Cleanlink News October 21 2009
PAK-IT Merges with JBI Inc
Steve Seneca, President PAK-IT LLC, Philadelphia, announced today that his company has successfully completed a merger with JBI, Inc., a publicly traded company based in Niagara Falls, Ontario. JBI’s other business lines include proprietary technology for reading archived tapes for clients such as NASA and other government agencies; telecommunications equipment distribution in North America, Mexico, Central and South America; and Plastic2Oil – a process and service that converts plastic to fuel oil.
“Pak-It owners received JBI, Inc. Common Stock and other consideration pursuant to the Agreement,” Mr. Seneca said. “The income from the combined operations of the entities as well as P2O and Pak-It™ licensing fees will be used to pay off all Pak-It debt and provide working capital that will allow us to expand on our success in the market.”
John Bordynuik, JBI Inc. CEO and President, stated, "We are extremely excited about this important acquisition, since the shared facilities of DCL Solutions will provide us with the expertise and ability to produce our proprietary catalyst and accelerate the planned expansion of our P2O technology and processors, in addition to giving us a green product line with huge revenue potential and excellent profit margins. Furthermore, we also gain access to a powerful management team with over 100 years of combined business experience, specializing in international marketing, finance, law, operations, restructurings, and mergers and acquisitions."
In addition to Mr. Seneca, the Pak-It executives joining the JBI team include CEO Robert G. Shoemaker, VP of Operations and Technical Director Ronald Kurp; and Vice President of Sales & Marketing Frank Wiley.
Commenting on the new JBI, Mr. Bordynuik said, "These new appointments in the JBI management team will provide a solid foundation for scaling the entire organization to execute rapid growth in our profit centers, and provide the most innovative technologies to our customers. “
Over the next few days, JBI will issue further press releases to provide shareholders information about Plastic2Oil, Data Migration, Javaco, and Pak-It updates.
