As Web's World Turns

[skiracer]

I'm not condeming John or the stock but whenever I seen something like this in the past it always turns out to be a scam and this is how the unravelling generally starts. Webs, it was one of the strongest picks I have seen here and I made out bigtime with it. I only wish you would have cashed out when it was at the $7/7.50 level. I'm glad your out. You can always get back in.

[Websman]

Thanks for posting that River...That news was a huge red flag.

[Websman]

thank you river. interesting. i can only say this, "RUN FOR THE HILLS".

Agreed Ski...And I did run. Although I could have sold at a much higher price, I still took some very nice profits. My average buy price was well under a dollar. I'm happy that I sold today...I suspect that I will be able to buy JBII at a dollar or less soon.

[skiracer]

thank you river. interesting. i can only say this, "RUN FOR THE HILLS".

[riverbabe]

This is the one about the accountants.

On May 19, 2010 John Bordynuik, President and Chief Executive Officer and Director of JBI, Inc., (the “Company”), concluded that the Company’s previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission (“SEC”) on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon due to questions regarding: 1) the accounting treatment and related disclosures of two acquisitions which were completed during 2009 and 2) the valuation of media credits acquired by the Company during 2009 through the issuance of common stock. The Company’s former independent registered public accounting firm Gately and Associates, who was dismissed on May 13, 2010, was informed of the matters disclosed above.

Management is working diligently to correct the errors and file restated financial statements. This restatement will in no way impact the Company's ability to execute its business plan during the 2010 fiscal year. The Company has sufficient cash to complete the P2O factory in Niagara Falls NY and to upgrade the Pak - It facility for retail rollout and to bring the fuel blending site to an operational state

The Company’s newly appointed independent registered public accounting firm of WithumSmith+Brown, PC will review the restated financial statements to be included in the revised Form 10-Q and will audit the financial statements to be included in the revised Form 10-K. Therefore, the above mentioned filings and related financial statements should no longer be relied upon.

[Websman]

NIAGARA FALLS, Ontario, May 21, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBII - News) has completed a private placement. A total of 488,779 shares were sold at $4.00 per share allowing the Company to raise a total of $1,955,116.


JBI CEO John Bordynuik commented, "The money raised in this placement will allow JBI to run all continuing operations and support development of our Plastic2Oil rollout."


About JBI, Inc.


JBI, Inc. is a technology company focused on injecting intelligence into existing products and processes, making them efficient and profitable. JBI seeks to innovate new solutions to issues facing today's world, including environmental concerns. JBI currently has four business lines including JBI's tape data recovery, JAVACO, PAK-IT LLC and our new Plastic2Oil business. Information on our company and all of our products and services can be found at http://www.jbiglobal.com/.


Forward Looking Statements


This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees as of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

[Websman]

And then we have a new 8K which is actually encouraging...

http://biz.yahoo.com/e/100521/jbii.ob8-k.html

[Websman]

JBII.... Todays 8K explains why JBII changed accountants. This raises concerns for me. I will be watching JBII closely, and will take profits if something doesn't give soon.

[Websman]

Webs,
It sure seems those numbers are possible. When do you think preliminary figures will be in for the first production?

---------billy

The numbers are too big for my redneck brain to comprehend...jejeje...

Seriously...I don't know.

[billyjoe]

Webs,
It sure seems those numbers are possible. When do you think preliminary figures will be in for the first production?

---------billy

[Websman]

Webs,
At 3.40 it's hard to be optimistic. I think JBII's best days are in the past.

-----------billy

True, the share price is taking a beating, but the business is still rapidly progressing. I believe things will turn around very quickly when investors see how much revenue P2O produces. Each processor should net about $50,000 per week/$226,720 per month/$1,178,440 per year. This is an extremely conservative estimate as each processor may produce up to 400 bbl per day and not the 109 these estimates are based on.

So, taking a middle of the road number of 200 bbl per day and only 300 operating days = 60,000 bbl per year x $65.00 per bbl = $3,900,000 per processor.

If they plan 6 processors for the NewYork facility that's $23,400,000 for just this 1 site.
90 processors in Florida = $351,000,000

[billyjoe]

Webs,
At 3.40 it's hard to be optimistic. I think JBII's best days are in the past.

-----------billy

[Websman]

Webs,
What's with these wild price swings on JBII?

-------------billy

It's typical with an OTC stock. That is why JB is wanting to get uplisted.

[billyjoe]

Webs,
What's with these wild price swings on JBII?

-------------billy

[Websman]

The auditor change was good for JBII. I'm not worried about the drop in share price...P2O is about to roll out.