|By Marketwired .||
|June 23, 2014 08:15 AM EDT||
LARGO, FL -- (Marketwired) -- 06/23/14 -- Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) On June 18, 2014, the Company entered into a material contract, a Capital Lease Purchase Agreement for the Largo commercial property located at 1185 Gooden Crossing, Largo, FL. The agreement's purchase amount is $1,385,000 and the monthly lease amount is $7,000 for the 16,838 square feet portion of the property with $5,000 monthly being recognized as principal payments toward the total purchase price of the entire complex. As a capital lease, the full $1,385,000 will be recognized as an asset on the Company's balance sheet on the date occupancy begins. The commercial property site has a total of 55,785 square feet of Office and Warehouse space located on 2.51 acres of land for the Company to occupy 16,838 square feet of the space on or before August 1st. The 16,838 square feet of warehouse space that is currently being utilized by the seller that will be made available for occupancy is sufficient to house the Company's corporate staff, especially the office space required to fully staff the corporate Sales and Marketing Department. The available warehouse space being occupied is sufficient to warehouse and sell new truck tires. The term is for six months through January 31, 2015. Contractually the purchase is to be closed during the month of January 2015 to allow the seller to complete their Christmas Holiday seasonal sales period prior to moving.
Company management is negotiating to purchase a company that produces medical marijuana related paraphernalia products and generates profitable income to become a part of the Company's Medical Marijuana Division. The Company's on-site due diligence team is scheduled to travel to the targeted medical marijuana related paraphernalia products company prior to the middle of next month.
The $509,900 "As-Is" Asset Purchase for the Reddick, Florida industrial manufacturing property and remaining equipment to produce wood pellets continues to move forward to closing. An environmental inspection is scheduled for Wednesday, June 25, 2014. The title company has produced the title commitment for the property.
The Company is engaged in the interview process to add additional officers and directors to the Company during the audit process that is required to once again become SEC reporting and elevation above the OTC Pink Current Tier.
The Company has received a number of shareholder emails indicating confusion pertaining to the reverse split and other changes announced on June 16, 2014. The change in the number of authorized Company Common shares is not dependent upon the stated reverse split amount. The number of authorized Common shares was reduced from 50 billion to 75 million based on the Company's forecasted need of available Common shares to publically fund acquisitions to move the Company forward including elevating above the OTC Pink Current Tier. The change in the conversion rate of the Company Preferred Class B shares was viewed to be in the best interest of the Company and its shareholders considering prior to this change, had the change not occurred Preferred Class B shares would have continued to be converted without regard to the Common's trading price per share.
Tammy Taylor, company Chief Executive Officer and President stated "The reverse split applies to all common shareholders, including Garb management. Management intends to retain all shareholders after the reverse split through increasing assets, revenue and continuing to expand its business plan. Revenue will be the primary resource relied upon to move the company forward. We have continued to work tirelessly to put into place the building blocks necessary to transform Garb into a fully operating company."
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 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 usage efficiency 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.