. Mr. Bordynuik is a Collaborative Researcher in the Math and Computation Group of the Computer Science and Artificial Intelligence Lab, Massachusetts Institute of Technology, Cambridge, MA. Mr. Bordynuik solved MIT's problem of reading 30-40 year old tapes by developing highly sophisticated technology to address the issues related to legacy computer data, and has since recovered thousands of tapes from the 1960's to 1990's. In
2001, Mr. Bordynuik recovered the "holy grail of software" for the founder of the world’s largest operating system company in Washington. During 1990-2001, Mr. Bordynuik was employed by the Ontario Legislative Assembly, Queen's Park, Toronto, in Research and Development. Mr. Bordynuik has recovered data from old media for the past 20 years to amass the world's largest solution and algorithm archive. Mr. Bordynuik was granted a broad US patent (7,115,872) for a dirty bomb detector in 2006. Mr. Bordynuik continues to innovate and develop niche market products for JBI. Mr. Bordynuik is known in the data recovery community as a visionary, innovator, and problem solver of extraordinary talent.
Chart
Nasa Delivery
siliconinvestor.com |
