Xanthus to manage building of seven e-waste plants

Garb Oil & Power Corporation and ACG Consulting LLC have formed Xanthus LLC. Xanthus will act as the coordinating company for a joint venture (JV) responsible for managing and coordinating the growth and development of seven e-waste recycling plants throughout the United States. The company expects the building to be completed within the next three years.

It is estimated that each e-waste recycling facility will cost as much as $15,000,000 to build depending on configuration and size of each recycling facility.

Garb will own 51 percent of Xanthus, and ACG Consulting will own 49 percent. Three e-waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year. It is expected that by end of 2015 the combined e-waste recycling facilities will contribute an estimated $85,000,000 in revenues to the JV.

The EB-5 Program was authorized by the United States Congress under the Immigration and Nationality Act of 1990, as amended, with the intent to help stimulate the economy by creating new jobs. The source of the investment capital comes from foreign investors who wish to legally immigrate to the States by investing $500,000 through an authorized EB-5 Regional Center in a commercial enterprise located within a Targeted Employment Area that will benefit the United States economy and create at least 10 full-time jobs.