310 Holdings Inc. Announces that Independent Lab Tests Confirm Plastic to Oil Fuel Passes ASTM Tests
NIAGARA FALLS, Ontario, Oct. 2, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (the "Company") (OTCBB: TRTN) is pleased to announce that it has received confirmation from independent lab tests that its Plastic2Oil fuel has passed ASTM testing.
Samples of fuels were created from various plastic feedstocks and were tested (ASTM D 5453) and confirmed a sulphur concentration less than 8.4 ppm (parts per million). Additionally the water and sediment tests (ASTM D 1796) confirm that its fuel contained less than 0.005% water and sediment. Density tests also placed the fuel in the gasoline range.
Refineries management expressed concerns about sulphur content, which must test under 0.05% for approval. The Company's fuel tested at only 8.4 parts per million, which is far below accepted fuel.
ASTM standard tests are used by refineries and diesel/gas distribution to determine the quality and acceptability of crude/diesel/and gasoline. They are also used to test large batches of fuel before acceptance into refineries. See http://www.astm.org
The Company has already contacted refineries where its initial Plastic2Oil joint-venture sites will be established and the Company is shipping 1 gallon samples to ready local refineries for its fuel.
To facilitate global growth of its process, the large international lab is now doing a complete analysis of the liquor to establish where the fuel can be blended. Upon completion of these tests they will recommend refineries that would be willing to purchase the feedstock.
John Bordynuik, 310 Holdings Inc. CEO and President, related, "We are very excited and pleased with these results. This confirmation is another important milestone in our growth model as it provides credible evidence that the Company's Plastic2Oil technology is viable and has potential for commercial success. All types of different plastics produced nearly the same fuel, management believes, due to our catalyst. Due to the extensive tests that we have done, the independent testing and verification of the fuel, the wide variety of feedstock that has been tested, and the results we achieved from our catalyst, I have focused resources to finish the large processor as soon as possible. With the Pak-It acquisition complete, we are exploring options for an interactive conference call. Upon the selection of a vendor, I will announce a conference call date through a Press Release in the near future."
John Bordynuik purchased 63% of the issued and outstanding shares of 310 Holdings Inc. 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, the Company is profitable, has nearly 95 employees, 2 major manufacturing facilities and offices in the U.S., 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. On September 30, 2009, 310 Holdings Inc. acquired Pak-It, LLC, the producer of 42 products, currently using 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. In this acquisition we also acquired a bulk chemical manufacturing and packaging facility which will manufacture, package, and distribute our Plastic2Oil catalyst. 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 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/.
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