SALT LAKE CITY, April 13, 2011 /PRNewswire/ -- Garb Oil & Power Corporation ("Garb") and USA Recycling Industries Inc., have signed an LOI to form a "joint venture operation in North America, on a 50/50 basis, whereby USA Recycling Industries will provide access to its national contracted commercial customer locations, for the purpose of establishing the collection and processing of scrap used tires for recycling, availability of its warehousing facilities and provide access to international consumers of recycled rubber and steel. Garb is to provide the joint venture operation with technology for its warehousing facility at cost, know-how and expertise in tire recycling." Agreement and closing date are "no later than 30 days from the date of the Letter of Intent." Garb CEO John Rossi stated, "This arrangement 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, "The Agreement provides USA Recycling Industries with a joint venture partner that will enhance our specialty recycling programs and provide our customer base with a long-term eco-friendly recycling solution for automotive tires."
About Garb Oil & Power Corporation
Garb Oil & Power Corporation 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. is based in the city of Reading, PA. Operating since 2007 as a scrap metal recycler servicing commercial and industrial customers throughout North America, USA Recycling Industries, Inc. has been focused on and successful in targeting the Automotive Service Center Industry. The company 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, Inc. 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 solid footing in its current market of scrap metal the company is now comfortable with integrating other ancillary products such as oils and other automotive related products to its 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 USA RECYCLING INDUSTRIES INC.,
Vincent J Smith – CEO
SOURCE Garb Oil & Power Corporation