08/26/2013 @ 2:31PM JBI, Inc. (the "Company"
Post# of 43066
Posted On: 02/05/2015 8:07:36 AM
Quote:
08/26/2013 @ 2:31PM JBI, Inc. (the "Company" or "JBI"(OTCQB: JBII), a clean energy company that recycles waste plastic into liquid fuels, today announced continued actions to help significantly reduce costs as part of its ongoing goal to achieve cash flow positive results.
The Company plans to close operations at its recycling facility in Thorold, Ontario over the next several weeks, at which point all eight employees at the facility will be laid off. The Company's new executive team has decided to forego having a two stage plastic delivery process in favor of dealing with processor-ready plastics delivered directly to its fuel processing site in Niagara Falls, NY.
Based on operational data from the first six months of 2013, the Company estimates total annualized cost savings as a result of these measures to be approximately $800,000.
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