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Garb Oil & Power Corporation Enters Into an Asset Purchase Agreement and Files Its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014
Garb Oil & Power Corporation Enters Into an Asset Purchase Agreement and Files Its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014.
About this update from Garb Oil & Power Corp
[{"type":"text","content":"\n \n \n Garb Oil & Power Corporation Enters Into an Asset Purchase Agreement and Files Its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014\n \n \nGarb Oil & Power Corporation Enters Into an Asset Purchase Agreement and Files Its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014\n \n LARGO, FL--(Marketwired - Apr 25, 2014) - Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) -- The Company entered into a material contract, an Asset Purchase Agreement, on April 23, 2014 for the Company to purchase its first Florida production site. On April 24, 2014, the Company filed its OTC Markets Quarterly Report for the Quarter Ending March 31, 2014 that includes the Company's required filing of this material contract. (March 31, 2014 Quarterly Report - Financial Statements, Notes to Consolidated Financial Statements, Note 11 - Subsequent Events)\n The Company entered 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. The bankruptcy hearing pertaining to the sale is being held during next month, May 2014. The Company is required to await the bankruptcy hearing's results prior to further disclosure of the Asset Purchase Agreement. The Company's use of the industrial manufacturing property and equipment will be to manufacture wood pellets to be used as an alternate power fuel and for farm and agricultural applications. In addition, the manufacturing facility will utilize power saving technology including the use of recycled materials as fuel that will result in lower operating costs. Also, excess electricity will be generated that may be sold back to the power company, thereby the site generating an additional source of revenue.\n Tammy Taylor, company Chief Executive Officer and President, stated, \"The Quarterly Report, especially the Financial Statements and its Subsequent Events' Note, highlights the progress the management team has made to date while at the same time the Company has benefited from the management team's personal/financial sacrifice in order for the Company to achieve success for all shareholders. I am extremely conf...