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Garb Oil & Power Corporation Announces Audit Paid in Full and Securing $1,385,000 Office and Warehouse
Garb Oil & Power Corporation Announces Audit Paid in Full and Securing $1,385,000 Office and Warehouse.
About this update from Garb Oil & Power Corp
[{"type":"text","content":"\n \n \n Garb Oil & Power Corporation Announces Audit Paid in Full and Securing $1,385,000 Office and Warehouse\n \n \nGarb Oil & Power Corporation Announces Audit Paid in Full and Securing $1,385,000 Office and Warehouse\n \n LARGO, FL--(Marketwired - Sep 22, 2014) - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) -- The Company announces it has secured the Largo commercial property located at 1185 Gooden Crossing, Largo, FL with occupancy that began this month. The purchase is secured with a lease to own agreement in the amount of $1,385,000 and the monthly lease amount is $7,000 for the 16,838 square feet portion of the property with $5,000 monthly being recognized as principal payments toward the total purchase price of the entire complex. As a capital lease, the full $1,385,000 will be recognized as an asset on the Company's balance sheet effective September 2014. The commercial property site has a total of 55,785 square feet of Office and Warehouse space located on 2.51 acres of land. The 16,838 square feet portion includes office space to primarily be utilized by the corporate Sales and Marketing Department. The available warehouse space is sufficient to warehouse and sell new truck tires. The term is for six months for the purchase to close March 3, 2015 to allow the seller to complete their Christmas Holiday seasonal sales period prior to moving.\n In other news, the Company has paid in full for the audit to be completed. Management is hopeful the process will be completed within weeks. \n Tammy Taylor, company Chief Executive Officer and President, stated, \"My goal remains the same as the first day I began as Garb's CEO just over a year ago, to resurrect the Company and meet its obligations while growing it to new heights. I continue in that effort daily. Although it is not within the timeframe I had hoped, it shall be done. Please continue to have patience while I navigate through the obstacles we inherited to the other side once again as a fully reporting company. Despite all the obstacles we have faced, management is fully committed to continue moving forward bringing value to the Company's shareholders as we accomplish what we have set out to do.\"\n About Garb Oil & Power Corporation\n Garb Oil & Power Corporation, (OTC Pink: GARB) has a long company history in the fast g...