Garb Oil and Power Corp. (GARB) skyrockets on joint-venture pact
Posted on: July 27th, 2011Written by:
Garb Oil and Power Corp. (Pink Sheets: GARB) shares climbed 13.7% Wednesday to 58-100ths of a cent on word of a new joint venture involving construction of new plants. Volume for the stock proved to be 5.8 million shares, still short of its daily average of around 7.2 million.
The company, based in Salt Lake City, issued a news release July 27 announcing that it had formed a joint venture with Alabama-based ACG Consulting LLC (the “JV”) to build seven E-Waste recycling facilities within the next three years. It is planned that the first E-Waste recycling facility will break ground in South Florida in March 2012. Garb plans to break ground with a new E-Waste recycling facility every four months thereafter, at various sites in the U.S. as licenses, permits, and USCIS approvals are obtained.
The JV will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015, the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
Garb Oil Power Corporation is dedicated to the application of ClosedCycle(TM) principle and NoWaste(TM) residue. Its plants for Rubber Recycling, E-Waste and E-Scrap Recycling, Waste to Energy and OTR processing plants are all developed with these principles in mind.
