Garb Oil & Power Corporation, the Company has entered into a company acquisition contract to purchase Chubby Glass LLC located in Boulder, Colorado for $189,000 cash terms. Founded in 2001, Chubby Glass produces primarily glass pipes that are sold in the marijuana industry and generates profits. The company acquisition is to close by year's end and will become a part of the Company's Medical Marijuana Division. In addition, the Company has entered into a 5-year employment agreement with Chubby Glass' founder and managing partner, Eric Ernst, to assist in a smooth transition and maintain continuity after the closing. During 2013, Chubby Glass generated close to $400,000 in sales revenue.
The Company's Medical Marijuana Division will sell medical marijuana related paraphernalia products that include recycled materials in their production. After closing on the purchase of Chubby Glass, recycled glass will become a part of the glass pipe production processes as soon as practical.
Tammy Taylor, company Chief Executive Officer and President stated "The Company acquisition contract to purchase Chubby Glass is the first company acquisition the Company intends to acquire that will utilize recycle materials in the making of useful products for sale. Glass is an abundant recyclable material that has been used by glass blower operations to produce artistic glass products. The Chubby Glass company purchase gives Garb the production capability required to begin utilizing recycled glass to produce useful and artistic products. With its location in Colorado, the Chubby Glass company acquisition will also give Garb the ability to begin its Medical Marijuana Division's manufacturing processes utilizing recyclable materials other than glass for sales available throughout the United States whether or not next month's November 4 th Medical Marijuana Amendment 2 vote is passed by Florida's voters.
Source: Garb Oil & Power Corporation
Date: Oct 1, 2014
