Garb-Oil & Power Surges on German Acquisition
Garb-Oil & Power Corporation (GARB), which competes with companies like Republic Services, Inc. (RSG) and Casella Waste Systems Inc. (CWST), saw its shares jump higher after acquiring a German machinery and technologies company.
Garb-Oil & Power Corporation [[GARB.OB]], www.garb-oil.com announces the purchase of Resource Protection Systems GmbH (RPS) www.resource-protection.com. RPS is a technologies company dedicated to the protection and responsible use of Earth’s resources through advanced recycling technologies, environmental awareness and ingenuity. RPS is now a wholly owned subsidiary of Garb. The acquisition strengthens Garb’s position in the European and Middle East markets and further expands Garb’s technological edge in the recycling industry. The details of the agreement are as follows:
Garb purchased 25,000 shares, which are all of the issued and outstanding shares of the German company RPS GmbH. The terms of the purchase of 100% of RPS GmbH are as follows:
- Mr. Igor Plahuta acquired 13,914,645.5 shares of Garb common stock shares for his 12,500 shares in RPS GmbH at an exchange ratio of 1,113.7 of Garb common stock shares for every 1 share of RPS GmbH.
- Mr. Igor Plahuta has an option to buy an additional 50,000,000 common stock shares of Garb at a price equivalent to 10% of the last 10 trading days average closing ask price prior to the day of exercising the option. The option can be exercised in total or partially and it expires November 1, 2014. The Option shall become effective when the authorized capital of the Company is increased to not less than 220,000,000 shares of common stock shares by Garb filing an amendment to its Articles of Incorporation or other document to accomplish and effect the increase in the authorized capital of Garb.
- Mr. John Rossi acquired 13,914,645.5 of Garb common stock shares for his 12,500 shares of all issued and outstanding shares owned by Mr. Rossi in RPS GmbH at an exchange ratio of 1,113.7 of Garb common stock shares for every 1 share of RPS GmbH.
- Mr. John Rossi has an option to buy an additional 50,000,000 common stock shares of Garb at a price equivalent to 10% of the last 10 trading days average closing ask price prior to the day of exercising the option. The Option can be exercised in total or in part and it expires November 1, 2014. Option shall become effective when the authorized capital of the Company is increased to not less than 220,000,000 shares of common stock shares by Garb’s shareholders approving an amendment to its Articles of Incorporation or other document to accomplish and effect the increase in the Company’s authorized capital.
- Mr. John Rossi has an irrevocable voting proxy for 23,046,611 of Garb’s common stock until March 10, 2010, per a written agreement between Mr. John C. Brewer and Mr. John Rossi of September 5, 2009.
- The Board of Directors of Garb-Oil & Power Corporation authorized an increase from three to five in the number of Directors comprising its Board of Directors. Mr. Igor Plahuta and Mr. John Rossi were appointed directors of the Company and each shall serve until a successor has been elected or appointed.
About Garb-Oil & Power Corporation
Garb is a company dedicated to the production and sale of machinery for the processing of a wide range of waste categories with a specialization in waste rubber. Garb possesses a unique technology for processing OTR tires. Garb designs and constructs plants for processing waste on a turnkey basis. Garb specializes in refining waste rubber from tires of all types and technical rubber products. The types and grades of crumb rubber produced from Garb plants are the most desirable and best recycled rubber for manufacturing rubber products.
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