|By Marketwired .||
|April 25, 2014 09:14 AM EDT||
LARGO, FL -- (Marketwired) -- 04/25/14 -- Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) -- The Company entered into a material contract, an Asset Purchase Agreement, on April 23, 2014 for the Company to purchase its first Florida production site. On April 24, 2014, the Company filed its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014 that includes the Company's required filing of this material contract. (March 31, 2014 Quarterly Report - Financial Statements, Notes to Consolidated Financial Statements, Note 11 - Subsequent Events)
The Company entered into the Asset Purchase Agreement with a dissolving company that is in bankruptcy for an industrial manufacturing property and equipment that in very general terms includes an over 40,000 square foot warehouse located in the State of Florida on over 5 acres of land. The bankruptcy hearing pertaining to the sale is being held during next month, May 2014. The Company is required to await the bankruptcy hearing's results prior to further disclosure of the Asset Purchase Agreement. The Company's use of the industrial manufacturing property and equipment will be to manufacture wood pellets to be used as an alternate power fuel and for farm and agricultural applications. In addition, the manufacturing facility will utilize power saving technology including the use of recycled materials as fuel that will result in lower operating costs. Also, excess electricity will be generated that may be sold back to the power company, thereby the site generating an additional source of revenue.
Tammy Taylor, company Chief Executive Officer and President, stated, "The Quarterly Report, especially the Financial Statements and its Subsequent Events' Note, highlights the progress the management team has made to date while at the same time the Company has benefited from the management team's personal/financial sacrifice in order for the Company to achieve success for all shareholders. I am extremely confident in Garb's future and this has allowed me to invest into the company directly through one of my company's. I have also negotiated with a supportive shareholder which will result in the company finalizing an agreement to provide closing costs for asset purchases. The many hours spent since August last year in order to reorganize the Company to be OTC Pink Current, begin sales and have the Company in a position to be able to purchase its first industrial manufacturing plant site is a testament to the dedication of the entire reorganization team. In addition, the Company will continue to evaluate other potential asset acquisitions that relate to the Company's Business Model."
About Garb Oil & Power Corporation
Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) has a long company history in the fast growing industry of waste recycling and specifically related to waste-to-energy. Garb is organized to utilize both next-generation machines and new technologies, including those contributed to the Company by the Burda Families, to vertically integrate into the waste refinement, recycling and energy industries. In addition to selling new truck tires, shredders and related recycling equipment, the Company's emphasis is for its own plants to produce profitable new and "green" solutions for waste-to-energy including the potential use of hemp, alternate energy sources, fuel enhancements, recycle fuel operations that utilize the fuel enhancement products, new equipment technologies that improve energy usageefficiency and utilizing recycled material in producing both useful and desirable products including wood pellets and medical marijuana paraphernalia.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements. These statements are based on current expectations and assumptions regarding future events and business performance and involve known and unknown risks, uncertainties and other factors that may cause industry trends or actual Company results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. Although the Company believes that expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All who read this press release should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.