Garb Oil and Power Corp Announces LOI To Purchase O'Leary Enterprise Inc.

Garb Oil and Power Corp announced that it has entered into a letter of intent (the LOI) for the purchase of 100% of O'Leary Enterprise Inc. (the Business), and building and land (the Property) on which the business is operated, owned by Gregory O'Leary and Angela O'Leary. The LOI specifies that it is a non-binding letter of intent, and not an agreement of sale. However, it specifies the terms pursuant to which Garb seeks to acquire the Business and the Property from Mr. and Mrs. O'Leary (collectively, the Sellers). Pursuant to the LOI, Garb has proposed to purchase the Business and the Property for an aggregate purchase price of $8,275,000, broken out as follows $3,750,000 would be for the Property on which the Business is located, and $4,525,000 would be for 100% ownership of the Business.