poof >> btw it's clear 4x meant cfo in lieu of ceo
Post# of 43066
Posted On: 05/06/2014 3:21:40 PM
poof >> btw it's clear 4x meant cfo in lieu of ceo (bottom paragraph)
xxxxcslewis Tuesday, 05/06/14 02:49:25 PM
Re: P2OBleavR post# 267764
Post # of 267783
Symbol: JBII
Availability: 20'000
Exchanges: PINK
Since I am only permitted one post per day because of my past indiscretions on this board I will try to use my one post efficiently and inoffensively as possible.
By way of full disclosure I am very long the stock and very confident of the companies success.
The business plan for the company is to sell processors to third parties. The ideal third party will have access to sufficient plastic waste, either internally, or by consolidating waste plastic from other sources. It is not the plan to become profitable by producing and selling fuel.
The above strategy represents a change from the previous business plan. About two years ago the company raised funds to continue the development of the technology. Certain terms were required by that financing. Those terms happened to dovetail with a settlement with a SEC lawsuit involving an accounting issue in a previous acquisition.
As a result a new management team was put in place. John Bordynuik the company founder and the true force behind the technology was forced to step down as an officer or director of the company. There were other requirements as well.
The new management team all resigned as of last August 15 after a former director of the company, John Wesson, publicly exposed some of the efforts members of that management team had made to undermine the company.
Rich Heddle then assumed the position of CEO. That is when the business plan was changed to the current plan. Rich Heddle has successfully built his company, Heddle Marine, from a two man operation into the largest company of its type in North America.
JBII successfully tested the new flagship processor in 2013. Production now apparently is only done to process plastic waste for potential waste plastic generators that may have an interest in purchasing processors.
There exists public information the company has priced the processors in the $8 million dollar vicinity and is negotiating with several potential buyers.
There are two nearly complete processors that could be shipped in a few weeks time should a purchase order be closed. A case can be made the estimated cost for the fabrication each processor is in the area of $1 million. That would result in a gross profit for each processor sold of $7 million. A sale could be announced at any time.
There likely will be additional ongoing revenue to JBII for each processor sold by JBII for royalties, catalysts, software upgrades and for a maintenance contract.
The company has not filed its 10-K for 2013. The former CFO assumed his position last August 15 when his predecessor left in the "Wesson" house cleaning. He was very young and did not possess sufficient experience for the office he had assumed. He was replaced in March with a qualified new CEO. Neither the new CEO nor the company has spoken on the subject on when the financial statements will be filed but it seems reasonable that the new CEO should be given reasonable latitude in the performance of his job to be confident he releases information that will hold up to extensive scrutiny. It is quite possible the filing for Q1 will also be delayed.
xxxxcslewis Tuesday, 05/06/14 02:49:25 PM
Re: P2OBleavR post# 267764
Post # of 267783
Symbol: JBII
Availability: 20'000
Exchanges: PINK
Since I am only permitted one post per day because of my past indiscretions on this board I will try to use my one post efficiently and inoffensively as possible.
By way of full disclosure I am very long the stock and very confident of the companies success.
The business plan for the company is to sell processors to third parties. The ideal third party will have access to sufficient plastic waste, either internally, or by consolidating waste plastic from other sources. It is not the plan to become profitable by producing and selling fuel.
The above strategy represents a change from the previous business plan. About two years ago the company raised funds to continue the development of the technology. Certain terms were required by that financing. Those terms happened to dovetail with a settlement with a SEC lawsuit involving an accounting issue in a previous acquisition.
As a result a new management team was put in place. John Bordynuik the company founder and the true force behind the technology was forced to step down as an officer or director of the company. There were other requirements as well.
The new management team all resigned as of last August 15 after a former director of the company, John Wesson, publicly exposed some of the efforts members of that management team had made to undermine the company.
Rich Heddle then assumed the position of CEO. That is when the business plan was changed to the current plan. Rich Heddle has successfully built his company, Heddle Marine, from a two man operation into the largest company of its type in North America.
JBII successfully tested the new flagship processor in 2013. Production now apparently is only done to process plastic waste for potential waste plastic generators that may have an interest in purchasing processors.
There exists public information the company has priced the processors in the $8 million dollar vicinity and is negotiating with several potential buyers.
There are two nearly complete processors that could be shipped in a few weeks time should a purchase order be closed. A case can be made the estimated cost for the fabrication each processor is in the area of $1 million. That would result in a gross profit for each processor sold of $7 million. A sale could be announced at any time.
There likely will be additional ongoing revenue to JBII for each processor sold by JBII for royalties, catalysts, software upgrades and for a maintenance contract.
The company has not filed its 10-K for 2013. The former CFO assumed his position last August 15 when his predecessor left in the "Wesson" house cleaning. He was very young and did not possess sufficient experience for the office he had assumed. He was replaced in March with a qualified new CEO. Neither the new CEO nor the company has spoken on the subject on when the financial statements will be filed but it seems reasonable that the new CEO should be given reasonable latitude in the performance of his job to be confident he releases information that will hold up to extensive scrutiny. It is quite possible the filing for Q1 will also be delayed.
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