SALT LAKE CITY, Jan. 8, 2013 -- Further to our Shareholder update December 10, 2012; Garb Oil & Power Corporation (USOTC: GARB) has identified two, suitable locations to develop an e-Waste treatment center in the Las Vegas, Nevada Metropolitan area (MSA). For a number of reasons, Las Vegas is a natural choice for an e-Waste recycling plant. The Las Vegas, Nevada MSA is home to over 2,000,000 people with an annual visitor volume of approximately 40,000,000. As a major logistic hub, because of its strategic location along the Interstate 15 Freeway, a Las Vegas plant would gather input material from Southern California as well as cities located in Utah. Although Las Vegas is a city of approximately 2,000,000 residents, its annual waste deposited in the area landfill is equivalent to a city of over 5,000,000 because of the vast consumption exhibited by the local and visiting populations. Additionally, Las Vegas has approximately 27,000,000 people within a 300-mile radius from which to draw source material. The State of Nevada is keen on bringing new, nongaming industry to Nevada, and a number of possible incentives should be garnered due to the employment base and economic impact the plant will deliver.
Two suitable locations have been identified. Location one is situated on an approximate seven-acre parcel with one building encompassing 10,000 square feet with existing rail spurs able to receive e-Waste material from the greater Los Angeles region. The building will require expansion to approximately 40,000 to accommodate the first phase of the e-Waste facility. Location two is approximately 20 acres and is situated approximate to the Harry Reid Technology Park in the Southwest area of Las Vegas. Garb will finalize decision on which property within the month.
Garb President/CEO John Rossi stated "This has been a combined effort with our Joint Venture partners and the choice was not easy, as many fine properties were available."
The Recycling plant will have capacity at maturation to process 42,000 metric tons of material across all e-Waste streams including large household appliances (LHA's), LCD Monitors and a complete Plastics processing line. The total build-out of the Las Vegas e-Waste recycling plant is estimated to be $34,000,000. Design, Construction and Equipment installation period is estimated at 15 months from ground breaking, and full input material to reach plant capacity is estimated by the 21st month following commencement.
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 40 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 are essential for Earth in the 21st century.
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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.
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When used in this announcement, the terms "GARB", the "Company", "we", "our", and "us" refers to GARB OIL & POWER CORPORATION, a Utah corporation.
Garb Oil & Power Corporation
John Rossi President & CEO
SOURCE Garb Oil & Power Corporation