NIAGARA FALLS, Ontario, June 16, 2009 (GLOBE NEWSWIRE) -- 310 Holdings, Inc. (OTCBB:TRTN), a Plastic to Oil processing company, today announced that President and CEO John Bordynuik is returning ten million of his outstanding common shares to the company's treasury. The shares will be used for acquisitions and to attract, retain, and incentivize top-quality talent with proven growth track records.
John Bordynuik, President and CEO of 310 Holdings, Inc. said, "The Company is initiating a number of acquisitions and scaling up its Plastic to Oil processor. These shares give the company better flexibility to acquire assets and to attract top talent without diluting shareholders. As well, we believe that offering a stock incentive plan is key to attracting talent, and setting the basis for long term commitment. Moreover, we have outstanding talent within the organization that we are keen to retain."
Prior to Bordynuik's direction, the Company had 63,700,000 common shares outstanding. Subsequent to his direction, the Company's balance sheet will show common stock outstanding of 53,700,000 shares and treasury stock of 10,000,000 shares.
About 310 Holdings, Inc.
John Bordynuik purchased 63% of the issued and outstanding shares of 310 Holdings on April 24, 2009. Subsequently, John Bordynuik was appointed President and CEO of the Company. Management has commenced operations with Plastic2Oil, a process and service that extracts fuel from plastic. 310 Holdings Inc. is incorporated in the State of Nevada and is publicly traded on the NASDAQ OTCBB.
For further information regarding 310 Holdings, Inc., please visit the website at http://www.310holdings.com.