NIAGARA FALLS, Ontario, Aug. 10, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) has completed its due diligence analysis on a profitable chemical company and anticipates executing a Letter of Intent for its impending acquisition in the immediate future. This well-managed company currently has annualized revenues in excess of $7 million, is growing at a robust rate and has already exceeded revenues by 41% compared to the last fiscal year. Its customer base includes many prominent national and local retailers. No difficulties with financing or integration planning are anticipated. Full details will be announced upon completion of the LOI.
John Bordynuik, 310 Holdings Inc. President and CEO, stated, "We feel that this acquisition will be a perfect complement to our growth model as demand for its patented and proven product is expected to continue to accelerate, while maintaining an excellent profit margin. Also, we will be able to share chemists, marketing, and sales teams, as well as have an additional site with ample room to set up Plastic 2 Oil processors. Our Company will continue to focus on our strong internal growth divisions as well as make synergistic acquisitions that will dynamically grow shareholder value, while creating a win-win situation for all participants."
A detailed announcement on the Company's Plastic 2 Oil division will be forthcoming shortly.
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.
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 subject to certain closing conditions and adjustments.
For more information, please see http://www.310holdings.com and http://www.johnbordynuik.com.
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.