News for 'GARB' - (Garb Oil & Power Corp Forms Joint Venture with ACG
Consulting)
Aug 01, 2011 (Close-Up Media via COMTEX) -- Garb Oil & Power Corp. has formed a
joint venture with ACG Consulting to build 7 E-Waste recycling facilities within
the next 3 years.
According to a release, it is planned that the first E-Waste recycling facility
will break ground in South Florida in March of 2012. Garb plans to break ground
with a new E-Waste recycling facility every 4 months thereafter at various sites
in the US as licenses, permits, and USCIS approvals are obtained. The JV will be
funded through USCIS designated regional centers under the EB-5 Pilot Program
for each E-Waste recycling facility.
Officials noted that it is estimated that each E-Waste recycling facility will
cost as much as $15,000,000 to build depending on configuration and size of each
recycling facility. Once operational, each E-Waste recycling facility is
estimated to contribute a minimum of $12,000,000 in revenues every full year of
operation and create many new jobs for U.S. persons in the U.S. The JV's first
E-Waste recycling facility is expected to be delivered and commissioned between
September and October 2012. The JV will conduct testing during the months of
October, November, and December of 2012 with the recycling facility beginning
full production January 2013.
The JV will be owned 51 percent by Garb and 49 percent by ACG Consulting. Three
E-Waste recycling facilities are planned for operation during the 2013 calendar
year with four additional recycling facilities to come on line during the 2014
calendar year. It is expected that by end of 2015 the combined E-Waste recycling
facilities will contribute an estimated $85,000,000 in revenues to the JV.
The EB-5 Program was authorized by the US Congress under the Immigration and
Nationality Act of 1990, as amended, with the intent to help stimulate the US
economy by creating new jobs for U.S. persons. The term "EB-5" is an acronym for
"the fifth employment based visa preference category."
Garb Oil & Power Corp. has plants for Rubber Recycling, E-Waste and E-Scrap
Recycling, Waste to Energy and OTR processing.
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