SALT LAKE CITY, UT – Garb Oil & Power Corp. (OTC Pink: GARB) has signed a letter of intent with biochar manufacturer Aces High BioChar, LLC, to purchase 30% of Aces High. The purchase includes assets, operations, and revenues.
Aces High BioChar has produced and sold over 200,000 pounds of biochar and can produce up to 35 tons of biochar per week. Aces High, as a biochar manufacturer, has several large wholesalers and distributors as customers who purchase in large volume.
Jim Garrett, Garb’s CEO, said, “This is a great fit for everyone involved. Having a partially owned subsidiary will give us revenues and direction. I’d like to use our strengths to create a more direct distribution model and grow profit margins. We’re very excited about the future.”
Wes Johnson, President of Garb’s Biochar Division, stated, “We have a real strategy and a great entry point into the biochar market. This acquisition makes us a relevant player with a viable product. Our job is to revenue this and grow sales. We’ll start by selling biochar direct to cannabis growers in Oregon, Colorado, and California and increase both our production and sales numbers.”
Garb’s corporate website, www.garbcorporation.com, hosts a video showing the machine in operation. Johnson further stated “People are still discovering the benefits and uses of Biochar. The cannabis industry is highly focused on biochar as a soil additive and as legal cannabis becomes commoditized, growers are looking for competitive advantages in yield and quality. Biochar is that secret weapon.”
About Garb Oil & Power Corporation
Founded in 1972, Garb Oil & Power Corporation (OTC PINK: GARB), provides services in the fast growing waste-to-energy industry. Garb utilizes both next-generation machines and new technologies to vertically integrate into the waste refinement, recycling, and energy industries. Garb emphasizes producing profitable new and “green” solutions for waste-to-energy including the potential use of alternate energy sources, new equipment technologies that improve energy usage efficiency and utilizing recycled material in producing both useful and demanded products.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Garb Oil & Power Corp., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may”, “would”, “will”, “expect”, “estimate”, “can”, “believe”, “potential”, and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Garb’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Garb’s filings with the U.S. Securities and Exchange Commission.