Garb-Oil & Power Corp. Announces Definitive Agreement And Formation Of JV Partnership

Garb-Oil & Power Corp. announced that it has formed a Joint Venture (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.