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."
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.
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