NIAGARA FALLS, Ontario, Oct. 1, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (the "Company") (OTCBB:TRTN) is pleased to announce that the Company has established a strong growth management team through the acquisition of Pak-It, LLC ("Pak-It"), as executives of Pak-It.
Pak-It executives joining the team include Pak-It CEO, Robert G. Shoemaker; Pak-It founders Geoffrey C. Weber, Richard M. Haber and Stephen Seneca and Pak-It VP of Operations and Technical Director Ronald Kurp and Pak-It Vice President of Sales & Marketing Frank Wiley.
Additionally, the Company is in the process of finalizing the appointment of a seasoned Chief Financial Officer of the Company, who will be announced shortly.
Robert G. Shoemaker, CEO of Pak-It, is a seasoned financier and MBA with an extensive background in commercial banking, consulting, operational and executive management, development and construction of residential and mixed-use communities, and workouts of distressed loans and investments.
Mr. Shoemaker is an active business consultant whose project advisory, lending, and workout experience include companies valued at over $800 million. His financial experience dates to the 1980's and early 1990's when, during the Savings & Loan crisis, he acted as a bank liaison to regulatory officials, coordinated internal and external audits and was in charge of handling complex workouts of prominent Tampa Bay area developers, while employed by First Florida Bank.
From 1993 to 2003, Mr. Shoemaker was with Mercantile Bank in St. Petersburg, Florida where his responsibilities began as Vice President/ Commercial Loan Officer and concluded as Executive Vice President/Senior Commercial Loan Officer/Senior Credit Officer. During this period, he was a key part of a dynamic management team that built Mercantile Bank from an $80 million bank with three offices in 1993 to a $500 million bank with fifteen offices in three counties by 2002. In September 2002, the bank was acquired by The South Financial group and Mr. Shoemaker left the bank in March 2003 to pursue independent consulting and real estate investment.
Robert G. Shoemaker, CEO of Pak-It commented, "We are very pleased to join forces with 310 Holdings, Inc. as we recognize the clear synergy and lucrative revenue potential that exist with our combined technologies and marketing expertise. Our proven Pak-It product line and the JBI P2O technology obviously have substantial global growth potential and we look forward to jointly developing these markets."
To advance the Company's objectives in corporate restructuring and grow the Company through mergers and acquisitions, the Company will utilize Geoffrey C. Weber, CPA who has organized many ventures for himself and his clients for over 25 years. He has also been Chief Financial Officer for several multi-million dollar companies, including franchised operations, where he developed systems and operating procedures for financial reporting for owners, operators, and banks. Mr. Weber has an emphasis on real estate development and operations and he has been involved in over $200 million in loan and private placements. Mr. Weber began his career as an auditor with Deloitte and has been a CPA since 1982. Mr. Weber has a Bachelors of Business Administration from James Madison University and became a Florida Certified Public Accountant in 1982. He is a Member of American Institute of CPA's and is an Associate Member of the Association of Certified Fraud Examiners.
To assist in due diligence and complete the M & A Pak-It team, Richard M. Haber, Esq. will serve as advisor and consultant. Mr. Haber has been instrumental in the start up of many ventures; he develops real estate and is also a practicing attorney in Tampa since 1981. Prior to forming his law partnership (Cramer, Haber & McDonald) he was a staff attorney for United States Congressman William Cramer. Mr. Haber received a Bachelor's Degree from the University of Florida and JD from American University.
Stephen R. Seneca, President of Pak-It, has a 20-year proven and successful track record for developing innovative business models and products in the cleaning industry. His committed passion and industry knowledge provide a comprehensive platform for significant growth. Mr. Seneca has been personally responsible for securing nearly $3,000,000 in Pak-It(TM) sales for the Company in the past 2 years.
Ronald Kurp, Corporate Operating Officer of Pak-It, is an accomplished Technical/Purchasing/Operations Director with 21 plus years of experience as a formulator, research & development, manufacturing, and commercialization of industrial and consumer products. He brings to Pak-It specific experience in cleaning / surfactant technology, emulsion polymerization, floor finish, EPA registered products, aerosols, water-based coatings, electrolytes, and sealant technology, as well as, proven skills in management, planning and directing research, testing, production scale up, and purchasing. Mr. Kurp was also awarded a U.S. Patent on March 11, 2003 for his work.
Frank Wiley, Vice President of Sales and Marketing of Pak-It, LLC brings over 30 years of sales and marketing experience, with the last seven focused on the jan/san industry. Wiley has consulted with other cleaning industry companies such as Kaivac and Prochem. In 2004, he helped found the Cleaning Industry Research Institute, the jan/san industry's premier science-based research organization. He served for two years as CIRI's Executive Director, helping organize the first Cleaning Science Symposium in 2007.
About 310 Holdings Inc.
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, we 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/.
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.