The JV, which will be owned 51% by Garb and 49% by ACG, will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with the company’s planned schedule.
Garb plans to break ground with a new E-Waste recycling facility every four months thereafter, at various sites in the US as licenses, permits, and USCIS approvals are obtained.
Each E-Waste recycling facility is expected to cost around $15m to construct depending on configuration and size of each recycling facility.
Garb intended to break ground at the first E-Waste recycling facility in South Florida in March of next year, and the facility is expected to be delivered and commissioned between September and October 2012.
The JV will conduct testing during the months of October, November, and December of 2012 with the recycling facility beginning full production January 2013.
Three E-Waste recycling facilities are planned for operation during the 2013 with four additional recycling facilities to come on line during the 2014.
Once operational, each facility is estimated to contribute a minimum of $12m in revenues every full year of operation.
