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.
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.
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
+1 (289) 296-5538