Garb News & Announcements 2011
November 1 2011 - A shareholders meeting will be held on December 10, 2011
SALT LAKE CITY, Nov. 1, 2011 /PRNewswire via COMTEX
Garb announced today that a shareholders meeting will be held on December 10, 2011 at 11.00 am. The shareholders meeting will take place at the Little America Hotel on 500 South Main Street in Salt Lake City, UT 84101.
The agenda for the shareholders meeting will be following:
Approve changes to the current Article 4 of the company's Articles of Incorporation and specifically related to:
John Rossi, President of Garb Oil & Power, stated "As we prepare to enter the production and revenue phases of our business model we felt it necessary to hold a shareholders meeting and address any issues before pushing forward. More specifically, we want to bring our capital structure inline with our plans for the future. In reviewing our authorized shares and our future plans we did not see the need for our authorized to be as high as 50 billion." Rossi continued, "We want our shareholders to see that we are taking all measures possible to build shareholder value and corporate credibility for Garb. We look forward to seeing as many of you as possible."
Garb announced today that a shareholders meeting will be held on December 10, 2011 at 11.00 am. The shareholders meeting will take place at the Little America Hotel on 500 South Main Street in Salt Lake City, UT 84101.
The agenda for the shareholders meeting will be following:
Approve changes to the current Article 4 of the company's Articles of Incorporation and specifically related to:
- Discussion and approval to reduce the current authorized shares from 50,000,000,000 to 6,000,000,000 common shares.
- The elimination of the Class C preferred stock
- The elimination of Class B preferred stock and the conversion of said shares into Garb common stock at the current assigned value of conversion
- To reduce Class A preferred stock voting and conversion powers
- To provide shareholders with an update on the company and discuss and review our results
- To outline our future strategy
- Any other business
John Rossi, President of Garb Oil & Power, stated "As we prepare to enter the production and revenue phases of our business model we felt it necessary to hold a shareholders meeting and address any issues before pushing forward. More specifically, we want to bring our capital structure inline with our plans for the future. In reviewing our authorized shares and our future plans we did not see the need for our authorized to be as high as 50 billion." Rossi continued, "We want our shareholders to see that we are taking all measures possible to build shareholder value and corporate credibility for Garb. We look forward to seeing as many of you as possible."
October 11 2011 - Garb Secures Short Term Capital
SALT LAKE CITY, Oct. 11, 2011 /PRNewswire via COMTEX
Garb is pleased to announce that short term capital has been secured. This short term capital will assist Garb in completing financial filings by mid-November and provide overhead working capital until February 2012. Management believes this funding will provide sufficient resources for Garb until the Company begins accessing their previously announced $20,000,000 line of credit, which will be available shortly after the filings are completed.
John Rossi, President and CEO of Garb, stated, "This funding allows us to get our filings completed and focus our efforts on the implementation of our $20,000,000 Line of Credit to bring our model and technology to fruition."
Additionally, Rossi stated, "The West Coast Wall Street Conference we attended in Newport was a tremendous success in terms of the number of investors and parties that have expressed an interest in Garb. We are now in the process of following up and providing additional due diligence material to the interested parties and will provide progress updates to our shareholders as they materialize."
Garb is pleased to announce that short term capital has been secured. This short term capital will assist Garb in completing financial filings by mid-November and provide overhead working capital until February 2012. Management believes this funding will provide sufficient resources for Garb until the Company begins accessing their previously announced $20,000,000 line of credit, which will be available shortly after the filings are completed.
John Rossi, President and CEO of Garb, stated, "This funding allows us to get our filings completed and focus our efforts on the implementation of our $20,000,000 Line of Credit to bring our model and technology to fruition."
Additionally, Rossi stated, "The West Coast Wall Street Conference we attended in Newport was a tremendous success in terms of the number of investors and parties that have expressed an interest in Garb. We are now in the process of following up and providing additional due diligence material to the interested parties and will provide progress updates to our shareholders as they materialize."
September 27 2011 - Garb Will Be Present at The West Coast Wall Street Conference
SALT LAKE CITY, Sept. 27, 2011 /PRNewswire via COMTEX
Garb will attend The West Coast Wall Street Conference in San Diego at The Balboa Bay Club & Resort, 1221 W. Coast Hwy, Newport Beach, CA 92663, Wednesday, October 5, 2011 from 10:00 AM to 2:00 PM (PT)
Garb will be one of 5 companies to have a booth at the conference. GARB will have 15 minutes of air time on the "Big Biz Show" which will be broadcasting live on 1220 AM KDOW radio or you can listen live online at http://www.businesstalkradio.net/weekday_host/bbs.shtml
John Rossi, CEO of GARB will be presenting at 11:00 AM in front of a group of approximately 100 accredited investors.
We welcome all to tune in or come and see us at the conference; you are all welcome to review the conference at www.sandiegoinvestmentconference.com
Garb will attend The West Coast Wall Street Conference in San Diego at The Balboa Bay Club & Resort, 1221 W. Coast Hwy, Newport Beach, CA 92663, Wednesday, October 5, 2011 from 10:00 AM to 2:00 PM (PT)
Garb will be one of 5 companies to have a booth at the conference. GARB will have 15 minutes of air time on the "Big Biz Show" which will be broadcasting live on 1220 AM KDOW radio or you can listen live online at http://www.businesstalkradio.net/weekday_host/bbs.shtml
John Rossi, CEO of GARB will be presenting at 11:00 AM in front of a group of approximately 100 accredited investors.
We welcome all to tune in or come and see us at the conference; you are all welcome to review the conference at www.sandiegoinvestmentconference.com
September 26 2011 - September Conference Call Questions
SALT LAKE CITY, Sept. 26, 2011 /PRNewswire via COMTEX
Our next conference call is set for Thursday September 29, 2011 at 4:15 pm Eastern Time.
Interested participants should call in to listen: PHONE: 218-339-3600 - Conference code: 767741#
Our next conference call is set for Thursday September 29, 2011 at 4:15 pm Eastern Time.
Interested participants should call in to listen: PHONE: 218-339-3600 - Conference code: 767741#
September 14 2011 - Agreement With PSP Venture to Manage Garb's Investor Relations Resources
SALT LAKE CITY, Sept 14, 2011 /PRNewswire via COMTEX
Garb Oil & Power Corporation announced today that it has entered into an investor relations agreement with PSP Venture, Inc. to provide comprehensive investor relations services on behalf of Garb. Garb has experienced sharp increases in investor and press queries necessitating the addition of a full time presence to process its investor's needs.
"There is quite a bit of attention given to the solid partnerships we have penned over the past few months," said John Rossi, President and CEO of Garb. "We went from a few inquiries a month to several per day. We have always provided transparency to our investors, and this is our next step in ensuring that it continues to be part of our mission. This will be a non-dilutive engagement, where PSP Venture Inc. will take on a substantial part of the initial expenses and Garb will contribute only a nominal fee."
Platon Petratos, CEO of PSP Venture, Inc., will head up Garb's investor relations desk. "Investors are essential to the success of GARB," said Petratos. "There's a lot of interest in what's going on with what I can only describe as a sleeping giant. People are starting to see the alignment that is taking place as the various joint ventures progress. It's important to provide a resource that will give investors a place to get their questions and concerns answered." Petratos added, "Effective immediately, we will start taking investor queries at our Gulfport, MS office." PSP Venture's investor hotline is available M-F from 9:00 AM to 11:00 PM EST and can be contacted at (850)396-8580.
Garb Oil & Power Corporation announced today that it has entered into an investor relations agreement with PSP Venture, Inc. to provide comprehensive investor relations services on behalf of Garb. Garb has experienced sharp increases in investor and press queries necessitating the addition of a full time presence to process its investor's needs.
"There is quite a bit of attention given to the solid partnerships we have penned over the past few months," said John Rossi, President and CEO of Garb. "We went from a few inquiries a month to several per day. We have always provided transparency to our investors, and this is our next step in ensuring that it continues to be part of our mission. This will be a non-dilutive engagement, where PSP Venture Inc. will take on a substantial part of the initial expenses and Garb will contribute only a nominal fee."
Platon Petratos, CEO of PSP Venture, Inc., will head up Garb's investor relations desk. "Investors are essential to the success of GARB," said Petratos. "There's a lot of interest in what's going on with what I can only describe as a sleeping giant. People are starting to see the alignment that is taking place as the various joint ventures progress. It's important to provide a resource that will give investors a place to get their questions and concerns answered." Petratos added, "Effective immediately, we will start taking investor queries at our Gulfport, MS office." PSP Venture's investor hotline is available M-F from 9:00 AM to 11:00 PM EST and can be contacted at (850)396-8580.
September 12 2011 - Shareholder Conference Call
SALT LAKE CITY, Sept. 12, 2011 /PRNewswire via COMTEX
Our next conference call is set for Thursday September 29, 2011 at 4:15 pm Eastern Time. Many of you had questions, which the last conference call did not answer. We will attempt to answer as many of the questions you pose during this conference call. Please send us all your questions to info@garbmail.com, we will leave the Q&A completely open and we will try and answer all questions, time permitting.
Interested participants should call in to listen:218-339-3600Conference code: 767741#
Our next conference call is set for Thursday September 29, 2011 at 4:15 pm Eastern Time. Many of you had questions, which the last conference call did not answer. We will attempt to answer as many of the questions you pose during this conference call. Please send us all your questions to info@garbmail.com, we will leave the Q&A completely open and we will try and answer all questions, time permitting.
Interested participants should call in to listen:218-339-3600Conference code: 767741#
September 9 2011 - E-Waste Processing Plants Will Become a Necessity Soon
SALT LAKE CITY, Sept. 9, 2011 /PRNewswire via COMTEX
The banning of E-Waste from landfills by North Carolina is a turning point in US waste industry. Garb's technology and our ability to process industrially large volumes of E-Waste, in excess of 25,000 metric tonnes per annum (55,000,000 pounds) per plant, will help to contribute in eliminating E-Waste from landfills altogether. This decision by North Carolina will soon spread to other States, making it essential to build processing plants capable of handling large volumes of E-Waste in a single process.
"North Carolina's ban on E-Waste in regular landfills takes effect on July 1 under the Discarded Computer Equipment and Television Management Law. The law was approved in July 2010 by state lawmakers and regulates the disposal of electronic equipment. Sixty-four local governments state wide presented their E-Waste recycling plans to the state last year and were granted $465,500 combined through the N.C. Electronic Management Fund to help implement their plans.
A glance at the numbers275 tons of E-Waste has been diverted from the Alamance County landfill since July 20091.5 million pounds collected at permanent E-Waste recycling sites state wide in 201019 states have already approved E-Waste bans in landfills25 states have approved legislation on how to regulate E-Waste disposal."Source: N.C. Division of Waste Management and Alamance County Landfill
CEO John Rossi said: "There's no doubt that GARB is in the right place at the right time. We are moving rapidly, positioning ourselves to maximize profits in the lucrative industry of E-Waste solutions. Since my last update to stakeholders, GARB has made further progress on several fronts. We are extremely close to filing our fully audited (GaaP) financials. The agency working to secure non-dilutive funding through the EB5 program has made significant strides. We are on schedule to break ground on our first official GARB E-Waste facility before 2012.
I have also been working on three different stand-alone projects, each one of which would generate significant revenues for GARB immediately. As it stands right now, I should have at least one very exciting announcement during our next conference call with investors. We are laying a solid foundation for real success in a sector with almost limitless revenue potential." Garb will continue with our Conference Call update at the end of the month. We will announce next week time and date for our next conference call.
The banning of E-Waste from landfills by North Carolina is a turning point in US waste industry. Garb's technology and our ability to process industrially large volumes of E-Waste, in excess of 25,000 metric tonnes per annum (55,000,000 pounds) per plant, will help to contribute in eliminating E-Waste from landfills altogether. This decision by North Carolina will soon spread to other States, making it essential to build processing plants capable of handling large volumes of E-Waste in a single process.
"North Carolina's ban on E-Waste in regular landfills takes effect on July 1 under the Discarded Computer Equipment and Television Management Law. The law was approved in July 2010 by state lawmakers and regulates the disposal of electronic equipment. Sixty-four local governments state wide presented their E-Waste recycling plans to the state last year and were granted $465,500 combined through the N.C. Electronic Management Fund to help implement their plans.
A glance at the numbers275 tons of E-Waste has been diverted from the Alamance County landfill since July 20091.5 million pounds collected at permanent E-Waste recycling sites state wide in 201019 states have already approved E-Waste bans in landfills25 states have approved legislation on how to regulate E-Waste disposal."Source: N.C. Division of Waste Management and Alamance County Landfill
CEO John Rossi said: "There's no doubt that GARB is in the right place at the right time. We are moving rapidly, positioning ourselves to maximize profits in the lucrative industry of E-Waste solutions. Since my last update to stakeholders, GARB has made further progress on several fronts. We are extremely close to filing our fully audited (GaaP) financials. The agency working to secure non-dilutive funding through the EB5 program has made significant strides. We are on schedule to break ground on our first official GARB E-Waste facility before 2012.
I have also been working on three different stand-alone projects, each one of which would generate significant revenues for GARB immediately. As it stands right now, I should have at least one very exciting announcement during our next conference call with investors. We are laying a solid foundation for real success in a sector with almost limitless revenue potential." Garb will continue with our Conference Call update at the end of the month. We will announce next week time and date for our next conference call.
August 29 2011 - Garb thanks all the participants in the conference
SALT LAKE CITY, Aug. 29, 2011 /PRNewswire via COMTEX
Garb thanks all the participants in the conference call held on August 23, 2011. Over 75 people participated, John Rossi CEO of Garb states "The conference call was a success, we answered many of the questions posed by our stakeholders and however we realize that many more questions were not answered. To this end, Garb will make this conference call a regular event for the next few months. Proving updates and general information, many of you criticized that we spent too much time on historical background of which you were all aware. We will shortly place this call on our website, giving everyone the access to refer to it at any time; we will also do this with subsequent calls from now on. The next conference call, which will be scheduled for end of September (Garb will communicate exact date and time in later announcements), will deal with going forward and events happening in our industry."
Garb thanks all the participants in the conference call held on August 23, 2011. Over 75 people participated, John Rossi CEO of Garb states "The conference call was a success, we answered many of the questions posed by our stakeholders and however we realize that many more questions were not answered. To this end, Garb will make this conference call a regular event for the next few months. Proving updates and general information, many of you criticized that we spent too much time on historical background of which you were all aware. We will shortly place this call on our website, giving everyone the access to refer to it at any time; we will also do this with subsequent calls from now on. The next conference call, which will be scheduled for end of September (Garb will communicate exact date and time in later announcements), will deal with going forward and events happening in our industry."
August 29 2011 - Garb Provides Update On Our Know-How
SALT LAKE CITY, Aug. 29, 2011 /PRNewswire via COMTEX
Garb Oil & Power Corporation is dedicated to the application of ClosedCycle(TM) principle and NoWaste(TM) residue. Garb's technology has been sold in Europe for the last 10 years. It is proven technology with over 130 machines sold and more than 15 plants sold in a variety of sizes and scope. Our current plants for Rubber Recycling, E-Waste and E-Scrap Recycling are all designed and developed with these principles in mind, utilizing much of our European know-how and experience cultivated through over 20 years in the business. Garb believes that processing waste should be economically viable and leave NoWaste(TM). It is our endeavor to build plants that continue to push the boundaries for the attainment of the ClosedCycle (TM) principles and a world with NoWaste(TM).
Garb Oil & Power Corporation is dedicated to the application of ClosedCycle(TM) principle and NoWaste(TM) residue. Garb's technology has been sold in Europe for the last 10 years. It is proven technology with over 130 machines sold and more than 15 plants sold in a variety of sizes and scope. Our current plants for Rubber Recycling, E-Waste and E-Scrap Recycling are all designed and developed with these principles in mind, utilizing much of our European know-how and experience cultivated through over 20 years in the business. Garb believes that processing waste should be economically viable and leave NoWaste(TM). It is our endeavor to build plants that continue to push the boundaries for the attainment of the ClosedCycle (TM) principles and a world with NoWaste(TM).
August 23 2011 - Garb Invites Its Shareholders to a Conference Call
SALT LAKE CITY, Aug. 23, 2011 /PRNewswire via COMTEX
Garb to host a conference call. The CEO of Garb Oil & Power Corporation will be interviewed on Thursday, August 25 at 4:15 pm Eastern Time related to the Company's recent Joint Venture activities.
Interested participants should call in to listen:218-339-3600Conference code: 767741#
The call will discuss the history of Garb management and their experience in designing and building electronic waste machinery. Management will discuss the joint ventures Garb has already entered into and announced including a description on how the transactions will work, including how they will be funded, the basic timelines for the projects and the general economics over the next 3-4 years.
Garb to host a conference call. The CEO of Garb Oil & Power Corporation will be interviewed on Thursday, August 25 at 4:15 pm Eastern Time related to the Company's recent Joint Venture activities.
Interested participants should call in to listen:218-339-3600Conference code: 767741#
The call will discuss the history of Garb management and their experience in designing and building electronic waste machinery. Management will discuss the joint ventures Garb has already entered into and announced including a description on how the transactions will work, including how they will be funded, the basic timelines for the projects and the general economics over the next 3-4 years.
August 15 2011 - Garb Boost Earning Opportunities as Commodity Prices Soar.
SALT LAKE CITY, Aug. 15, 2011 /PRNewswire via COMTEX
Each processed phone offers gold and platinum. High commodity prices make recycling attractive.
Computers, mobile phones and cars are the mines of the throwaway society. A mobile phone virtually contains the entire periodic table. In addition to common industrial metals such as copper and aluminum, the Company stated that electronic waste includes gold and rare metals such as gallium and germanium. Already, there is a global competition for high-quality waste.
The Florida plant will have 25,000 metric tons input and produce output in Copper, Aluminum, Alloys and Plastic. Once operational the plant will provide estimated revenues in excess of $15,000,000 and EBITA in excess of $8,400,000 per year of operation starting from 2013. All raw materials will be on sold in the States for local processing. It is planned to have the plant operational by September 2012, with testing and commissioning occurring between July and August 2012.
According to Garb management, high commodity prices are driving a combination of business interest and an increased desire to keep E-Waste from entering land fills. The volume imports of raw materials increased from 54 to 127 billion euros in Germany, according to a report from the Federal Institute for raw materials. In particular, the so-called technologies of the future are raw eaters. Each wind turbine contains up to eight tons of copper, and the construction of an electric vehicle requires about 100 pounds, which is approximately twice as much as conventional midsize cars.
Each processed phone offers gold and platinum. High commodity prices make recycling attractive.
Computers, mobile phones and cars are the mines of the throwaway society. A mobile phone virtually contains the entire periodic table. In addition to common industrial metals such as copper and aluminum, the Company stated that electronic waste includes gold and rare metals such as gallium and germanium. Already, there is a global competition for high-quality waste.
The Florida plant will have 25,000 metric tons input and produce output in Copper, Aluminum, Alloys and Plastic. Once operational the plant will provide estimated revenues in excess of $15,000,000 and EBITA in excess of $8,400,000 per year of operation starting from 2013. All raw materials will be on sold in the States for local processing. It is planned to have the plant operational by September 2012, with testing and commissioning occurring between July and August 2012.
According to Garb management, high commodity prices are driving a combination of business interest and an increased desire to keep E-Waste from entering land fills. The volume imports of raw materials increased from 54 to 127 billion euros in Germany, according to a report from the Federal Institute for raw materials. In particular, the so-called technologies of the future are raw eaters. Each wind turbine contains up to eight tons of copper, and the construction of an electric vehicle requires about 100 pounds, which is approximately twice as much as conventional midsize cars.
August 2 2011- Garb Joint Venture to Build 7 E-Waste Plants in the U.S. Over the Next 3 Years.
SALT LAKE CITY, Aug. 2, 2011 /PRNewswire via COMTEX
Garb and ACG Consulting LLC (the "JV") have formed Xanthus LLC. Xanthus will act as the co-ordinating company for the Joint Venture managing and co-ordinating the growth and development of the 7 plants throughout the United States.
It is planned that the company will manage and co-ordinate the building of 7 E-Waste recycling facilities within the next 3 years. The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule. It is estimated that each E-Waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility.
Xanthus LLC will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
The EB-5 Program was authorized by the U.S. Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the U.S. economy by creating new jobs for U.S. persons. The term "EB-5" is an acronym for "the fifth employment based visa preference category." As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the U.S. by investing $500,000 through an authorized EB-5 Regional Center in a commercial enterprise located within a Targeted Employment Area that will benefit the U.S. economy and create at least 10 full-time direct and/or indirect jobs for U.S. persons. The program is administered by USCIS, as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in U.S. enterprises to create jobs throughout the U.S. economy.
Garb and ACG Consulting LLC (the "JV") have formed Xanthus LLC. Xanthus will act as the co-ordinating company for the Joint Venture managing and co-ordinating the growth and development of the 7 plants throughout the United States.
It is planned that the company will manage and co-ordinate the building of 7 E-Waste recycling facilities within the next 3 years. The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule. It is estimated that each E-Waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility.
Xanthus LLC will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
The EB-5 Program was authorized by the U.S. Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the U.S. economy by creating new jobs for U.S. persons. The term "EB-5" is an acronym for "the fifth employment based visa preference category." As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the U.S. by investing $500,000 through an authorized EB-5 Regional Center in a commercial enterprise located within a Targeted Employment Area that will benefit the U.S. economy and create at least 10 full-time direct and/or indirect jobs for U.S. persons. The program is administered by USCIS, as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in U.S. enterprises to create jobs throughout the U.S. economy.
July 27 2011 - Garb has Signed Definitive Agreement With ACG Consulting LLC to Build 7 E-Waste Plants in the U.S
SALT LAKE CITY, July 27, 2011 /PRNewswire via COMTEX
Garb has Signed a Definitive Agreement With ACG Consulting LLC to build 7 E-Waste recycling facilities within the next 3 years. It is planned that the first E-Waste recycling facility will break ground in South Florida in March of 2012. Garb plans to break ground with a new E-Waste recycling facility every 4 months thereafter, at various sites in the U.S. as licenses, permits, and USCIS approvals are obtained.
The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule. It is estimated that each E-Waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility. Once operational each E-Waste recycling facility is estimated to contribute a minimum of $12,000,000 in revenues every full year of operation and create many new jobs for U.S. persons in the U.S. The JV's first E-Waste recycling facility is expected to be delivered and commissioned between September and October 2012. The JV will conduct testing during the months of October, November, and December of 2012 with the recycling facility beginning full production January 2013.
The JV will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
Garb has Signed a Definitive Agreement With ACG Consulting LLC to build 7 E-Waste recycling facilities within the next 3 years. It is planned that the first E-Waste recycling facility will break ground in South Florida in March of 2012. Garb plans to break ground with a new E-Waste recycling facility every 4 months thereafter, at various sites in the U.S. as licenses, permits, and USCIS approvals are obtained.
The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule. It is estimated that each E-Waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility. Once operational each E-Waste recycling facility is estimated to contribute a minimum of $12,000,000 in revenues every full year of operation and create many new jobs for U.S. persons in the U.S. The JV's first E-Waste recycling facility is expected to be delivered and commissioned between September and October 2012. The JV will conduct testing during the months of October, November, and December of 2012 with the recycling facility beginning full production January 2013.
The JV will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
May 26 2010 - Garb announces debt reduction in excess of $3,000,000.
SALT LAKE CITY, May 26, 2010 /PRNewswire via COMTEX
Garb announces debt reduction in excess of $3,000,000.
John Rossi, President and CEO of Garb Oil & Power Corp, states, "this reduction is in line with our strategy of reducing our past debt and preparing Garb to deal with the new challenges ahead."
Garb announces debt reduction in excess of $3,000,000.
John Rossi, President and CEO of Garb Oil & Power Corp, states, "this reduction is in line with our strategy of reducing our past debt and preparing Garb to deal with the new challenges ahead."
May 5 2010 - Garb announces the appointment of John Rossi as new President and CEO of Garb Oil & Power Corp
SALT LAKE CITY, May 5, 2010 /PRNewswire via COMTEX
Garb announces the appointment of John Rossi as new President and CEO of Garb Oil & Power Corp. John Rossi is co-inventor together with Alan Fleming, (Chief Operations Officer), of the ClosedCycled Principal and the driving force behind the technology promoted by Garb. Igor Plahuta, Director of European Operations and Chief Technology Officer, is the developer and patent registrant for most of the technology related to Garb. Together this new team is setting Garb on a new direction.
Garb will concentrate on its E-Waste plants and tire recycling plants both in the United States and abroad. Garb will continue to focus on E-Scrap as a primary technology and continue to refine both the applications and end products deriving from E-Waste. Our technology and expertise have in the past also provided solutions in Waste to Energy and OTR plant building and development. Both of these technologies are important to Garb and will make up part of our long term expansion plan.
Garb's focus has changed from simply selling its E-Waste and Tire Recycling plants into the open market, to building its own plants both within and outside the United States. This new direction will position Garb to take advantage of the market requirements for E-Waste and E-Scrap over the next 10 years and beyond. This new focus will enable Garb to market its products directly to its main customers as primary raw material. Over the last few months Garb's management team has concentrated in reducing the company's debt while preparing and positioning the company into focusing on the new corporate direction. John Rossi expects this process to be finished by end of third quarter.
Garb announces the appointment of John Rossi as new President and CEO of Garb Oil & Power Corp. John Rossi is co-inventor together with Alan Fleming, (Chief Operations Officer), of the ClosedCycled Principal and the driving force behind the technology promoted by Garb. Igor Plahuta, Director of European Operations and Chief Technology Officer, is the developer and patent registrant for most of the technology related to Garb. Together this new team is setting Garb on a new direction.
Garb will concentrate on its E-Waste plants and tire recycling plants both in the United States and abroad. Garb will continue to focus on E-Scrap as a primary technology and continue to refine both the applications and end products deriving from E-Waste. Our technology and expertise have in the past also provided solutions in Waste to Energy and OTR plant building and development. Both of these technologies are important to Garb and will make up part of our long term expansion plan.
Garb's focus has changed from simply selling its E-Waste and Tire Recycling plants into the open market, to building its own plants both within and outside the United States. This new direction will position Garb to take advantage of the market requirements for E-Waste and E-Scrap over the next 10 years and beyond. This new focus will enable Garb to market its products directly to its main customers as primary raw material. Over the last few months Garb's management team has concentrated in reducing the company's debt while preparing and positioning the company into focusing on the new corporate direction. John Rossi expects this process to be finished by end of third quarter.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this document that are not historical fact, are forward-looking statements based upon management's current expectations. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The results anticipated by any or all of these forward-looking statements may not occur. Garb Oil & Power Corporation is not required to update its forward-looking statements.