Tuesday, July 28, 2009
310 Holdings Inc. is Opening a New Cambridge Tape Reading Facility
NIAGARA FALLS, Ontario, July 28, 2009 (GLOBE NEWSWIRE) -- 310
Holdings Inc. (OTCBB:
TRTN) is pleased to announce the scheduled opening of their new
tape-reading facility at 500 Technology Square, Suite 150,
Cambridge, MA on August 3, 2009. This state-of-the-art site will be
housing 18 tape drives employing the Company's latest generation of
its proprietary, highly effective magnetic media reading
technology. Each shift, run by just one staff member, can process
576 open reel tapes. These highly-automated drives can each read
one tape every 15 minutes. Cartridge media will also be processed,
further augmenting the Company's revenue stream. Management
believes this site will be fully operational by the end of
August.
John Bordynuik, 310 Holdings Inc. President and CEO commented,
"We look for this division to be highly profitable, since we have
an abundance of business and have already fully paid for the
hardware. We will net about $22 per tape with a cost factor of
approximately $1.50 for each one. The low cost at this facility is
due to a number of factors including: highly automated technology,
very low material handling involved, the drives are fully paid for,
engineering is complete, and the cost of this facility is less than
$150,000/year with very low step costs for additional shifts."
The Company will immediately begin to direct some tape
processing to this new facility as well as process tapes that
cannot be exported from the United States.
A detailed update on 310 Holdings' Plastic 2 Oil process will be
announced soon.
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.
On June 25, 2009, 310 Holdings Inc. announced a definitive
agreement to acquire certain assets of John Bordynuik Inc.,
including all of its intellectual property, its custom tape
processing hardware, its Swahili data migration system, fixed
assets, and its current customer base subject to certain closing
conditions and adjustments. Provided all conditions to closing are
met, 310 Holdings Inc. anticipates closing this Asset Purchase
Agreement on or about July 15, 2009.
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 and of 1995. 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
+1 (289) 296-5538
Katie@310holding.com