SALT LAKE CITY, March 13, 2012 /PRNewswire/ -- Garb
Oil & Power Corporation (USOTC: GARB). Garb Oil & Power
Corporation forms Recovery Industries Ltd a 100% fully owned UK
subsidiary. Recovery Industries Ltd will become our main focus
company in Europe, specifically to
manage our Italian joint ventures.
Each of the Italian projects is structured as follows: Garb
through Recovery Industries Ltd will buy 51% of the local existing
company and will proceed to fund 20% of the project with 80% being
organized by the local JV partner, which will own 49% of the JV
company. The JV company will then build, own and operate a
13,000 metric ton E-Waste plant. The estimated cost of the project
including land, building and plant is expected to be
approx. $13 million USD and is scheduled to be completed
by December 2013. Funding for the E-Waste plant will
come through the engagement of a local bank and will be guaranteed
by an insurance bond. Garb estimates to break ground on both
projects by November 2012.
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.
Garb Oil & Power Corporation
+1-801-738-1355 Office
John Rossi President & CEO
Email: info@garbmail.com
Website: www.garbop.com
SOURCE Garb Oil & Power Corporation