Wednesday, July 15, 2009
310 Holdings Inc. Announces Detailed Update for All Shareholders and Prospective Investors On the Definitive Agreement
NIAGARA FALLS, Ontario, July 15, 2009 (GLOBE NEWSWIRE) -- 310
Holdings Inc. (OTCBB:
TRTN) today announced that it completed a definitive agreement
to acquire and continue tape data migration and transcription
services of John Bordynuik Inc., an agreement that was signed on
June 25, 2009.
With this agreement, 310 Holdings Inc. purchased certain assets
of John Bordynuik Inc., including its custom tape processing
hardware, its Swahili data migration system, fixed assets, and its
current customer base. The consideration for the acquisition of the
assets is shares of 310 Holdings Inc. restricted common equal to
the value of the assets. An 8k is being filed shortly that includes
asset details and a proforma financial statement for the tape
operating profit center only.
Through the agreement, 310 Holdings Inc. is able to use the
specialized hardware and software to immediately service existing
clients of John Bordynuik Inc., which includes processing thousands
of tapes from NASA.
Since the agreement was signed, 310 Holdings Inc. has processed
tapes including HRIR data for Apollo 14, Apollo 15, Nimbus III, and
Nimbus IV, and is currently processing Viking Lander I tapes. As
part of its data migration profit center, the Company has expanded
its repertoire to include imaging of both film and microfiche, and
is doubling the resolution of solutions that is currently on the
market.
310 Holdings Inc. will continue to charge a flat rate fee of $22
per tape for volume data recovery migration services. None of JBI's
liabilities are being assumed by 310 Holdings Inc. The fixed assets
are presently valued at approximately $500,000 after depreciation.
This equipment includes in excess of 15 multi-core HP servers in a
cloud configuration, dozens of HP workstations, a complete 40-foot
mobile data recovery container loaded with 18 tape drives and JBI
technologies to read tapes off-site; another 45 customized tape
drives; and other related supporting assets.
This is an arms-length agreement between 310 Holdings Inc. and
John Bordynuik Inc. by President and CEO John Bordynuik, who is the
majority shareholder in both 310 Holdings and John Bordynuik
Inc.
John Bordynuik, President and CEO of 310 Holdings Inc., said,
"While we were only able to recognize revenue from the tape
processing for the last two days of the quarter, this acquisition
has made us profitable immediately and will be detailed in our
quarter financials that will be released shortly."
Private Placement:
310 Holdings Inc. is also announcing a $3 million private
placement for stock and long term warrants in the company. This
stock will be sold at above market prices and will not dilute
existing shareholders as John Bordynuik returned 10 million shares
to the treasury to facilitate growth.
The capital is being raised to facilitate two future
acquisitions that align with 310 Holdings Inc.'s growth model.
Management would like to note that this private placement is
intended for shareholders looking to grow long-term with the
Company, and not for flippers or traders. The issuance of long-term
warrants along with above-market purchase prices was instituted to
place the Company's stock in strong hands with those who want to
assist the Company in moving to a larger exchange. 310 Holdings
will be filing a Prospectus with the Ontario Securities Commission
in order to facilitate future private placements within the
Province of Ontario, and a Regulation D filing with the SEC.
310 Holdings Inc. will use these funds to acquire profitable
companies whose owners and management are looking for stock-based
incentives and/or retirement. These target companies must have
consistent revenues, be are already profitable, and will benefit
from an injection of the Company's technology to facilitate rapid
growth.
Management would like to address the questions directed at the
Company regarding trading on the OTCBB exchange. Management is not
particularly satisfied with trading on this exchange and is working
to move to a higher exchange as soon as possible. It is premature
to explore this until the Company's share price meets the minimum
requirements of a higher exchange. Management has been in
discussions with market makers and they have advised that they will
create a market for the Company on a larger exchange. Management is
confident that the revenue requirements will be satisfied, but we
have not yet satisfied the number of shareholders and minimum share
price requirements. As of today, there are more than 250
shareholders of 310 Holdings on record, but more is required to
move to a larger exchange.
Plastic2Oil:
Plastic2Oil will convert tires to oil at a yield of
approximately 45 per cent fuel and the remaining byproducts are
carbon powder and steel wire.
A gas chromatograph is being installed at this moment. The
Company will be releasing detailed results shortly.
The Company is presently negotiating long-term agreements to
acquire raw materials at no cost or negative cost to the Company,
including transportation expenses paid by the supplier. Presently
municipalities pay to direct these materials to landfill and are
willing to direct these materials instead to 310 Holdings Inc.
given that the fees to receive those materials are less.
The Company will demonstrate its technology on a small scale
with a small Plastic2Oil processor. By integrating this technology
into a large batch processor, the Company believes that it can
accomplish the following:
-- Approximately one liter of fuel is extracted from a kilogram
of plastic.
-- The gas byproduct provides the energy necessary to fuel the
process, thereby eliminating energy costs.
-- Due to our catalyst and a highly optimized process, fuel can
be extracted in four hours from a large source of raw
unwashed, mixed plastics.
-- Raw plastic materials can be acquired in many forms at no cost
or even a negative cost.
Name Change and New Symbol:
The Company will be filing a Form 14 with the SEC to change its
name and symbol to better reflect its business. As well, it will be
announcing an annual shareholders meeting to be held at its main
facility. The Company has been contacted by a number of investors
and funds and would like to provide the best possible opportunity
for due diligence.
Stock Promoters
310 Holdings Inc. is not in any way interested in dealing with
stock promoters who are seeking financial or stock
compensation.
"Our capital is better used for us to acquire profitable
companies than to spend valuable company capital for short-term
gains in the stock price," said Mr. Bordynuik. "Do not call us. If
you want to promote this stock then buy it and promote it based on
its real value."
About 310 Holdings, Inc.
John Bordynuik purchased 63% of the issued and outstanding
shares of 310 Holdings on April 23, 2009. Subsequently, John
Bordynuik was appointed President and CEO of the Company.
Management has commenced operations with Plastic2Oil, a process and
service that extracts fuel from plastic. 310 Holdings Inc.
completed a definitive agreement on July 15, 2009 to acquire and
continue tape data migration and transcription services of John
Bordynuik Inc. 310 Holdings Inc. is incorporated in the State of
Nevada and is publicly traded on the NASDAQ OTCBB under the symbol
"TRTN".
For more information, please see http://www.310holdings.com and http://www.johnbordynuik.com.
Forward-Looking Statements
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act. The Private
Securities Litigation Reform Act of 1995 (PSLRA) implemented
several significant substantive changes affecting certain cases
brought under the federal securities laws, including changes
related to pleading, discovery, liability, class representation and
awards fees. Those statements include statements regarding the
intent, belief or current expectations of 310 Holdings Inc., and
members of its management as well as the assumptions on which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. The Company undertakes no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
CONTACT: 310 Holdings Inc
John Bordynuik, President and CEO
john@310holdings.com
Investor Relations
Katie Matkowski
Katie@310holdings.com
+1 (289) 296 - 5538