LARGO, FL, United States, via eTeligis Inc., 06/16/2014 - - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) Today the Company's Chief Executive Officer and President Tammy Taylor released the following open letter to shareholders disclosing a reverse split and to provide progress on corporate initiatives to advance the Company.
TO THE SHAREHOLDERS OF GARB OIL & POWER CORPORATION
Over a month ago, the Company disclosed that at the time of uplift filing, if the Company's Common price per share (PPS) required a reverse split to qualify the elevation above OTC Pink Current Tier, that the Company would not lose a single shareholder. The Company has reached the point in time that in order to continue its progression toward elevation above OTC Pink Current Tier necessitates a reverse split of the Company's Common Stock.
The Company has been in discussions to acquire several profitable operating companies whose operations fit in the Company's business model. One such target operating company fits the Company's division relating specifically to the Medical Marijuana Industry since it produces related paraphernalia products. Acquiring this and other targeted operating companies require the Company to rely in part on institutional investors whose criteria includes the Company being fully reporting and uplifted, thus necessitating the reverse split so that the Company is able to continue its progression toward elevation above OTC Pink Current Tier. During the next quarter, the Company expects to acquire a few of the current targeted profitable operating companies. In addition, the Company is progressing to acquire both the Largo, Florida commercial office/warehouse and the Reddick, Florida industrial manufacturing site.
The Company's Board of Directors approved the following reverse split and other changes to the Company's Articles of Incorporation after receiving shareholder approval by majority written consent:
(a) Decrease the authorized common stock to 75,000,000 shares, $0.001 par value.
(b) Amend the conversion calculation of the Class B Preferred Stock, $2.50 par value, to the proportional calculation of converting to common stock based on the total par value of the Class B Preferred Stock being converted, divided by the average closing price per share of the Company's common stock over the preceding 10 trading days.
(c) Effect a 1 for 10,000 reverse stock split of the Company's issued and outstanding common stock outstanding June 27, 2014 with fractional shares being rounded up to the nearest 50 whole shares.
The Company Team continues to be committed to add shareholder value. The reverse split increases the availability of funding required for the Company to reach the full potential of its Business Model.
Sincerely,
Tammy Taylor, Chief Executive Officer and President
About Garb Oil & Power Corporation
Garb Oil & Power Corporation, OTCPink: 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.
Company Investor Relations Contact:
Garb Oil & Power Corporation
Drew S. Phillips
info@garbreorg.com
Telephone: 888-573-6622, Ext. 1
Investor Relations Firm Contact:
Pacific Equity Alliance LLC
Zachary R. Logan
info@pacificequityusa.com
Telephone: 858-886-7237
SOURCE: Garb Oil & Power Corporation
Associated Documentation:
Link to submission on http://www.eteligis.com
GARB_6-16-2014_LST_ETL.docx
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