YOUNGSTOWN, Ohio – A former investment broker whose license was pulled last year for violating Ohio security laws says he’s found new financing to finish the delayed Chill-Can project on the east side of Youngstown.
And, he says, he’ll expand Chill-Can to Miami, and then build another self-chilling beverage can plant in a small town in Iowa backed with a Minnesota-based financial adviser.
“I’ve decided to take over the whole financing part for the Joseph Co.,” asserts Garry N. Savage Sr., president of Las Vegas-based Coast to Coast Chill Inc., who says he has a financial stake in Chill-Can in Ohio and Florida.
Savage says his plan is to complete the Youngstown project first – he anticipates it could be finished in about 90 days – and then begin work on another project in the Miami area. Once the plant in Miami is finished, another would be earmarked for Estherville, Iowa.
This is all news to the Joseph Co., according to its chairman, Mitchell Joseph.
“Not true,” he states in an email. “We have envisioned Miami as a possible future site (three-plus years down the road) if and when Youngstown reached its manufacturing capacity. There are no current plans in place to do that.”
Nor will the Youngstown plant be complete in 90 days, Joseph says.
Joseph and Savage began doing business together in 2016, when Savage signed contracts in which he agreed to pay $7.5 million for the rights to the Ohio territory and another $5.8 million for Florida, according to documents obtained by The Business Journal.
Joseph Co. International, based in Irvine, California, owns the patents for what is promoted as the world’s first self-chilling beverage can. In November 2016, the company broke ground on what Joseph promised would become a $20 million production complex on Youngstown’s East Side. Two production buildings have been constructed; a third is under construction. Joseph promised 237 people would be working there by August of 2021. In return, the city awarded the company a 75% tax abatement for 10 years, provided a $1.5 million grant from its wastewater and water funds, and spent another $360,000 to acquire land and relocate the residents who lived at the site.
Not one can has been produced and only a few people have been hired.
Still, Savage insists he has big plans to provide financing to finish the Youngstown plant, expand to Miami, then build a Chill-Can plant Iowa.
A story published July 9 by the Estherville News revealed that Jeff Robinson, a Minnesota-based financial adviser and a native of Estherville, is lining up financing through a pool of investors. The financing – which would be lent directly to Savage and his Coast to Coast Chill company – is conditional upon building a Chill-Can plant in Iowa, according to the newspaper.
Joseph is emphatic regarding…