READING, Pa., April 13, 2011 (GLOBE NEWSWIRE) -- USA Recycling Industries, Inc., fka Voyager Petroleum, Inc (Pink Sheets:USRI) (Frankfurt:DXD), a scrap metals recycler servicing the automotive service center chain store industry with commercial customers throughout North America, today announced it has executed a Letter of Intent to "establish the collection and processing of scrap-used tires for recycling" with Garb Oil & Power Corporation (OTCQB:GARB), which maintains its North American Headquarters in Salt Lake City, Utah, and its European facilities in both England and Germany. USA Recycling Industries will "provide access to its national auto service center chain store customers, availability of its warehouse facilities and provide access to international consumers of recycled rubber and steel through its majority-owned export operations." Garb Oil & Power will "provide the technology, expertise and register certain patents in the United States for the benefit of the joint venture tire recycling operation." The Agreement details a closing date of "no later than 30 days from the date of the Letter of Intent." USA Recycling Industries CEO Vincent J. Smith stated, "The Agreement provides USA Recycling Industries with a joint venture partner that will enhance our specialty recycling programs and provide our customer base with a long-term eco-friendly recycling solution for automotive tires." Garb Oil & Power CEO John Rossi added, "This arrangement catapults Garb Oil & Power into North America's automotive recycling industry, providing direct access to many of America's top auto service center operations."
About the Company
USA Recycling Industries, Inc., formerly known as Voyager Petroleum, Inc. (www.usarecyclingindustriesinc.com), is a publically traded mid-market scrap metal recycler servicing commercial and industrial customers throughout North America. The Company now participates in a $75 billion global scrap metals market through its acquisition of Scrap USA in December 2010. Operating since 2007, Scrap USA has been focused on and successful in targeting the Automotive Service Center Industry. It currently provides specialty recycling programs to more than 4,000 automotive service center locations operated by some of the most recognizable names in that retail category. The Company's contracted automotive scrap metal suppliers are listed on the NASDAQ and New York Stock Exchanges, and others are owned by some of the world's largest hedge funds. Having developed a national footprint in its current market of scrap metal collection and processing, the company is now comfortable with integrating other ancillary products such as used motor oil and other automotive related recyclables to its specialty services.
About Garb Oil & Power Corporation
Garb Oil & Power Corporation (www.garbop.com) was founded in 1972. The Company is a pioneer in the recycling and waste industry. The Company's founder, John C. Brewer, invented, patented and produced the first shredder in the world designed specifically for shredding tires. This shredder revolutionized the waste tire world. Garb's innovation does not limit itself to machines. It is also pushing the boundaries of product development with innovative patents that allow the Company to refine rubber into Nano Rubber powder through providing patented savings with its nitrogen reduction process. Garb's proprietary processes allow the Company to provide finer rubber powder in larger quantities. The Company's machine and factory engineering expertise in refining and product finishing allows Garb to develop new market areas and provide high value-added products to Fine Rubber Powder, Thermoplastics Elastomers and other end rubber products.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.