SALT LAKE CITY, April 5, 2012 /PRNewswire/ -- Garb Oil & Power Corporation (USOTC: GARB). Garb Oil & Power Corporation announces shareholders meeting Saturday May 12, at 11.00 am, to be held at Little America Hotel, 500 South Main Street, Salt Lake City, UT 84101.
THE AGENDA FOR THE SHAREHOLDERS MEETING WILL BE THE FOLLOWING:
1. Thorough share restructuring and the reduction of the Authorized shares
2. Discussion and vote on the elimination of all Classes of Garb Preferred shares and conversion into Common stock
3. Discussion and Vote on a Reverse Split to occur within the earliest possible time as per legal requirements.
4. Discussion and vote on taking Garb to AMX or Small Cap exchange
5. Other matters
GARB further announces today that it has entered into a non cancellable agreement with an undisclosed party to restructure, reverse split the company and add to its management a world wide, world class group of companies and representatives spanning the globe. In addition this group will bring a UK presence and work on expanding the US listing to UK. The objective is to create long-term value for its shareholders while expanding its presence worldwide. Combined this will make GARB a well managed world wide company with merits and proven track record as well as technologies and ability to build operate world wide and attract the capital needed to do so. The combined deal will be applied to upgrade our listings to AMX or small cap and will give us trading ability on 2 markets UK and US, as well as, ability to cross fund and co-fund projects or keep the equity in the region based on the investors requirements.
There will be more to come and a full disclosure of the terms and conditions as well as board approval. The board has agreed in principle to complete the transaction, which will energize the company for role up of the two-targeted companies, as well as position the company for finance of projects in Italy, Florida, Ohio, Saudi Arabia and other markets to come. The management will complete a new business valuation, completed by the combined management and certified by independent analyst and will present it to the board as well as other strategic partners and investors. Management feels that this deal will increase the valuation and visibility of its company. Watch for more to come.
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