LARGO, FL, United States, via eTeligis Inc., 05/08/2014 - - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) On May 7, 2014 the Company entered into a material contract, a Lease-to-Own Letter of Intent, for a Largo commercial property that totals 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 by July 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 Lease-to-Own 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 purchase price of the entire 55,785 square foot complex. The Lease-to-Own term is for six months.
Tammy Taylor, company Chief Executive Officer and President stated, "In February the Company announced it had begun visiting potential properties for the Company's Tampa Bay Area office/warehouse and the first Florida production site, to be located north of the Tampa Bay Area. Less than 2 weeks ago, on April 25th, we announced entering 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 for our announced pellet manufacturing and excess electricity operation. The bankruptcy hearing pertaining to the sale is being held next week and, once bankruptcy court approved, the purchase closing is set to be by June 30th. Now we have concluded negotiations to obtain an office/warehouse space and await the final agreements to have needed space by July 1st in order to allow our corporate staff to grow and meet product storage requirements in order to be able sell new tires and showcase shredders and other related recycling equipment. As always, the Company will perform corporate activities to the benefit of ALL current and future GARB shareholders. Creating jobs and offering products at lower than market prices is our mantra."
New Company Web Site Launched
The Company's new web site, including clearer, straight forward explanations of the Company's current and future operations, was launched last week. The new "About Garb Oil & Power Corporation" below reflects some of the enhancements made to the web site.
Update on the Audit and Returning to Full SEC Reporting, Elevating Above OTC Pink Current Tier and How Acquisitions Play a Role to Advance the Company
The Company expects the 2-year audit for Years Ending December 31, 2013 and December 31, 2012 to be completed in a few months in order for GARB to return to full SEC reporting. Once the audits are completed, the Company will be able to file to elevate higher than the OTC Pink Current tier as a public company entity.
The Company has been in discussions with several manufacturers whose owners are looking to retire and sell their companies. Target manufacturing companies that the Company has, and remains in search of, are those that fulfill components of the Company's Business Plan to vertically integrate into the recycling and alternate energy industry. The Company expects the completed audit, and possibly requiring only two of the manufacturing company acquisitions, would qualify the Company's resulting after-acquisitions Consolidated Financial Statements (including the acquisitions) for elevation to the Nasdaq Capital Market. If the acquisitions required to meet this qualification cannot be acquired on a timely basis, the Company will file to return to the OTCQB Tier and continue to grow the Company in order to qualify to uplift to the Nasdaq market.
The Company continues to search for potential target manufacturing companies. In general, acquired operating companies will become wholly owned subsidiaries of Garb Oil & Power Corporation and select management would be made offers to remain to run the new subsidiary's operations or positions in other areas of the Company. The acquired operations would remain where they reside resulting in keeping manufacturing jobs in the local community.
Addressing Reverse Split Shareholder Concerns
If at the time of uplift filing, the Company's Common price per share (PPS) requires a reverse split to qualify the elevation above OTC Pink Current Tier, the Company will not lose a single shareholder. The shareholders who would hold fractional shares resulting from the reverse split will be given about $50 worth of post reverse split shares. The remaining small investors above the fractional reverse split amount, from 1 share up to a yet undetermined number of reverse split shares, will be given a yet undetermined percent above their resulting reverse split number of shares as a buffer if the resulting PPS after the reverse split is not maintained.
In Closing
The Company will report its progress, and other material developments, as required. Once the bankruptcy court approves the industrial manufacturing property purchase and has posted the court's approval, the Company will provide the purchase agreements' details as required.
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.
Investor Relations Contacts:
Garb Oil & Power Corporation
info@garbreorg.com
Telephone: 888-573-6622, Ext. 1
Axiom Financial, Inc.
info@axiomir.com
Telephone: 678-455-6914
SOURCE: Garb Oil & Power Corporation
Associated Documentation:
Link to submission on http://www.eteligis.com
GARB_5-8-14_LST_ETL.docx
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