SALT LAKE CITY, March 16, 2012 /PRNewswire/ -- Garb Oil
& Power Corporation (USOTC: GARB). Garb Oil & Power
Corporation, announced today that through its subsidiary Recovery
Industries Ltd, it has acquired 51% of Italraee S.r.l.
Management believes that Italraee S.r.l. is an important
acquisition for Garb. Italraee is involved in owning and managing
the electronic waste (Ewaste) processing plant that will be built
in Northern Rome, Italy.
Garb President and CEO John
Rossi stated: "Our joint venture partners are well known in
the industry and already provide a number of services. The
purchase of Italraee gives Garb an entry into this lucrative market
and positions Garb as a presence in the electronic waste industry
in Italy."
Based on current projections, Italraee will build, own and
manage the 13,000 metric ton plant, which will produce output in
Copper, Aluminum, Alloys and Plastic. Once operational, the plant
will provide estimated revenues in excess of euro 7,000,000
(approximately $10,000,000) and
EBITA in excess of euro 3,000,000 (approximately $4,500,000) per year of operation.
Management anticipates that all raw materials will be sold to local
entities for further processing.
Garb, through its European subsidiary, will proceed to fund 20%
of project (or approximately US$3.9million), with 80% being organized by the
JV partner, which will own 49% of the JV company. The estimated
cost of the project including land, building and plant is expected
to be approximately US$13million and
is scheduled to be completed by December 2013. Management
anticipates that 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 breaking ground in this project 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. Specifically, statements
relating to the anticipated revenues, anticipated earnings,
anticipated costs of the project, and expected output of materials
are forward-looking statements. 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 expressly disclaims any obligation or
intention to update these forward-looking statements for any
reason.
Garb Oil & Power Corporation
+1-801-738-1355 Office
John Rossi President & CEO
Email: info@garbmail.com
Websites: www.garbop.com
SOURCE Garb Oil & Power Corporation