I can guess the answer to your question from those still trapped in this swindle.
1) It doesn't matter that Bordynuik defrauded them with lies for five years about *already* producing oil for a total cost of $10/bbl. That all became "old history" once the company changed their business "plan" to selling processors.
Furthermore, if the company changes their business "plan" again, then all the lies Heddle has more recently told them will also automatically become irrelevant "old history".
2) The SEC only "alleged" that Bordynuik committed securities fraud and accounting fraud in the mountain of evidence they made public. The fact that Borydnuik was fined and banned from being an officer or director is explained by the fact that he was putting investors first, by accepting punishment rather than fighting to prove his innocence in court.
Furthermore, Bordynuik's explicit admission to lying and committing rather despicable crimes in his OSC settlement, for which he was reprimanded, fined, and banned again from being an officer and director aren't relevant. Just because he admitted to lying to investors and committing securites crimes fro 2008 through 2011 doesn't prove that he wasn't telling the truth from 2012 through when he jumped shipped.
Furthermore, none of these lies he told on national television to defraud investors matter. He was just being "overly optimistic" when he said all of these things:
Transcript: BNN "The Pitch" TV show 27-Apr-11
27-Apr-11 04:36 pm
BNN: The Pitch: April 27, 2011
watch.bnn.ca/#clip457091
Part I
Hello I’m John Bordynuik, CEO of JBI. We have the only viable process that converts waste plastic into diesel fuel.
Today’s panelists:
• Ellis Jacob – CEO Cineplex Entertainment (http://playbackonline.ca/2005/12/05/jaco...
• Vince Mazza – Managing Partner, Holbrook Capital (http://www.holbrookcap.com/index2.html)
• David Simpson – Director, Business Families Center, Richard Ivey School of Business (http://www.businessfamilies.org/en/affil...
Part IIa
John Bordynuik
A few months ago the EPA released a report that stated that less than 7% of all waste plastics in the United States is recycled. That means that over 30 million tons of plastic go to landfill now. We developed a process that converts this waste plastic into useable fuels: diesel and gasoline light fractions. Our process is powered by converting 8% of that plastic feedstock into natural gas. So it’s a self-powering process. We do consume that 8%, but it’s worth it at the end. Our process has been validated by numerous highly reputable labs including IsleChem – we’ve been through an exhaustive New York DEC permit process. Our fuel has been tested by highly reputable labs including Intertek, PetroLabs, Southwestern Research and Alberta Research Council. And we have a great team that is highly experienced in not only polymers, but also oil and gas. And our business plan for this machine is very simple. We are going to bolt it down at high waste plastic generation sites, in their facilities. We’ll own and operate it and we’ll enter into a revenue-sharing scheme wherein we sell them back fuel at a discount to market or we go to third parties, sell the fuel and they gain about 20%.
Host: Short and sweet. Ellis, what question do you have for John?
Ellis: I like the idea, but the question is “how do you commercialize something like this?” When you look at companies like Coca-Cola and Pepsi-Cola who are going green. How do you use this technology to help them recycle their plastics because that’s part of the big product that they push out.
JB: Well the plastics that are being recycle now are actually – that’s Coca-Cola and Pepsi – are PET #1 recycling. We’re looking at 2 to 7 which is a lot.
Ellis: So it’s a different plastic than what you are looking at.
JB: It is. Agricultural film, for example, isn’t recycled. A lot of food containers, food packaging.
Ellis: So how do you commercialize what you’ve got on prototype now?
JB: Well we have a 20 ton processor that will convert 20 tons of plastic per day into about 109 barrels of fuel. So commercializing that is just building multiple machines to handle the in-feed of waste plastics.
Host: Vince
Vince: What type of intellectual property do you have around this? Or is it more of a know-how?
JB: There’s a lot of know-how in the machine. However, we’ve been working with a major law firm in Toronto to file about five patents on the machine now. There’s a lot of unique technology in it because we spent a lot of time looking at costs and reducing them. So we don’t have a five or seven million dollar machine here. We’re talking about something that maxes out around 587,000 dollars.
David: Could you tell me – your 20 ton processor that you have now – how much have you spent to get there and then you explain to me a little bit about what you would do with that five million dollars that you would like.
JB: Well the money that we spent so far. We spent about two to three million dollars. That was a lot in labs, permitting, just R&D. Now we need these funds for project-based financing. We are now being inundated with requests to put processors at high waste plastic feed sights. So we need the project-based financing to be able to build, manufacture, and bolt the machines down in their facilities.
David: So new machines?
JB: New machines.
David: And you have no input costs at that point when you make a revenue-sharing deal? That basically your model, that you’ll get the plastic -
JB: Our model is long-term, ten years or more, free plastic feedstock. They’re paying right now to send it to landfill.
Host: To clarify, JBII trades today on the OTC bulletin board I believe?
JB: OTCQX? And we are filing a prospectus in Ontario over the next week.
Host: And I believe that you had to announce that you had to delay a filing. Could you clarify that?
JB: Sure. We had to file our 10K. So we went to a larger audit firm here in Canada that could do both Canadian and U.S. reporting.
David: Canada and U.S. You made the statement that the U.S. doesn’t recycle which created a huge opportunity. Where is your focus, then. U.S. customers or Canadian?
JB: We went to both. We went to the U.S. first because the U.S. allows you to set up pilot plants fairly quickly. We had a lot of support from the N.Y. DEC. Here in Canada the process is a bit slower – regulatory process on the environmental side. Our process is very green, the emissions are less than a natural gas furnace. We do plan to bolt down plants here in Canada. We already acquired a material recycling facility as well as a million litre fuel blending site here in the Niagara region.
Host: Ellis your cinemas obviously produce a lot of recyclables, a lot of plastic waste. Would this be something that would interest you if the scale worked?
Ellis: It’s a different level of plastic. He’s talking more – we have PET 1 level of plastic which is mainly bottles of water and bottles of soda. So his is different than what we would normally have. But I just wanted to ask you, John, who is your customer or who is the largest client that you are looking to bring on board?
JB (5:06): The largest client that we have right now, and we have already had our agreements go through legal, I can’t disclose their name, but what I can say is they’re an extremely large cardboard recycler. Lots of paper mills, lots of MRF’s. That’s one of many. But we spent a lot of time filtering through the requests and picking the best, lowest hanging fruit that’s ideal for this. I’d rather put another five or six processors at one site than have five processors across a number of sites.
Ellis: You said cardboards, but aren’t you talking plastic?
JB: I know, I was shocked, too. Cardboard recycling generates an enormous amount of plastic. Here in Ontario a Niagara region plant generates about 30 tons a day of waste plastic. And that’s just from plastic in lined cardboard. Those plastic tabs on the side that hold the shipping labels and other such things.
Host: Let’s leave it there. Thank you so much, John. We’ll see you later when we go for the big decision.
Today's BNN "The Pitch" TV show with JB: Part III
27-Apr-11 04:40 pm This section of the show was not related to JBII
Part IV
Host: Ellis, could I start with you? Would you put money into JBI at this stage? Or would you see that as being a feasible thing to invest in right now?
Ellis: I actually like the story and being focused on green and green technology with a cinema business I thought it was a pretty good story and I’m probably going to go back to the office and pull up his documentation to learn more about the company. So I may look at it.
Host: Vince.
Vince: Yeah, I’m in the same boat. I’m really intrigued by the business. I like the green aspect of it. I think it’s very timely. I’d like to learn more about it, so I’d be keen on learning more.
Host: Would you actually put money into it?
Vince: Not at this second, but after learning a bit more I’d consider it. It’s definitely a space that we are interested in. The challenge might be the stage of development of the company. We typically are in at a later stage, but it is something that we could follow and invest in at the right time.
Host: Now you raised the patent question – the intellectual property question. John, there must be a lot of people working on this kind of stuff – plastic back into oil.
JB: There is, but there hasn’t been any real success in the area. They’re all basically heating up plastic and condensing back the vapor. They end up with a sludge. We call it “kind of like oatmeal.” And that doesn’t have much value to the refineries. Maybe 10 to 20 cents a litre.
Host: How does your thing differ from that?
JB: Oh we make spec fuel. We can make #2, for example, heating oil. I can make it within spec perfectly every time and it’s just comes out of the machine that way. So we make a quality fuel that’s directly to a commodity price.
Host: David Simpson, would you put money into JBI?
David: Well John has a bit of a “too good to be true” smile on his face which makes it hard to make a decision. But if what he says pans out, to your point (pointing at Vince) with the patents and what not, this is the kind of project that is on the mark and the financial markets will reward him and he’s already taken that first step to go to the over-the-counter market. So I think that mix of debt and some extra angel investors - this is something that I think has a lot of potential.
Host: Vince, you see a lot of technology pitches. What do you look for?
Vince: With technology it’s tough because technology pitches often are earlier stage so it’s – we like to see traction. We like to see actual revenues as opposed to – good ideas aren’t just great ideas until they start generating revenue and, even more importantly, profit and EBITA.
Host: John, when would you hope to start posting sales?
JB: Now. This week.
Host: Actual revenue?
JB: We’re filling tankers at the site now.
Host: What about serious cash flow?
JB: Serious cash flow – you’re looking at a quarter out, really. So you’re looking at Q2.
Host: So guys, I think Ellis it was qualified interest, Vince the same for you, and David the same for you?
David: Yeah, because I think he’s got a good opportunity mix that lends itself to all kinds of different investors, including his capital equipment ask, which is part of his five million. So I think he’s on the right track and I’d be interested in that.
1) It doesn't matter that Bordynuik defrauded them with lies for five years about *already* producing oil for a total cost of $10/bbl. That all became "old history" once the company changed their business "plan" to selling processors.
Furthermore, if the company changes their business "plan" again, then all the lies Heddle has more recently told them will also automatically become irrelevant "old history".
2) The SEC only "alleged" that Bordynuik committed securities fraud and accounting fraud in the mountain of evidence they made public. The fact that Borydnuik was fined and banned from being an officer or director is explained by the fact that he was putting investors first, by accepting punishment rather than fighting to prove his innocence in court.
Furthermore, Bordynuik's explicit admission to lying and committing rather despicable crimes in his OSC settlement, for which he was reprimanded, fined, and banned again from being an officer and director aren't relevant. Just because he admitted to lying to investors and committing securites crimes fro 2008 through 2011 doesn't prove that he wasn't telling the truth from 2012 through when he jumped shipped.
Furthermore, none of these lies he told on national television to defraud investors matter. He was just being "overly optimistic" when he said all of these things:
Transcript: BNN "The Pitch" TV show 27-Apr-11
27-Apr-11 04:36 pm
BNN: The Pitch: April 27, 2011
watch.bnn.ca/#clip457091
Part I
Hello I’m John Bordynuik, CEO of JBI. We have the only viable process that converts waste plastic into diesel fuel.
Today’s panelists:
• Ellis Jacob – CEO Cineplex Entertainment (http://playbackonline.ca/2005/12/05/jaco...
• Vince Mazza – Managing Partner, Holbrook Capital (http://www.holbrookcap.com/index2.html)
• David Simpson – Director, Business Families Center, Richard Ivey School of Business (http://www.businessfamilies.org/en/affil...
Part IIa
John Bordynuik
A few months ago the EPA released a report that stated that less than 7% of all waste plastics in the United States is recycled. That means that over 30 million tons of plastic go to landfill now. We developed a process that converts this waste plastic into useable fuels: diesel and gasoline light fractions. Our process is powered by converting 8% of that plastic feedstock into natural gas. So it’s a self-powering process. We do consume that 8%, but it’s worth it at the end. Our process has been validated by numerous highly reputable labs including IsleChem – we’ve been through an exhaustive New York DEC permit process. Our fuel has been tested by highly reputable labs including Intertek, PetroLabs, Southwestern Research and Alberta Research Council. And we have a great team that is highly experienced in not only polymers, but also oil and gas. And our business plan for this machine is very simple. We are going to bolt it down at high waste plastic generation sites, in their facilities. We’ll own and operate it and we’ll enter into a revenue-sharing scheme wherein we sell them back fuel at a discount to market or we go to third parties, sell the fuel and they gain about 20%.
Host: Short and sweet. Ellis, what question do you have for John?
Ellis: I like the idea, but the question is “how do you commercialize something like this?” When you look at companies like Coca-Cola and Pepsi-Cola who are going green. How do you use this technology to help them recycle their plastics because that’s part of the big product that they push out.
JB: Well the plastics that are being recycle now are actually – that’s Coca-Cola and Pepsi – are PET #1 recycling. We’re looking at 2 to 7 which is a lot.
Ellis: So it’s a different plastic than what you are looking at.
JB: It is. Agricultural film, for example, isn’t recycled. A lot of food containers, food packaging.
Ellis: So how do you commercialize what you’ve got on prototype now?
JB: Well we have a 20 ton processor that will convert 20 tons of plastic per day into about 109 barrels of fuel. So commercializing that is just building multiple machines to handle the in-feed of waste plastics.
Host: Vince
Vince: What type of intellectual property do you have around this? Or is it more of a know-how?
JB: There’s a lot of know-how in the machine. However, we’ve been working with a major law firm in Toronto to file about five patents on the machine now. There’s a lot of unique technology in it because we spent a lot of time looking at costs and reducing them. So we don’t have a five or seven million dollar machine here. We’re talking about something that maxes out around 587,000 dollars.
David: Could you tell me – your 20 ton processor that you have now – how much have you spent to get there and then you explain to me a little bit about what you would do with that five million dollars that you would like.
JB: Well the money that we spent so far. We spent about two to three million dollars. That was a lot in labs, permitting, just R&D. Now we need these funds for project-based financing. We are now being inundated with requests to put processors at high waste plastic feed sights. So we need the project-based financing to be able to build, manufacture, and bolt the machines down in their facilities.
David: So new machines?
JB: New machines.
David: And you have no input costs at that point when you make a revenue-sharing deal? That basically your model, that you’ll get the plastic -
JB: Our model is long-term, ten years or more, free plastic feedstock. They’re paying right now to send it to landfill.
Host: To clarify, JBII trades today on the OTC bulletin board I believe?
JB: OTCQX? And we are filing a prospectus in Ontario over the next week.
Host: And I believe that you had to announce that you had to delay a filing. Could you clarify that?
JB: Sure. We had to file our 10K. So we went to a larger audit firm here in Canada that could do both Canadian and U.S. reporting.
David: Canada and U.S. You made the statement that the U.S. doesn’t recycle which created a huge opportunity. Where is your focus, then. U.S. customers or Canadian?
JB: We went to both. We went to the U.S. first because the U.S. allows you to set up pilot plants fairly quickly. We had a lot of support from the N.Y. DEC. Here in Canada the process is a bit slower – regulatory process on the environmental side. Our process is very green, the emissions are less than a natural gas furnace. We do plan to bolt down plants here in Canada. We already acquired a material recycling facility as well as a million litre fuel blending site here in the Niagara region.
Host: Ellis your cinemas obviously produce a lot of recyclables, a lot of plastic waste. Would this be something that would interest you if the scale worked?
Ellis: It’s a different level of plastic. He’s talking more – we have PET 1 level of plastic which is mainly bottles of water and bottles of soda. So his is different than what we would normally have. But I just wanted to ask you, John, who is your customer or who is the largest client that you are looking to bring on board?
JB (5:06): The largest client that we have right now, and we have already had our agreements go through legal, I can’t disclose their name, but what I can say is they’re an extremely large cardboard recycler. Lots of paper mills, lots of MRF’s. That’s one of many. But we spent a lot of time filtering through the requests and picking the best, lowest hanging fruit that’s ideal for this. I’d rather put another five or six processors at one site than have five processors across a number of sites.
Ellis: You said cardboards, but aren’t you talking plastic?
JB: I know, I was shocked, too. Cardboard recycling generates an enormous amount of plastic. Here in Ontario a Niagara region plant generates about 30 tons a day of waste plastic. And that’s just from plastic in lined cardboard. Those plastic tabs on the side that hold the shipping labels and other such things.
Host: Let’s leave it there. Thank you so much, John. We’ll see you later when we go for the big decision.
Today's BNN "The Pitch" TV show with JB: Part III
27-Apr-11 04:40 pm This section of the show was not related to JBII
Part IV
Host: Ellis, could I start with you? Would you put money into JBI at this stage? Or would you see that as being a feasible thing to invest in right now?
Ellis: I actually like the story and being focused on green and green technology with a cinema business I thought it was a pretty good story and I’m probably going to go back to the office and pull up his documentation to learn more about the company. So I may look at it.
Host: Vince.
Vince: Yeah, I’m in the same boat. I’m really intrigued by the business. I like the green aspect of it. I think it’s very timely. I’d like to learn more about it, so I’d be keen on learning more.
Host: Would you actually put money into it?
Vince: Not at this second, but after learning a bit more I’d consider it. It’s definitely a space that we are interested in. The challenge might be the stage of development of the company. We typically are in at a later stage, but it is something that we could follow and invest in at the right time.
Host: Now you raised the patent question – the intellectual property question. John, there must be a lot of people working on this kind of stuff – plastic back into oil.
JB: There is, but there hasn’t been any real success in the area. They’re all basically heating up plastic and condensing back the vapor. They end up with a sludge. We call it “kind of like oatmeal.” And that doesn’t have much value to the refineries. Maybe 10 to 20 cents a litre.
Host: How does your thing differ from that?
JB: Oh we make spec fuel. We can make #2, for example, heating oil. I can make it within spec perfectly every time and it’s just comes out of the machine that way. So we make a quality fuel that’s directly to a commodity price.
Host: David Simpson, would you put money into JBI?
David: Well John has a bit of a “too good to be true” smile on his face which makes it hard to make a decision. But if what he says pans out, to your point (pointing at Vince) with the patents and what not, this is the kind of project that is on the mark and the financial markets will reward him and he’s already taken that first step to go to the over-the-counter market. So I think that mix of debt and some extra angel investors - this is something that I think has a lot of potential.
Host: Vince, you see a lot of technology pitches. What do you look for?
Vince: With technology it’s tough because technology pitches often are earlier stage so it’s – we like to see traction. We like to see actual revenues as opposed to – good ideas aren’t just great ideas until they start generating revenue and, even more importantly, profit and EBITA.
Host: John, when would you hope to start posting sales?
JB: Now. This week.
Host: Actual revenue?
JB: We’re filling tankers at the site now.
Host: What about serious cash flow?
JB: Serious cash flow – you’re looking at a quarter out, really. So you’re looking at Q2.
Host: So guys, I think Ellis it was qualified interest, Vince the same for you, and David the same for you?
David: Yeah, because I think he’s got a good opportunity mix that lends itself to all kinds of different investors, including his capital equipment ask, which is part of his five million. So I think he’s on the right track and I’d be interested in that.
