Thursday, October 01, 2009
310 Holdings Inc. Acquires Chemical Company Pak-It
NIAGARA FALLS, Ontario, Oct. 1, 2009 (GLOBE NEWSWIRE) -- 310
Holdings Inc. (OTCBB:
TRTN) is pleased to announce that the Company has completed the
acquisition of Pak-It, LLC, a privately owned chemical company.
Pak-It shareholders will receive 625,000 of 310 restricted Common
Stock pursuant to the Agreement. The income from the combined
operations of the entities as well as licensing fees will be used
to pay off all Pak-It debt (approximately $3.6 million) and provide
working capital to the Company for other operations. The Company
also intends to open a Pak-It manufacturing operation in
Canada.
The acquired company currently does business as Pak-It(TM), DCL
Solutions (a bulk chemical packaging company), and Vanguard with
its administrative and selling office in Clearwater, Florida, and
the DCL 60,000-sq.-ft. manufacturing factory located in
Philadelphia, PA. Visit www.pakit.com for detailed information on
Pak-It.
Pak-It, with 42 products, currently uses its patented Pak-It(TM)
water-soluble liquid packets to deliver concentrated glass cleaner,
disinfectant, and many essential multi-purpose cleaning products
for use on floors, carpets, in kitchens, restrooms, and laundry
establishments, etc., shipped in tiny packages of condensed
cleaner. This delivery method is "green" since it's fully
biodegradable and saves thousands of dollars in shipping, and does
not contribute to landfill waste or pollution. The user simply adds
water to the container without measuring, ripping, or cutting the
Pak-It(TM). Large national retailers as well as numerous building
maintenance contractors are already successfully using these
eco-friendly products and have documented significant cost savings
from shipping, training, inventory control and space
utilization.
John Bordynuik, 310 Holdings Inc. CEO and President, stated, "We
are extremely excited about this important acquisition, since the
shared facilities of DCL Solutions will provide us with the
expertise and ability to produce our proprietary catalyst and
accelerate the planned expansion of our P2O technology and
processors, in addition to giving us a green product line with huge
revenue potential and excellent profit margins. Furthermore, we
also gain access to a powerful management team with over 100 years
of combined business experience, specializing in international
marketing, finance, law, operations, restructurings, and mergers
and acquisitions."
Pak-It will set up a manufacturing site and deliver two machines
to Canada in order for 310's operations staff to produce sufficient
"Made in Canada" packet quantities to satisfy anticipated market
demand. The Canadian Pak-It operations staff will be housed in the
Company's existing Niagara Falls office location. Management
believes that the Canadian marketplace offers huge growth potential
for this unique, cost-effective "green" product line and,
consequently, will be launching an aggressive marketing and media
campaign to introduce and develop Pak-It brand awareness.
Furthermore, 310 Holdings Inc. will be introducing the Pak-It
products to its existing institutional clientele to add to already
growing U.S. operations and sales.
Pak-It executives joining the 310 team include Pak-It CEO Robert
G. Shoemaker; founders Geoffrey C. Weber, Richard M. Haber and
Stephen Seneca; VP of Operations and Technical Director Ronald
Kurp; and Vice President of Sales & Marketing Frank Wiley.
Commenting on the new 310, Mr. Bordynuik said, "These new
appointments in the 310 management team will provide a solid
foundation for scaling the entire organization to execute rapid
growth in our profit centers, and provide the most innovative
technologies to our customers. Our team will be complete with a CFO
that we will be appointing in the next few days."
Over the next few days, 310 will issue further press releases to
provide shareholders information about Plastic2Oil, Data Migration,
Javaco, and Pak-It updates.
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. John
Bordynuik has returned 10 million shares of his personal stock to
the treasury in June 2009 to make acquisitions. As of September 30,
2009, 310 is profitable, has nearly 95 employees, 2 major
manufacturing facilities and offices in the US, Canada and Mexico
with a head office at 500 Technology Square in Cambridge,
Massachusetts.
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. Our revenue
sources presently include (i) income from reading archived tapes
(including microfiche) from clients such as NASA (ii) income from
the recently acquired Javaco, Inc., (iii) income from the sale of
Pak-It products, and a bulk chemical facility which we realize
beginning October 1, 2009, and (iv), from the anticipated
commencement of operations in the fourth quarter of 2009 with
Plastic2Oil, a process and service that converts plastic to fuel
oil.
For more information, please see http://www.310holdings.com and http://www.johnbordynuik.com and http://www.javacoinc.com and http://www.pakit.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