GARB Oil & Power Corp. Announces Shareholder Update August 17, 2012
August 17 2012 - 1:17PM
Garb Oil & Power Corporation (USOTC:GARB) announces shareholder
update and answers questions posed by shareholders.
(1) Are any/all of these plants still planned? If so, what are
new timelines?
[John Rossi] I am not sure at what plants you refer to.
However all plants are subject to funding and Garb has been working
hard at obtaining this funding. So far the Joint Ventures we have
initiated have not produced the desired results and we are
currently reviewing our position in all cases.
(2) What is the status of EB-5 funding? If EB-5 funding cannot
be secured, how does GARB plan to fund the Indiana plant (or any
other plant)?
[John Rossi] The EB-5 funding has not been successful as
expected, there have been continuous delays, without placing blame
on anyone, Garb has cancelled its Joint Venture partnership with
ACG and is actively looking for alternative funding solutions for
the Indiana plant, which we are still very interested in
building.
(3) Is Garb still actively working with Italy JV partners?
[John Rossi] Yes, Garb is still actively working with
Italian JV; however, the timing is not as fast as we first
estimate. This is in part due to local circumstances related to
applications, permits and licenses, we expect these processes to be
resolved by end of year, at which time we are then in a position to
proceed with the project. This is not a unique story to Italy; in
some Eastern States in the US it takes over 3 years to confirm the
permits and applications required to build plants.
(4) How does GARB plan to use the revenue from the HKAF
contract? Will it be used toward funding construction of a plant
& if so, which plant(s)?
[John Rossi] Yes, part of the revenue generated by the
HKAF contract will be leveraged to build a plant (we are
considering this for Indiana, but other sites are also possible);
the rest will be utilized in acquisitions of strategic entities
over the next 6 months. Furthermore, the first and most important
part of utilizing this revenue is in making Garb current with its
filings. This we will initiate with the first money that comes
in.
(5) Many proposed share structure updates were proposed in the
spring (reverse split, elimination of preferred shares, etc.). Are
those plans still in place; if so, when? If not, what are the
current plans?
[John Rossi] All of this is still in play; we have not
changed anything from our past announcements. Given the necessary
money, we will make Garb current, present a proxy statement, do the
shareholders meeting, proceed with the reverse split if approved
and continue in our growth phase and our objective is still to take
Garb to Amex or Nasdaq at the earliest possible time
allowable.
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.
CONTACT: Garb Oil & Power Corporation
+1-801-738-1355 Office
John Rossi, President & CEO
Email: info@garbmail.com
Websites: www.garbop.com
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