SALT LAKE CITY, Nov. 1, 2011 /PRNewswire/ -- Garb Oil & Power Corporation (USOTC: GARB) announced today that a shareholders meeting will be held on December 10, 2011 at 11.00 am. The shareholders meeting will take place at the Little America Hotel on 500 South Main Street in Salt Lake City, UT 84101.
The agenda for the shareholders meeting will be following:
- Approve changes to the current Article 4 of the company's Articles of Incorporation and specifically related to:
- Discussion and approval to reduce the current authorized shares from 50,000,000,000 to 6,000,000,000 common shares.
- The elimination of the Class C preferred stock
- The elimination of Class B preferred stock and the conversion of said shares into Garb common stock at the current assigned value of conversion
- To reduce Class A preferred stock voting and conversion powers
- To provide shareholders with an update on the company and discuss and review our results
- To outline our future strategy
- Any other business
John Rossi, President of Garb Oil & Power, stated "As we prepare to enter the production and revenue phases of our business model we felt it necessary to hold a shareholders meeting and address any issues before pushing forward. More specifically, we want to bring our capital structure inline with our plans for the future. In reviewing our authorized shares and our future plans we did not see the need for our authorized to be as high as 50 billion."
Rossi continued, "We want our shareholders to see that we are taking all measures possible to build shareholder value and corporate credibility for Garb. We look forward to seeing as many of you as possible."
You can watch our technology in action on the following link http://www.youtube.com/watch?v=dVbZ9SqAYfU
Garb Oil & Power Corporation is dedicated to the application of ClosedCycle(TM) principle and NoWaste(TM) residue. Our plants for Rubber Recycling, E-Waste and E-Scrap Recycling, Waste to Energy and OTR processing 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).
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