Work continues toward Plastic2Oil plant JBI Inc. o

Work continues toward Plastic2Oil plant

JBI Inc. of Niagara Falls, N.Y., says it continues to work toward a Plastic2Oil plant on RockTenn Corp. property in North Jacksonville.

JBI developed a system to recycle waste plastic into liquid fuels. More information is available at the plastic2oil.com website.

"In addition to the progress at the Niagara Falls location, the company continues to work on development of its second plant to be located in Jacksonville, Florida," says a news release issued Feb. 11.

"Currently, the company is evaluating engineering options to maximize feedstock throughput for processors that will be located at that site, in addition to site design and construction activities related to plant infrastructure," it says.

JBI said in the release that its third processor was being assembled at its Niagara Falls plant but because of fabrication delays, the company anticipates that the processor will not produce fuel until sometime in the second quarter.

"The company had previously expected to have this processor online during the first quarter of 2013," says the release.

"These delays will preclude the company from achieving cash-flow positive results during the first quarter of 2013, as previously communicated. The company intends to provide updated guidance in its upcoming annual report," it says.

JBI announced in January that it has raised $8.05 million in two sales of preferred stock, indicating its proposed Plastic2Oil plant at the RockTenn containerboard mill at 9469 Eastport Road, off Heckscher Drive, might be closer to development.

JBI also announced in January that the Securities and Exchange Commission approved settlement of a lawsuit against the company and its former CEO, John Bordynuik. If approved by the court, the proposed settlement "would fully resolve the dispute with the SEC evidenced by the lawsuit filed in January 2012," it said.

JBI said the lawsuit arises from the restatement of the company's financial statements for the periods that ended Sept. 30, 2009, and Dec. 31, 2009.

The Daily Record reported in August plans were under review for a Plastic2Oil production plant to convert waste plastic into fuel oil. It is shown as a 5-acre project on part of the 241-acre site of the RockTenn Corp. Seminole containerboard mill, formerly known as Smurfit-Stone Container Corp.

As reported, preliminary site plans show a 9,360-square-foot module production pad with adjacent space for truck unloading; a 1,170-square-foot storage tank concrete area; a 900-square-foot fuel truck loading area; a cooling tower; and a 720-square-foot quality control testing laboratory trailer.

The plans show conveyors, three "premelts," three reactors and towers and condensers.

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