NIAGARA FALLS, Ontario, June 30, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) announced today that it has raised $200,000 in a private placement of its securities.
The financing has been provided by John Bordynuik Inc. in exchange for 66,667 restricted common shares at $3 per share. No warrants were issued. This financing was provided to accelerate 310 Holdings Inc.'s business plan.
Management is confident that the asset sale from John Bordynuik Inc. will occur as scheduled July 15, 2009. The definitive agreement to acquire customized tape data migration hardware and systems from John Bordynuik Inc. was executed on June 25, 2009. Subsequent agreements to purchase approximately $1M in remaining related hardware and intellectual property will be announced shortly.
Since acquiring 310 Holdings Inc. on April 23, 2009, John Bordynuik, President and CEO of 310 Holdings Inc., has personally advanced the company $60,000 to facilitate the transition of the company's operations.
To avoid interruption in tape reading revenue, 310 Holdings Inc. has incorporated John Bordynuik Inc., a wholly owned subsidiary, in Nevada. This avoids the necessity of having to undergo a procurement process for John Bordynuik Inc.'s existing clients.
310 Holdings Inc. is also pleased to announce that we are opening an office at 500 Technology Square, Cambridge, MA. Technology Square is famous for the number of information technology firms located there, lured by the proximity of several institutions of higher learning. This office will enable us to read magnetic media from certain data sets that are restricted from export.
John Bordynuik, 310 Holdings Inc. President and CEO said, "We already have tapes awaiting delivery to this office as they cannot be exported out of the United States. In addition, I strategically selected this site because of its close proximity to researchers that we intend to hire."
"As well, I would like to address the status of the shares I own in 310 Holdings Inc. My 40,250,000 shares are all restricted, and are not registered for resale. I cannot and will not sell any of my shares on the open market. I am waiting for a medallion signature so that 10M of my shares will returned to the company treasury to facilitate acquisitions without diluting the current shareholders," stated Mr. Bordynuik.
About 310 Holdings, Inc.
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. 310 Holdings Inc signed a definitive agreement to acquire and continue tape data migration and transcription services of John Bordynuik Inc. on June 25, 2009.
For more information, please see http://www.310holdings.com and http://www.johnbordynuik.com.