SALT LAKE CITY, Oct. 27, 2011 /PRNewswire/ -- Garb Oil & Power Corporation (OTCQB: GARB.PINK) has formed a JV partnership in Italy to build and operate an E-Waste plant. The plant will have 25,000 metric tons input and produce output in Copper, Aluminum, Alloys and Plastic. Once operational the plant will provide estimated revenues in excess of euro 11,000,000 ($15,400,000) and EBITA in excess of euro 6,000,000 ($8,400,000) per year of operation. All raw materials will be on sold to local entities for further processing. The plant will be locally funded and initial funds are available to start the project.
The JV will be 51% owned by Garb and 49% by a local group already present in the waste recycling business locally. The company will then build, own and operate a 25,000 metric ton E-Waste plant. The estimated cost of the project including land, building and plant is expected to be approx. $25 million USD and is scheduled to be completed by September 2012. Funding for the E-Waste plant will come through the engagement of a local bank and will be guaranteed by an insurance bond.
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 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).
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