Garb Oil and Power Corp (GARB)

[zeekhoe]

NEWS: Garb Oil & Power Corporation's CEO and President Tammy Taylor Addresses Shareholders on a Reverse Split and Provides Progress on Corporate Initiatives to Advance the Company

http://www.otcmarkets.com/news/otc-market-headline?id=16220106

LARGO, FL, Jun 16, 2014 (Marketwired via COMTEX) -- Garb Oil & Power Corporation (OTC Pink: GARB) (PINKSHEETS: GARB) Today the Company's Chief Executive Officer and President Tammy Taylor released the following open letter to shareholders disclosing a reverse split and to provide progress on corporate initiatives to advance the Company.
TO THE SHAREHOLDERS OF GARB OIL & POWER CORPORATION

Over a month ago, the Company disclosed that at the time of uplift filing, if the Company's Common price per share (PPS) required a reverse split to qualify the elevation above OTC Pink Current Tier, that the Company would not lose a single shareholder. The Company has reached the point in time that in order to continue its progression toward elevation above OTC Pink Current Tier necessitates a reverse split of the Company's Common Stock.

The Company has been in discussions to acquire several profitable operating companies whose operations fit in the Company's business model. One such target operating company fits the Company's division relating specifically to the Medical Marijuana Industry since it produces related paraphernalia products. Acquiring this and other targeted operating companies require the Company to rely in part on institutional investors whose criteria includes the Company being fully reporting and uplifted, thus necessitating the reverse split so that the Company is able to continue its progression toward elevation above OTC Pink Current Tier. During the next quarter, the Company expects to acquire a few of the current targeted profitable operating companies. In addition, the Company is progressing to acquire both the Largo, Florida commercial office/warehouse and the Reddick, Florida industrial manufacturing site.

The Company's Board of Directors approved the following reverse split and other changes to the Company's Articles of Incorporation after receiving shareholder approval by majority written consent:

(a) Decrease the authorized common stock to 75,000,000 shares, $0.001 par value. (b) Amend the conversion calculation of the Class B Preferred Stock, $2.50 par value, to the proportional calculation of converting to common stock based on the total par value of the Class B Preferred Stock being converted, divided by the average closing price per share of the Company's common stock over the preceding 10 trading days. (c) Effect a 1 for 10,000 reverse stock split of the Company's issued and outstanding common stock outstanding June 27, 2014 with fractional shares being rounded up to the nearest 50 whole shares.

The Company Team continues to be committed to add shareholder value. The reverse split increases the availability of funding required for the Company to reach the full potential of its Business Model.

Sincerely, Tammy Taylor, Chief Executive Officer and President