Wednesday, September 09, 2009
310 Holdings Inc. Executes Letter of Intent to Acquire U.S. Chemical Company
NIAGARA FALLS, Ontario, Sept. 9, 2009 (GLOBE NEWSWIRE) -- 310
Holdings Inc. (OTCBB:
TRTN) is pleased to announce that the Company has executed an
LOI for its planned acquisition of a profitable U.S. chemical
company. The acquisition is anticipated to be officially
consummated on September 30, 2009. This chemical company is
privately owned and the owners have requested that its name not be
disclosed to the public until the Definitive Agreement is
executed.
Essentially, the acquisition is comprised of two profitable
chemical divisions, operating out of the same facility. One
division is involved in the production and marketing of
eco-friendly products and the other one is doing bulk packaging
/supplying, with each division maintaining separate income
statements and balance sheets.
Housed in a 60,000 square foot U.S. facility, the shared assets
of the chemical company will provide 310 Holdings Inc. with a
chemistry and QC lab, an in-demand line of green, highly marketable
products, a site on which to operate a P2O processor and to produce
its catalyst in large sealed plastic containers and small plastic
"topping-off" packets for use at the Company's P2O operating
facilities. Furthermore, the Company will inherit a 55-member
employee force, which includes experienced chemists, proven sales
representatives, and an accomplished, visionary management team
with successful expertise in mergers and acquisitions.
This rapidly-growing, progressive chemical company has developed
an innovative, earth-friendly, patented line of products that
addresses a multi-million dollar essential industry for retail
establishments, commercial or institutional businesses, and real
estate property owners / investors. The cutting-edge line of green
products has received the "Design for the Environment"
certification, which is a U.S. Environmental Protection Agency
program that partners with numerous stakeholders whose goal is to
reduce pollution risks and maintain a healthy environment for all
people.
These environmentally-safe products are currently marketed
through numerous local retailers as well as some very large and
significant national retail chains. Importantly, these eco-friendly
products do not contribute to waste or landfill.
John Bordynuik, 310 Holdings Inc. CEO and President, stated,
"This is really a synergistic, value-added acquisition that truly
complements our business model and corporate growth goals. In
addition to our core product line, these products have very high
growth potential, and excellent profit margins. The Company's IP is
protected through a patent. Initially, we will utilize our media
credits to launch an extensive public-awareness campaign to market
our green product line to consumers and retailers in the United
States, Canada, and Mexico."
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 July 16, 2009, 310 Holdings Inc. acquired 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.
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