Business
Garb Oil & Power Corporation Enters Into a $1,385,000 Capital Lease Purchase Agreement and Progress on Its Medical Marijuana Division's Paraphernalia Acquisition
Garb Oil & Power Corporation Enters Into a $1,385,000 Capital Lease Purchase Agreement and Progress on Its Medical Marijuana Division's Paraphernalia Acquisition.
About this update from Garb Oil & Power Corp
[{"type":"text","content":"\n \n \n Garb Oil & Power Corporation Enters Into a $1,385,000 Capital Lease Purchase Agreement and Progress on Its Medical Marijuana Division's Paraphernalia Acquisition\n \n \nGarb Oil & Power Corporation Enters Into a $1,385,000 Capital Lease Purchase Agreement and Progress on Its Medical Marijuana Division's Paraphernalia Acquisition\n \n LARGO, FL--(Marketwired - Jun 23, 2014) - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) On June 18, 2014, the Company entered into a material contract, a Capital Lease Purchase Agreement for the Largo commercial property located at 1185 Gooden Crossing, Largo, FL. The agreement's purchase amount is $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 on the date occupancy begins. The commercial property site has a total of 55,785 square feet of Office and Warehouse space located on 2.51 acres of land for the Company to occupy 16,838 square feet of the space on or before August 1st. The 16,838 square feet of warehouse space that is currently being utilized by the seller that will be made available for occupancy is sufficient to house the Company's corporate staff, especially the office space required to fully staff the corporate Sales and Marketing Department. The available warehouse space being occupied is sufficient to warehouse and sell new truck tires. The term is for six months through January 31, 2015. Contractually the purchase is to be closed during the month of January 2015 to allow the seller to complete their Christmas Holiday seasonal sales period prior to moving.\n Company management is negotiating to purchase a company that produces medical marijuana related paraphernalia products and generates profitable income to become a part of the Company's Medical Marijuana Division. The Company's on-site due diligence team is scheduled to travel to the targeted medical marijuana related paraphernalia products company prior to the middle of next month.\n The $509,900 \"As-Is\" Asset Purchase for the Reddick, Florida industrial manufacturing property and remaining equipm...