SALT LAKE CITY, June 3, 2010 (GLOBE NEWSWIRE) -- Garb Oil & Power Corporation (OTCQB:GARB) www.garbop.com announces the sale of all of its holdings (45.7% stake) in SPR S.A. Spain for $195,000.
About Garb Oil & Power Corporation is a company dedicated to the application of ClosedCycle™ technology and NoWaste™ residue. Our plants for Rubber Recycling, E-Waste and E-Scrap Recycling, Waste to Energy and OTR processing plants are all developed with these principals in mind. Garb believes that processing waste should be economically viable and leave NoWaste™. It is our endeavor to build plants that continue to push the boundaries for the attainment of the ClosedCycle ™ principal and a world with NoWaste™. Garb will concentrate on promoting its E-Waste plants and tire recycling plants into the market place both in the United States and abroad. Garb will continue to focus on E-Scrap as a primary technology and continue to both refine the applications and end products deriving from E-Waste. Our technology and expertise have in the past also provided solutions in Waste to Energy and OTR plant building and development. Both of these technologies are important to garb and will make up part of our long term expansion plan. Garb's focus has changed from simply selling its E-Waste and Tire Recycling plants into the open market, to building its own plants both within and outside the United States. This new direction will position Garb to take advantage of the market requirements for E-Waste and E-Scrap over the next 10 years and beyond. This new focus will enable Garb to market its products directly to its main customers as primary raw material. Over the last few months Garb's management team has concentrated in reducing the company's debt while preparing and positioning the company into focusing on the new corporate direction. John Rossi expects this process to be finished by end of third quarter.
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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.
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