SALT LAKE CITY, Dec. 10, 2012 (GLOBE NEWSWIRE) -- Garb Oil & Power Corporation (USOTC:GARB) announces up date to shareholders and future plans for 2013.
John Rossi, Chairman and Chief Executive Officer of Garb Oil and Power Corporation (the "Company"), announced the Company's anticipated plans for 2013 in light of recent developments and the efforts of management through 2012.
Anticipated first quarter 2013 events:
- The Company plans to get caught up in its public fillings including 2011 Annual Report, and all required filings for 2012.
- The Company hopes to complete the acquisition of an Ewaste company in the US. Management has been in negotiations with several entities relating to a proposed acquisition, and the Company will announce its plans when more information is available. Management has also been in negotiation with potential funding sources, and anticipates that at least part of the transaction may be completed through the issuance of the Company's securities.
- The Company plans to finalize an agreement for the Company's first recycling project in Nevada with a joint venture partner.
- The Company plans to break ground on its first recycling project in Italy.
- The Company plans to hold a Shareholders meeting in the first or second quarters of 2013.
Anticipated second quarter 2013 events:
- Management plans to complete the acquisition of a second Ewaste company in the US, likely from one of the entities with who the Company has been in negotiations.
- Management plans to break ground on the recycling project in Nevada during the second quarter of 2013.
While the above events are planned or anticipated, there can be no guarantee that the Company will be able to accomplish all or any of the listed events. Nevertheless, Management has been working diligently during 2012 with respect to each of the events listed, with a view to culmination on the schedule outlined above.
Mr. Rossi had this to say about the Company's future: "We have worked hard these last months to prepare and position the company. I believe 2013 will be a great year for Garb."
About the Company: Garb Oil & Power Corporation (Garb) was founded in 1972. The Company is a pioneer in the recycling and waste industries. The Company's founder invented, patented and produced the first shredder in the world designed specifically for shredding tires. This shredder revolutionized the waste tire world. This tradition for innovation, now stemming over 37 years, is a key founding principle upon which Garb thrives. The Company continues to infuse this same tradition of enthusiasm and innovation into its operations, and the Company's founder's trademark commitment to breaking new ground will carry on into the future. The new industries of Waste Rubber, Electronic Waste (E-waste) and Waste-to-Energy are the new areas upon which Garb is currently focusing its innovative spirit. Management believes that the integration of Garb's ClosedCycle™ principle and the attainment of a NoWaste™ process in these industries, along with innovation and contributing technology and products, will keep Garb green on growth.
Certain statements in this announcement contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Generally, the words "believes", "anticipates," "may," "will," "should," "expect," "intend," "estimate," "continue," and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements which include, but are not limited to, statements concerning the Company's expectations regarding its working capital requirements, financing requirements, business prospects, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Readers should carefully review this announcement in its entirety, including but not limited to our financial statements and the notes thereto. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
OTHER PERTINENT INFORMATION
When used in this announcement, the terms "GARB", the "Company", "we", "our", and "us" refers to GARB OIL & POWER CORPORATION, a Utah corporation.