SALT LAKE CITY, Aug. 2, 2011 /PRNewswire/ -- Garb Oil & Power Corporation (OTCQB: GARB) Garb and ACG Consulting LLC (the "JV") have formed Xanthus LLC. Xanthus will act as the co-ordinating company for the Joint Venture managing and co-ordinating the growth and development of the 7 plants throughout the United States. It is planned that the company will manage and co-ordinate the building of 7 E-Waste recycling facilities within the next 3 years. The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule. It is estimated that each E-Waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility.
Xanthus LLC will be owned 51% by Garb and 49% by ACG Consulting LLC. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined E-Waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.
The EB-5 Program was authorized by the U.S. Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the U.S. economy by creating new jobs for U.S. persons. The term "EB-5" is an acronym for "the fifth employment based visa preference category." As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the U.S. by investing $500,000 through an authorized EB-5 Regional Center in a commercial enterprise located within a Targeted Employment Area that will benefit the U.S. economy and create at least 10 full-time direct and/or indirect jobs for U.S. persons. The program is administered by USCIS, as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in U.S. enterprises to create jobs throughout the U.S. economy.
Garb Oil & Power Corporation is dedicated to the application of ClosedCycle™ principle and NoWaste™ residue. Our plants for Rubber Recycling, E-Waste and E-Scrap Recycling, Waste to Energy and OTR processing plants are all developed with these principles in mind. Garb believes that processing waste should be economically viable and leave NoWaste™. It is our endeavour to build E-Waste recycling facilities that continue to push the boundaries for the attainment of the ClosedCycle™ principles and a world with NoWaste™.
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.
SOURCE Garb Oil & Power Corporation