SALT LAKE CITY, July 26, 2011 /PRNewswire/ -- Garb Oil &
Power Corporation (OTCQB: GARB.PINK) Garb has formed a joint
venture with ACG Consulting LLC (the "JV") to build 7 E-Waste
recycling facilities within the next 3 years. It is planned that
the first E-Waste recycling facility will break ground in
South Florida in March of 2012.
Garb plans to break ground with a new E-Waste recycling facility
every 4 months thereafter, at various sites in the US as licenses,
permits, and USCIS approvals are obtained. The JV will be funded
through USCIS designated regional centers under the EB-5 Pilot
Program for each E-Waste recycling facility in accordance with our
planned schedule. It is estimated that each E-Waste recycling
facility will cost as much as $15,000,000 to build depending on configuration
and size of each recycling facility. Once operational each E-Waste
recycling facility is estimated to contribute a minimum of
$12,000,000 in revenues every full
year of operation and create many new jobs for U.S. persons in the
U.S. The JV's first E-Waste recycling facility is expected to be
delivered and commissioned between September and October 2012. The JV will conduct testing during
the months of October, November, and December of 2012 with the
recycling facility beginning full production January 2013.
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.
The EB-5 Program was authorized by the US Congress under the
Immigration and Nationality Act of 1990, as amended, with the
intent to help stimulate the US economy by creating new jobs for
U.S. persons. The term "EB-5" is an acronym for "the fifth
employment based visa preference category." As it implies, the
source of the investment capital comes from foreign investors who
wish to legally immigrate to the US by investing $500,000 through an authorized EB-5 Regional
Center in a commercial enterprise located within a Targeted
Employment Area that will benefit the US economy and create at
least 10 full-time direct and/or indirect jobs for US persons. The
program is administered by USCIS, as provided under Section 610 of
Public Law 102-395. Since its inception in 1990, the EB-5 Program
has been the conduit through which over $1
billion has been invested by foreign nationals in US
enterprises to create jobs throughout the US economy.
Garb Oil & Power Corporation is dedicated to the application
of ClosedCycle(TM) principle and NoWaste(TM) residue. Our 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. Garb believes that processing waste should be
economically viable and leave NoWaste(TM). It is our endeavour to
build E-Waste recycling facilities that continue to push the
boundaries for the attainment of the ClosedCycle (TM) principles
and a world with NoWaste(TM).
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 for:
Garb Oil & Power Corporation
+1-801-738-1355 Office
John Rossi President & CEO
Email: info@garbmail.com
Websites: www.garbop.com
Paul Kirkland - Manager
ACG Consulting LLC
+1-251-978-9357
229 East 20th Avenue, Suite 9
Gulf Shores, Alabama 36452
SOURCE Garb Oil & Power Corporation