Under terms of the agreement, JBI has a ten-year license with a renewal option to construct and operate Plastic2Oil processing stations at RockTenn's facilities. JBI will take RockTenn's waste plastic and covert it to useable fuels, including naphtha, fuel oil and something similar to natural gas.
RockTenn's paper mills generate thousands of tons of waste plastic per day and to handle that stream of waste, RockTenn had been storing the by-product in company-owned, plastic-only landfill sites for years. This agreement gives JBI exclusive rights to mine plastic from these sites (how strange does that sound?). According to JBI, RockTenn has the feedstock to support hundreds of Plastic2Oil processors and, as such, JBI designed its conversion systems to be modular, allowing for rapid deployment across RockTenn's locations.
THOROLD, Ontario, Aug. 8, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (OTCQX: JBII.PK - News) is pleased to announce that on July 29, 2011, JBI entered into an agreement with Rock-Tenn Company (RockTenn) to convert mill by-product waste into fuel using JBI's Plastic2OilTM technology.
Under the agreement, JBI has an exclusive ten-year license with a renewal option to build and operate Plastic2Oil(TM) processors at RockTenn facilities to process RockTenn's waste plastic at paper mills and Material Recovery Facilities (MRF) and to mine and process plastic from RockTenn's plastic-filled monofill sites.
RockTenn's paper mills and MRFs currently produce thousands of tons of plastic per day. To handle the plastic waste stream, RockTenn has been storing this by-product in company-owned plastic-only monofill sites for several years. The agreement gives JBI the exclusive rights to mine plastic from these sites.
JBI's Founder & CEO John Bordynuik said, "We are honored that RockTenn has chosen JBI to be its long-term partner in this venture and believe this provides further validation that we have a viable commercial process to handle not only the critical issue of waste by-product but also rising energy costs. RockTenn has the industrial relationship and feedstock to support hundreds of Plastic2Oil(TM) processors. We anticipate a mutually beneficial relationship for both parties and intend to expand as quickly as possible. RockTenn currently has sites that can support clusters of processors. In preparation for this agreement, we have designed our processors to be modular 'plug and play' to allow rapid deployment across RockTenn's locations."
JBI's business principles are guided by environmental sustainability and a strategic model to cluster processors at single high-volume waste plastic sites. The company aims to create long-term shareholder value through joint venture partnerships with Fortune 500 companies.
About JBI, Inc.
JBI, Inc. is a domestic alternative Oil and Gas company. JBI developed a process that converts waste plastic into fuel (Plastic2Oil), without the need of further refinement. JBI scaled a 1kg process to a 20MT commercial processor in less than 1 year. For further information please visit www.plastic2oil.com and review our SEC filings, including without limitation our Form 10-K filed with the SEC on April 20, 2011.