SALT LAKE CITY, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Garb Oil & Power Corporation (USOTC:GARB) announces postponement of shareholders meeting to be held Saturday November 17, at 11.00 am. This meeting is now postponed to Saturday March 2, 2013 at 11.00 am, to be held at Little America Hotel, 500 South Main Street, Salt Lake City, UT 84101
THE AGENDA FOR THE SHAREHOLDERS MEETING WILL BE THE FOLLOWING:
- Update on current situation
- Garb's future direction
- Discussion and vote on approval for share restructuring and the reduction of the Authorized shares
- Discussion and vote on approval for the elimination of all Classes of Garb Preferred shares and conversion into Common stock
- Discussion and Vote on approval for a Reverse Split to occur within the earliest possible time as per legal requirements
- Discussion and vote on approval to take Garb to AMX or Small Cap exchange
- Other matters
Before the shareholders meeting will take place, a proxy statement will be sent to all shareholders on record followed by formal notice of the shareholders meeting, this will occur within the next 90 days.
The Reverse Split has already Board approval and is set at 3000:1, pending shareholders' approval and legal requirements.
The delay from previous announcement is due to the time necessary to call the shareholders meeting and present the Proxy statement.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this document that are not historical fact, are forward-looking statements based upon management's current expectations. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The results anticipated by any or all of these forward-looking statements may not occur. Garb Oil & Power Corporation is not required to update its forward-looking statements.