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Garb Oil & Power Corporation Enters Into a Lease-to-Own Letter of Intent for 55,785 Square Feet of Office and Warehouse Space and Other Material Business Plan Initiatives
Garb Oil & Power Corporation Enters Into a Lease-to-Own Letter of Intent for 55,785 Square Feet of Office and Warehouse Space and Other Material Business Plan Initiatives.
About this update from Garb Oil & Power Corp
[{"type":"text","content":"\n \n \n Garb Oil & Power Corporation Enters Into a Lease-to-Own Letter of Intent for 55,785 Square Feet of Office and Warehouse Space and Other Material Business Plan Initiatives\n \n \nGarb Oil & Power Corporation Enters Into a Lease-to-Own Letter of Intent for 55,785 Square Feet of Office and Warehouse Space and Other Material Business Plan Initiatives\n \n LARGO, FL--(Marketwired - May 8, 2014) - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) On May 7, 2014 the Company entered into a material contract, a Lease-to-Own Letter of Intent, for a Largo commercial property that totals 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 by July 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 Lease-to-Own 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 purchase price of the entire 55,785 square foot complex. The Lease-to-Own term is for six months.\n Tammy Taylor, company Chief Executive Officer and President stated, \"In February the Company announced it had begun visiting potential properties for the Company's Tampa Bay Area office/warehouse and the first Florida production site, to be located north of the Tampa Bay Area. Less than 2 weeks ago, on April 25th, we announced entering into the Asset Purchase Agreement with a dissolving company that is in bankruptcy for an industrial manufacturing property and equipment that in very general terms includes an over 40,000 square foot warehouse located in the State of Florida on over 5 acres of land for our announced pellet manufacturing and excess electricity operation. The bankruptcy hearing pertaining to the sale is being held next week and, once bankruptcy court approved, the purchase closing is set to be by June 30th. Now we have concluded negotiations to ob...