USA Recycling Industries, Inc. Signs LOI to Build Tire Recycling Plant in Pennsylvania
13 April 2011 - 11:14PM
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.
CONTACT: Vincent J. Smith - CEO
USA Recycling Industries, Inc.
877-464-5865
Email: VSmith@usarecyclingindustriesinc.com
John Rossi - CEO
Garb Oil & Power Corporation
801-738-1355
Email: info@garbmail.com
USA Recycling Industries (CE) (USOTC:USRI)
Historical Stock Chart
From Oct 2024 to Nov 2024
USA Recycling Industries (CE) (USOTC:USRI)
Historical Stock Chart
From Nov 2023 to Nov 2024