Load testing application with Jmeter & jboss remoting throws exception saying "Too many channels open"

package com;

import org.apache.jmeter.config.Arguments;
import org.apache.jmeter.protocol.java.sampler.AbstractJavaSamplerClient;
import org.apache.jmeter.protocol.java.sampler.JavaSamplerContext;
import org.apache.jmeter.samplers.SampleResult;

import com.banctec.caseware.client.api.API;
import com.banctec.caseware.client.api.RemoteClientAPI;
import com.banctec.caseware.resources.CaseResource;
import com.banctec.caseware.resources.LoginResource;
import com.banctec.caseware.resources.Resource;

public class EJBTest extends AbstractJavaSamplerClient {

	private API api = null;
	private Long typeId;
	private int setupTestCalled = 0;
	private int teardownTestCalled = 0;
	private int runTestCalled = 0;
	
	public Arguments getDefaultParameters() {
	    Arguments defaultParameters = new Arguments();
	    defaultParameters.addArgument("typeId", "1");
	    defaultParameters.addArgument("RunLoop", "200");
	    defaultParameters.addArgument("username", "abc");
	    defaultParameters.addArgument("password", "abc");
	    return defaultParameters;
	}
	
	public void setupTest(JavaSamplerContext context) {
		try {
			typeId = context.getLongParameter("typeId");
			api = new RemoteClientAPI();//this is where InitialContext gets created
			LoginResource loginResource = new LoginResource(context.getParameter("username"), context.getParameter("password"));
			loginResource.setUseDefaultRole(Boolean.valueOf(true));
			api.login(new Resource[] { loginResource });
		}catch (Exception e) {
			e.printStackTrace();
		}
		System.out.println(" Number of times setupTest called "+(++setupTestCalled));
	}
	
	public void teardownTest(JavaSamplerContext context) {
		try{
			if (api != null) {
				api.logout();//In this method InitialContext.close() get's called
			}
		}catch (Exception e) {
			e.printStackTrace();
		}
		System.out.println(" Number of times teardownTest called "+(++teardownTestCalled));
	}
	
	public SampleResult runTest(JavaSamplerContext context) {
	    SampleResult result = new SampleResult();
	    boolean success = true;
	    int loopCount = context.getIntParameter("RunLoop");
	    result.sampleStart();
            //Here goes the code that will call few business methods on remote EJB's in application
            // I've purposely removed this bit here..
	    System.out.println(" Number of times runTest called "+(++runTestCalled));
	    result.sampleEnd();
	    result.setSuccessful(success);
	    return result;
	}
}