NIAGARA FALLS, Ontario, June 16, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) announced today that it will commence operations with Plastic2Oil, a process and service that extracts fuel from plastic.
John Bordynuik purchased 63% of the issued and outstanding shares of 310 Holdings on April 24, 2009. Subsequently, Mr. Bordynuik was appointed President and CEO of the Company. The revised Company objective is to develop new technologies and to acquire assets. During the past month, Mr. Bordynuik has injected personal funds into the company to establish new bank accounts, inject assets and technology, and ready a team to launch 310 Holdings Inc.'s first intended profit center.
Management is transitioning 310 Holdings Inc. to become a global technology leader whose purpose is to mine data from the world's largest information archive, find under-productive entities to inject our superior proprietary technologies into, and enjoy increased productivity and profitability, beginning with Plastic2Oil.
Mr. Bordynuik designed hardware and software to recover planetary and sensor data from old magnetic media for various government and institutional archives for more than 20 years. The Company has access to terabytes of this normalized earth sensor data, algorithms, a massive research archive, and other related information. Management believes that most of this information was inaccessible until recently because the data was stored on old, previously unreadable computer backup tapes from the 1960s through 2000.
While mining through the research archive, Mr. Bordynuik found the solution to a process involving breaking down plastic molecules. This research was conducted when plastic was in its infancy and oil prices were very low. It appears to our management that the research was conducted for non-commercial purposes and had no commercial value at the time. Mr. Bordynuik explored Plastic recycling when employed at the Ontario, Canada Legislature but there was no research available at that time to make the conversion commercially viable. Mr. Bordynuik's research was triggered when beverage companies began to phase out returnable glass bottles, in favor of plastic.
Our research has revealed that this process and catalyst is not presently commercialized. By integrating this technology into a large batch processor we believe that we 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 little or no cost.
This technology has significant advantages over biodiesel operations due to biodiesel's high operating costs, the high costs of raw materials, and the high energy requirements by their processes.
Alan Barnett, 310's Head Chemist, will oversee the optimization and deployment of 310's first volume Plastic2Oil processor anticipated in July, 2009.
"We hit the ground running with this technology and will soon be well positioned to grow this profit center by clustering Plastic2Oil processors in communities while enjoying the benefits of reduced fixed costs through shared resources," said Mr. Bordynuik, 310 Holdings Inc.'s President and CEO. "I look forward to reporting our successes in the near future with our Plastic2Oil processor."
About 310 Holdings Inc.
Mr. Bordynuik purchased 63% of 310 Holdings Inc.'s common stock on April 24, 2009. The company will take advantage of these economically turbulent times by acquiring highly leveraged assets for pennies on the dollar. The company will also build profit centers to exploit solutions solved long ago, but lost on old computer tape backups that could not be commercialized then due to technological limitations.
Forward-Looking Statements
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.