SALT LAKE CITY, May 16, 2011 /PRNewswire/ -- Garb Oil & Power Corporation ("GARB") and USA Recycling Industries, Inc. (OTCNASDAQ: "USRI-PK"), have signed a DEFINITIVE AGREEMENT to form a Joint Venture operation in North America, which will operate under the trade name "USA Recycled Tires, LLC", on a fifty-fifty basis, whereby USA Recycling Industries will provide access to its national auto service center chain store customer locations to establish the collection & processing of scrap used tires for recycling purposes, availability of its warehousing facilities & provide access to international consumers of recycled rubber and steel through its majority-owned export operations. Garb is to provide the Joint Venture operation with technology for its warehousing facility at cost, know-how and expertise in tire recycling. Garb CEO John Rossi stated, "This Joint Venture catapults Garb into North America's automotive recycling industry providing direct access to many of America's top auto service center operations." USA Recycling Industries CEO Vincent J. Smith added, "We envision that our Joint Venture through the formation of USA Recycled Tires, LLC will change the way tires are collected, processed & recycled in North America resulting in a more environmentally friendly automotive recycling solution."
About Garb Oil & Power Corporation
Garb Oil & Power Corporation (www.garbop.com) is a company dedicated to the application of ClosedCycle(TM) principle and NoWaste(TM) residue. Our plants for Rubber Recycling, EWaste and E-Scrap Recycling and Waste to Energy processing plants are all developed with these principles in mind. Garb believes that processing waste should be economically viable and leave NoWaste(TM). It is our endeavor to build plants that continue to push the boundaries for the attainment of the ClosedCycle (TM) principles and a world with NoWaste(TM).
About USA Recycling Industries, Inc.
USA Recycling Industries, Inc. formerly known as Voyager Petroleum, Inc. (www.usarecyclingindustriesinc.com) is a publically traded mid-market scrap metal recycler servicing commercial & industrial customers throughout North America. USA Recycling Industries now participates in a $75 billion global scrap metals market through its acquisition of Scrap USA in December of 2010. Operating since 2007, USA Recycling Industries has been focused on and successful in targeting the Automotive Service Center Industry. It currently provides specialty recycling programs to more than 4,000 automotive service center locations operated by some of the most recognizable names in that retail category. USA Recycling Industries contracted automotive scrap metal suppliers are listed on the NASDAQ, New York Stock Exchange and others are owned by some of the world's largest hedge funds. Having developed a national footprint in its current market of scrap metal collection & processing the company is now comfortable with integrating other ancillary products such as used motor oil and other automotive related recyclables to its specialty services.
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.
For GARB OIL & POWER CORPORATION:
John Rossi – CEO
For USA RECYCLING INDUSTRIES, INC.
Vincent J Smith – CEO
SOURCE Garb Oil & Power Corporation