SOURCE: Garb Oil & Power Corporation

Garb Oil & Power Corporation

September 22, 2014 19:35 ET

Garb Oil & Power Corporation Announces Audit Paid in Full and Securing $1,385,000 Office and Warehouse

LARGO, FL--(Marketwired - Sep 22, 2014) - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) -- The Company announces it has secured the Largo commercial property located at 1185 Gooden Crossing, Largo, FL with occupancy that began this month. The purchase is secured with a lease to own agreement in the amount of $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 effective September 2014. The commercial property site has a total of 55,785 square feet of Office and Warehouse space located on 2.51 acres of land. The 16,838 square feet portion includes office space to primarily be utilized by the corporate Sales and Marketing Department. The available warehouse space is sufficient to warehouse and sell new truck tires. The term is for six months for the purchase to close March 3, 2015 to allow the seller to complete their Christmas Holiday seasonal sales period prior to moving.

In other news, the Company has paid in full for the audit to be completed. Management is hopeful the process will be completed within weeks.

Tammy Taylor, company Chief Executive Officer and President, stated, "My goal remains the same as the first day I began as Garb's CEO just over a year ago, to resurrect the Company and meet its obligations while growing it to new heights. I continue in that effort daily. Although it is not within the timeframe I had hoped, it shall be done. Please continue to have patience while I navigate through the obstacles we inherited to the other side once again as a fully reporting company. Despite all the obstacles we have faced, management is fully committed to continue moving forward bringing value to the Company's shareholders as we accomplish what we have set out to do."

About Garb Oil & Power Corporation
Garb Oil & Power Corporation, (OTC Pink: 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.

Contact Information

  • Company Investor Relations Contact:
    Garb Oil & Power Corporation
    Telephone: 888-573-6622, Ext. 1

    Investor Relations Firm Contact:
    Pacific Equity Alliance LLC
    Zachary R. Logan / Drew S. Phillips
    Telephone: 858-886-7237