310 Holdings Inc. Provides an Update On Their P20 Process and Technology
NIAGARA FALLS, Ontario, Aug. 11, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB: TRTN) has received confirmation from RS Marine that their initial Plastic to Oil processor will arrive at port on August 16, 2009 in two 40-foot shipping containers and will then be shipped by rail and truck to the first processing site. An engineer is coming from China to assist with assembly and operation. Assembly of the processor is estimated to take approximately 3 weeks, and the machine will then be retrofitted with the Company's catalyst system as soon as it is functional.
Initial test results have been extremely positive. A number of different plastics, including ground up tape plastic from the 1960s, have been tested. Gasoline and diesel fuels, acquired from local gas stations, were also tested and used as a control sample. The very encouraging results determined that 1 liter of Octane, with better than an 85% yield, could be produced in just 15 minutes.
John Bordynuik, 310 Holdings Inc. President and CEO, commented, "We are very excited about these results and look forward to operating our first large processor in the United States and, moreover, we feel that we can provide a viable solution to the world's plastic recycling problem with our revolutionary technology. Since it takes plastic some 500 years to photodegrade in landfills, our P2O process will help to minimize that problem, while providing essential fuel for consumers."
To date, the Company has received numerous sample plastics from various sources, including a large auto manufacturer in Windsor, Canada. 310 Holdings, Inc. is then able to analyze yield, quality, and other factors to determine which plastics will maximize profitability.
Management has found no lack of raw source material for free, since there is a vast quantity of unrecyclable plastic that currently costs the suppliers and municipalities $80 or more per ton to dispose of in landfill in addition to potentially expensive transportation costs.
Also, upon the completion and closing of the chemical company acquisition, the Company will be able to use this facility for production of their catalyst in a sealed plastic container for deployment to new sites, while also producing smaller packets to "top up" the catalyst in operating facilities. The shared resources would include a team of highly skilled acquisition executives, a chemistry lab and QC lab, a proven marketing and sales team, a knowledgeable staff, and a site on which to run a P2O processor.
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 subject to certain closing conditions and adjustments.
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