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."
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 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.
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.
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
+1 (289) 296 - 5538