SALT LAKE CITY, Feb. 24, 2012 /PRNewswire/ — Garb Oil & Power Corporation (USOTC: GARB.PK – News). Garb Oil & Power Corporation signs definitive agreement for a second JV partnership in Italy to build and operate an E-Waste plant. The plant will have 13,000 metric tons input and produce output in Copper, Aluminum, Alloys and Plastic. Once operational the plant will provide estimated revenues in excess of euro 7,000,000($ 10,000,000) and EBITA in excess of euro 3,000,000 ($ 4,500,000) 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.
Garb through its European subsidiary will buy 51% of the existing company and will proceed to fund 20% of project with 80% being organized by the JV partner, which will own 49% of the JV company. The JV company will then build, own and operate a 13,000 metric ton E-Waste plant. The estimated cost of the project including land, building and plant is expected to be approx. $ 13 million USD and is scheduled to be completed by December 2013. Funding for the E-Waste plant will come through the engagement of a local bank and will be guaranteed by an insurance bond. Garb estimates to break ground in this project by November 2012.
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