SALT LAKE CITY, July 16, 2012 (GLOBE NEWSWIRE) -- Garb Oil & Power Corporation (USOTC:GARB) announces the signing of a consulting contract for $36,000,000 with Hong Kong Alliance (HKA) Fund Ltd. The contract will involve consulting on a variety of recycling areas from glass to ferrous and non-ferrous material, to MSW, wood, paper, electronic waste (Ewaste) and tires for the Asia Pacific Region, east of India. The contract will start beginning of August 2012 and finish July 2013. Garb will work with HKA to a set of deliverables that HKA will present every month. The minimum fee agreed between Garb and HKA is $3,000,000 per month starting from August 31, 2012 onwards. It is possible, depending on what consulting, licenses and other know-how is transferred that a higher fee is negotiated month to month. The contract allows for this type of event. Garb will provide the following services at both Country and regional level, concentrating on the growth of recycling methodologies and processes in the Asia Pacific region:
Feasibility studies, Project analysis and review, Best suitable approach, Project Management, General consulting on all aspects of recycling, Solutions and best equipment, presentations, Licenses and possible patents transfer.
President/CEO of Garb, John Rossi, states, "This is a great result for Garb. I would like to congratulate all of our team for their effort and contribution. This contract and the revenue it will generate will help Garb stay current and up to date in its filing. It will further provide internal investment possibilities for building new Ewaste plants. Our new consulting division has provided an opening into a new market. Garb will continue investing in this market place, while also focusing on its prime objective of building and managing its own plants."
Please follow our website to see what is possible and what we offer www.garbop.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. 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.