Garb Oil & Power Corporation Announces Operational Additions In Tandem With A Reverse Split
FOR IMMEDIATE RELEASE
Largo, Fla., May 28, 2015/ Garb Oil & Power Corporation (OTCPink: GARB) The Company believes that the current low per share market price of our common stock has had a negative effect on the marketability of our existing shares. We believe by increasing the per share market price of our common stock as a result of a reverse stock split, we might encourage greater interest in our common stock and enhance the marketability of our common stock to the financial community and investing public, as well as promote greater liquidity for our stockholders. Based on these sound considerations, the Company filed yesterday with the Securities and Exchange Commission (“SEC”) a Schedule 14C (Preliminary Informational Statement) for a 1-for-10,000 reverse split of the Company’s issued and outstanding common stock. Fractional shares shall be rounded up to the nearest 50 whole shares. The Company’s 50 billion (50,000,000,000) authorized common stock at no par value will be reduced to 75 million (75,000,000) authorized Common Stock at $0.001 par value subject to implementation of the 1-for-10,000 reverse split.
The Company worked diligently to once again be a SEC fully reporting company. In less than 9 months, the Company has gone through 4 years of audits (2011 through 2014) and 10 quarterly reviews (the 3 quarters for 2012 through 2014 and first quarter 2015). The tremendous amount of work hours required to achieve this reflects the dedication, commitment and perseverance of Garb's team for the Company to advance its business plan.
Our primary focus is to increase Company revenues.
For the first time in many years, the Company had annual revenues during the year ended December 31, 2014 ($300,000). The expected greater interest and marketability of our common stock to the financial community once the reverse split is in effect will allow the Company to move forward in utilizing the current leased 16,838 square feet warehouse space and in the purchasing of the entire 55,785 square feet warehouse complex. Funds are required to meet down payment requirements to purchase the property. In addition, the Company desires to meet the down payment requirements to finance the purchase of targeted revenue generating profitable companies with operations relevant to our business model. To finance these asset acquisitions, the Company has determined that asset purchase financing is available that will require around 30% of the asset purchase price as a down payment.
Two independent directors to be added to the Company’s Board of Directors
The Company has been reviewing qualified candidates in order to add two independent board members to the Company’s current one member Board of Directors soon after the aforementioned reverse split is in effect. The additions of two independent board members will greatly enhance Garb’s team to advance its business model and allow for greater internal control during the expected growth realized from the Company purchasing revenue generating profitable companies with operations relevant to our business model.
About Garb Oil & Power Corporation
Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB), has a long company history in the fast growing industry of waste recycling and specifically related to waste-to-energy. Garb is organized to utilize both next-generation machines and new technologies to vertically integrate into the waste refinement, recycling and energy industries. In addition to selling tires, shredders and related recycling equipment, the Company's emphasis is for its own plants to produce profitable new and "green" solutions for waste-to-energy including the potential use of alternate fuel sources utilized during the manufacturing processes, new equipment technologies that improve energy usage efficiency and utilizing recycled material in producing both useful and desirable products.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements. These statements are based on current expectations and assumptions regarding future events and business performance and involve known and unknown risks, uncertainties and other factors that may cause industry trends or actual Company results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. Although the Company believes that expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All who read this press release should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.
Company Investor Relations Contact:
Garb Oil & Power Corporation
[email protected]
Telephone: 888-573-6622, Ext. 1