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Interesting response to my post considering you wrote both of them. And OS has increased.
Pro:
1. Market Cap is pathetic when you consider massive revenues coming in shortly.
2. P2O Proven MANY MANY Times over.
3. Irrelevant where she trades.....lol
4. GOOD thing a person with high intelligence is in control. Committees: a) Can't decide on action b) Waste time. c) are inefficient.
5. Main Stream Media is on its way
6. OS has actually decreased 1M in the last year. And if there's been ZERO dilution in the 2+ years since the company was born....why would it start now? Especially if dilution only happens when a company needs money....and JBII will be rolling in money shortly.
1/10/2011 51,241,926
1/09/2012 68,615,380
Net: 17,373,454 + 33.9%
z
Con:
1. Market Cap is high based on current revenues.
2. P2O large scale with company catalyst unproven at this time.
3. Trades on the OTC.
4. Company is under total control by CEO. (However, BOD has been appointed)
5. No mainstream media coverage currently.
6. Authorized shares increased to 150M. (Could theoritically be used for dilution).
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46621700
Accredited Investors/Friends and Family
Under the Securities Act of 1933, a company that offers or sells its securities must register the securities with the SEC or find an exemption from the registration requirements. The Act provides companies with a number of exemptions. For some of the exemptions, such as rules 505 and 506 of Regulation D, a company may sell its securities to what are known as "accredited investors."
The federal securities laws define the term accredited investor in Rule 501 of Regulation D as:
1. a bank, insurance company, registered investment company, business development company, or small business investment company;
2. an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;
3. a charitable organization, corporation, or partnership with assets exceeding $5 million;
4. a director, executive officer, or general partner of the company selling the securities;
5. a business in which all the equity owners are accredited investors;
6. a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;
7. a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or
8. a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes.
For more information about the SEC’s registration requirements and common exemptions, read our brochure, Q&A: Small Business & the SEC.
http://www.sec.gov/answers/accred.htm
Con:
1. Market Cap is high based on current revenues.
2. P2O large scale with company catalyst unproven at this time.
3. Trades on the OTC.
4. Company is under total control by CEO. (However, BOD has been appointed)
5. No mainstream media coverage currently.
6. Authorized shares increased to 150M. (Could theoritically be used for dilution).
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46621700
Amazing how much hasn't changed
This year end letter? I can't find this:
The year end letter to shareholders basically said we now have the pre-melt done and are ready to replicate machines. We now have all the parts to build 2 more processors on site. It's been 2 weeks now. Hopefully, in 2-4 weeks, an additional processor makes a first run.
News Releases
JBI, Inc. CEO Bordynuik Recaps 2011 Progress and Key Milestones
Posted Dec 29th, 2011 in 2011 News Releases
THOROLD, Ontario, December 29, 2011 (GLOBE NEWSWIRE) – As 2011 comes to a close, John Bordynuik, Founder and CEO of JBI, Inc. (the "Company") (OTCQX:JBII), offers a recap of the Company’s progress and key milestones over the past 12 months.
“It’s been an exciting year for the Company,” states Bordynuik. “We’ve taken significant steps forward and on many levels have out-paced traditional industry timelines – and it has been a team effort.” He continues, “The successes we’ve seen in 2011 have involved many months of extensive testing, third party analysis and validation, and corporate due diligence. We are proud of our accomplishments and are confident about our growth moving into the next fiscal year.”
In May 2011, JBI, Inc. announced its first sale of fuel produced by the Company’s patent-pending Plastic2Oil® (“P2O”) process. Shortly thereafter, Coco Asphalt Engineering, a division of Coco Paving, Inc., entered into a Supply and Service Agreement for the Company’s ultra-clean, ultra-low sulphur fuel.
June 2011 brought more good news. “On June 17, 2011, we cleared a significant hurdle when the New York State Department of Environmental Conservation (“NYSDEC”) issued a permit to JBI, Inc. to operate 3 separate P2O processors at our Niagara Falls facility,” comments Bordynuik. “At the same time the NYDEC also issued a Solid Waste Permit which allowed us to store plastic feedstock materials on-site.”
During the summer months of 2011, the Company continued to make enhancements to its P2O processor, giving it the ability to produce specific fuel types to meet the needs of its customers. Bordynuik continues, “This paid huge dividends later in the year when new customers with diverse fuel requirements came onboard.”
In July, the Securities and Exchange Commission (“SEC”) issued a Wells Notice to the Company in relation to its legacy accounting issues from 2009. “The Company is acutely aware of its responsibilities to its shareholders,” states Bordynuik. “As part of our internal corrective actions, we hired a highly respected auditor, an American Certified Public Accountant Controller, and retained the services of another highly ranked auditing firm and numerous financial consultants to advise the Company and assist in preparations of the 10Q and 10K filings. Most recently, we welcomed our new CFO, Matthew Ingham, CPA. Matthew will lead our financial reporting and will continue the improvements which began with the amending of the 2009 10K filing.”
The highlight of summer 2011 was the signing of a 10-year exclusive agreement with Rock-Tenn Company (RockTenn) to convert mill by-product waste into fuel using the Company’s P2O technology. “The significance of this agreement is impressive as it provides a solution to waste plastic challenges,” notes Bordynuik. “And JBI, Inc. will have access to free feedstock supplies for our P2O processors, which we will locate on RockTenn sites.”
The fall months of 2011 were spent enhancing the P2O processor in preparation for the final NYSDEC stack test scheduled for December. Upgrades included the installation of low NOx burners and the addition of a pre-melt system to increase through-put volumes. The Company worked with third party fabricators to produce standardized reactors and towers and has received the assembled modules.
“December 2011 has been busy, to say the least,” Bordynuik states with a bit of grin. “We kicked off the month by completing the final stack test required by the NYSDEC. It was a very exciting day – the emissions from the second stack test were found to be cleaner than the first test in August 2010, even with close to double the quantity of waste plastic through-put, while maintaining an 86.7% conversion rate to liquid fuel.”
This success was quickly followed by the news of an Air Permit exemption in the state where the first RockTenn P2O site will be located, reducing the lead time for roll-out of the RockTenn agreement in that state.
The year came to a close with the signing of two major fuel supply agreements, the first with Indigo Energy Partners, LLC (“Indigo Energy”) for the Company’s No. 6 Fuel Oil and the second with XTR Energy Company Limited (“XTR Energy”) for road transport fuels. The XTR Energy agreement will require the Company to purchase third party fuels to blend with its P2O fuel output until it can build out the capacity to meet the full quantities required by the customer.
“The beauty of the agreement with RockTenn, in combination with the fuel supply agreements with Indigo Energy and XTR Energy, is that we will be free to focus solely on the manufacturing of additional P2O processors as we move into 2012,” says Bordynuik. “It’s a huge step forward in achieving our vision of becoming a vertically integrated plastic recycling, fuel processing and fuel distribution company.”
For more information about JBI, Inc. and the types of fuel produced by its proprietary P2O process, please refer to the Company’s website: www.plastic2oil.com.
About JBI, Inc.
JBI, Inc. is a domestic green Oil and Gas company. JBI, Inc. developed a process that converts waste plastic into fuel (Plastic2Oil), without the need of further refinement. JBI, Inc. scaled a 1kg process to a 20MT commercial processor in less than 1 year. For further information please visit www.plastic2oil.com and review our SEC filings, including without limitation our Form 10-K, as amended, filed with the SEC on July 18, 2011.
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 as of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, and members of its management as well as the assumptions on which such statements are based, including the expected timing of the Company's Form 10-K, execution of the proposed agreements described above and consummation of the transactions contemplated by such agreements. 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. Such risks include, but are not limited to: (1) JBI has a history of net losses, and may not be profitable in the future; (2) JBI may not be able to obtain necessary licenses, rights and permits required to develop or operate our Plastic2Oil business, and may encounter environmental or occupational, safety and health conditions or requirements that would adversely affect its business; and (3) JBI may experience delays in the commercial operations of its Plastic2Oil machines and there is no assurance that they can be operated profitably. For a more detailed discussion of such risks and other factors, see the Company's amended Annual Report on Form 10-K, filed on April 20, 2011, with the Securities and Exchange Commission, and its other SEC filings. 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.
December 2010 JBI had permission from the NYDEC to build and operate additional processors. Imagine the cash position they would be in if they had done that.
One delay after another has occurred. PR's about contracts or customers are just that - PR's. Meaningless without sales.
IMO they don't have a viable operation. What they do have is liens, lawsuits and less revenue from their remaining operating division.
Sounds like a management issue.
the fact that many companies who commit accounting fraud subsequently go under points to underlying problems with earnings and revenue, hence the accounting fraud.
Dr. Jacob Smith, D.O., MBA, MPPS, CRA, CRC, Chief Operating Officer
In 2010 Dr. Smith completed course work on Petroleum Refinery Made Easy
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68714872
Of course they don't. They're not producing anything.
"The environmental permit authority made the determination that this facility does not need an air permit..."
We could also ask the question 2nd quarter of what year.
Insider Holders*
Individual/Entity Most Recent Trans. Shares Owned as of Trans. Date
BAGAI ROBIN
Director Acquisition (Non Open Market)
Aug 1, 2011 125,762
Aug 1, 2011
BORDYNUIK JOHN WILLIAM
Officer Disposition (Non Open Market)
Nov 29, 2011 5,276,846
Nov 29, 2011
BRADSHAW AMY KATHERINE
Director Ownership Statement
Feb 12, 2010 129,450
Feb 12, 2010
HENRY THEODORE JOSEPH
Director Ownership Statement
Feb 12, 2010 38,546
Feb 12, 2010
SMITH JACOB V.
Officer Ownership Statement
Jan 11, 2010 100,000
Jan 11, 2010
WESSON JOHN M
Director Acquisition (Non Open Market)
Nov 2, 2011 555,311
Nov 2, 2011
It was SETTLED then dismissed then closed.
https://viewer.zoho.com/docs/tjJb6
Just Settlin'
We might know when the 10Q comes out what the settlement was.
Over 130 stations in 6 provinces!! Wow. That's like 22 per province. Petro-Canada has more than that within 50 miles of Thorold.
I can just picture JB walking to the nearest XTR station with a jar of golden fuel to dump into the large underground fuel tank. Retail!
January 8th. 2 days.
And even if there was 100 or more gallons sent for testing that wouldn't have been enough to fuel more than a few vehicles. Hardly worth putting that into a retail gas pump. They weren't even talking about blended vehicle fuel until recently.
looks forward to acquiring products from JBI
Looks forward to? Same as intends or plans to.
WISE UP -- The PRESIDENT of XTR Energy, one of Canada's biggest and fastest growing retail gas chains, seems pretty confident. So confident that he made a public statement praising JBII and didn't use any cautionary language such as "intends" or "plans to" -- he just came right out and said it:
XTR Energy will be purchasing Regular Transport Gasoline, Premium Transport Gasoline, Diesel Ultra LS Clear and other acceptable road transport products from JBI, Inc. These products are the fuel output of JBI, Inc.'s Plastic2Oil(R) ("P2O") process, which will then be blended and made available through the Company's Blending Site in Thorold, Ontario ("Thorold Terminal").
"XTR Energy looks forward to acquiring products from JBI, Inc. in Ontario and across Canada. This new relationship is directly aligned with XTR Energy's strategic objective to have a diversified secure supply of quality petroleum products from a variety of sources to meet the growing demands of the XTR Energy network and preferred customers," stated Ken Wootton, President of XTR Energy, upon signing the agreement.
plastic2oil.com/site/news-releases-master/2011/12/23/jbi-inc-signs-multi-year-transport-fuel-take-off-agreement-with-xtr-energy
Read the last PR
Judgment settlements are often the outcome of SEC litigation for the following reason:
"obtaining disgorgement, monetary penalties, and mandatory business reforms may significantly outweigh the absence of an admission when that relief is obtained promptly and without the risks, delay, and resources required at trial. It also ignores decades of established practice throughout federal agencies and decisions of the federal courts. Refusing an otherwise advantageous settlement solely because of the absence of an admission also would divert resources away from the investigation of other frauds and the recovery of losses suffered by other investors not before the court."
The SEC can also request a receiver be appointed. Here is an example:
"The SEC also filed an Emergency Motion to Appoint a Receiver for WCL to, among other things, assume control of WCL and marshal its assets for the benefit of investors and creditors. As a result, on December 6, 2001, the Court issued an order appointing David R. Chase, Esq. as the Receiver (the "Receivership Order") for WCL. Since his appointment, the Receiver has taken a series of actions designed to protect the interests of WCL's shareholders and creditors.
The Receiver first examined WCL's business operations and finances to determine whether it was a viable business that should be continued. After analyzing the business, and in consultation with his accountants and lawyers, the Receiver determined that WCL's business was not profitable and, if continued, would serve only to deplete the minimal assets of the Receivership Estate. Accordingly, the Receiver filed a motion with the Court to shut down the business, which the Court granted. Additionally, the Receiver has taken steps to secure and recover assets for the Receivership Estate"
Putting the cart before the horse. JBI hasn't hit the retail gas pumps.
Name one other non-bio alternative fuel to hit the retail gas pump in North America, out of thousands and thousands of attempts, before JBII's plastic2oil.
When do you think they will 8K this material event as required by the SEC?
http://www.sec.gov/about/offices/oia/oia_corpfin/princdisclos.pdf
Go to the Annex of the Appendix for a list of material events.
Speaking of changing the topic. Does JBI still own Pak-it?
Can't buy the floor cleaner there anymore
You're right: "coming soon": www.big3packaging.com/ourProducts/index.php
will provide us with the expertise and ability to produce our proprietary catalyst and accelerate the planned expansion of our P2O technology and processors
--dude, catch-up on your SEC filings. You're taking a PR from 2009 LOL
Guess we'll have to wait for the patents regarding the processor components JBI is making. Wonder whatever happened to the data patent listed in an SEC filing?
-- just like my 7 year old does.. change the topic when you realize you've lost an argument.
I apologize. I read the information on the company website. Perhaps there is some misinformation posted there.
John Bordynuik, 310 Holdings Inc. CEO and President, stated, "We are extremely excited about this important acquisition, since the shared facilities of DCL Solutions will provide us with the expertise and ability to produce our proprietary catalyst and accelerate the planned expansion of our P2O technology and processors, in addition to giving us a green product line with huge revenue potential and excellent profit margins. Furthermore, we also gain access to a powerful management team with over 100 years of combined business experience, specializing in international marketing, finance, law, operations, restructurings, and mergers and acquisitions."
http://www.plastic2oil.com/site/news-releases-master/2009/10/01/310-holdings-inc-acquires-chemical-company-pak-it
The Pak-it website is gone. Can't buy the floor cleaner there anymore.
Guess we'll have to wait for the patents regarding the processor components JBI is making. Wonder whatever happened to the data patent listed in an SEC filing?
Honeywell makes great stuff.
So JBI wasted shareholder money to buy Pak-it? If you believe the the PR's from when that occurred, Pak-it was purchased to help produce the catalyst.
It's been posted that plastic cracking catalysts can be purchased over the internet along with the rest of the processor parts.
The catalyst is not important,
No surprises here. Just loss of shareholder value. Pak-it has been sold.
Link please.
Correct, from what I read on the SEC website,
New Jersey. Someone else has a decoder ring that's working.
https://www.njportal.com/DOR/businessrecords/EntityDocs/BusinessStatCopies.aspx
Business Name Entity ID City Type Original Filing Date
BIG 3 PACKAGING, LLC 0600381527 LLC 12/2011
JBII LATEST NEWS
Jbi (QB CE) (JBII)
As a result of the Complaint, on January 4, 2012, OTC Markets Group, Inc. lowered quotations and trading of the Company’s common stock from the OTCQX to the OTCQB. The Company cannot predict whether this action will negatively impact liquidity.
http://www.sec.gov/Archives/edgar/data/1381105/000121390012000039/f8k010412_jbi.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22220 / January 4, 2012
Accounting and Auditing Enforcement Release No. 3352 / January 4, 2012
Securities and Exchange Commission v. JBI, Inc., John Bordynuik and Ronald Baldwin, Jr., Civil Action No. 1:12-cv-10012, United States District Court, District of Massachusetts
http://www.sec.gov/litigation/litreleases/2012/lr22220.htm
COMPLAINT
Plaintiff Securities and Exchange Commission (the “Commission” or “SEC”) alleges the following against defendants JBI, Inc. (“JBI”), John W. Bordynuik (“Bordynuik”) and Ronald Baldwin (“Baldwin”) and collectively (“Defendants”):
1. Defendants engaged in a scheme to commit securities and accounting fraud by stating materially false and inaccurate financial information on the financial statements of JBI,
http://www.sec.gov/litigation/complaints/2012/comp22220.pdf
Big 3 Packaging is a new, innovative company specializing in providing patented, portion-controlled, water-soluble packaging solutions for industrial and consumer applications.
While Big 3 is new, our story is not. We've been in business for over 40 years.
Lawrence R. Dickler, entrepreneur and "soap man", compounded our first professional cleaning and maintenance specialty chemicals in 1968. Dickler Chemical Laboratories (DCL) introduced his products to local Philadelphia-area sanitary supply businesses to great acclaim. Over the years, a dedicated team responded to the growing needs of some of the world's largest companies — by formulating 30+ new solutions to solve vexing cleaning challenges effectively.
In 2000, Dickler received patents for a revolutionary innovation in cleaning solution delivery: the PAK-IT. PAK-IT was the first and only patented Water Soluble Liquid Packet on the market. Simple to use (just drop in water,) PAK-ITs provide perfect portion control of liquid solutions in a stable, eco-friendly film.
In 2009, JBI Inc. purchased DCL, Inc. and PAK-IT, Inc. and introduced additional products to the product line. These formulations are above all effective and many are certified as environmentally-friendly by design.
2012 starts a new era with new ownership, a new name, and a renewed dedication to conducting business with People, Planet and Profit at our core. Richard Higgs, a successful international investment broker and serial entrepreneur with several business interests spanning continents, time zones and languages, assumed the helm with a well-defined mission to lead, not follow, in sustainable solutions.
Big 3 is first and foremost, an innovative packaging solutions provider for a cleaner future.
Our flagship product, cleaning solutions in PAK-IT™ pouches, are the foundation for delivery of superior formulations for industrial and consumer use worldwide. Whether you require cleaners, sanitizers and disinfectants, agrochemicals and fertilizers or other additives that need to be dosed with precision — we are here to help. We offer unique, innovative packaging and cleaning solutions that are highly effective, safe for people and the planet, and last but not least an improvement to your profit margin.
http://big3packaging.com/whoisBig3/
And they'll call it an accounting error. Darned decimal points.
So based on past history, they probably sold Pakit for just over $100K?
They were listed t around $1.1 million last Q.
Sounds like a ponzi scheme. Or Madoff.
They have realized they cant make money on their own and here we are.
How much of the shareholders $$ did JBI spend to buy Pak-it? Pay of their debts? How many shares were issued to Pak-it employees?
Or being very transparent.
Not acting in the shareholders best interest, as normal.
They are still required to file an 8K (4 days from the event)even if they have dropped to OTCQB CE status.
What happens if they are not compliant in their filings?
"OTCQB is the middle tier of the OTC market. OTCQB companies are reporting with the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. There are no financial or qualitative standards to be in this tier."
JBI sold Pak-it? When? 8K?
Mail Fraud is a Felony.
Can you tell me what the margin really is? After these costs?
The cost of goods produced in the business should include all costs of production. The key components of cost generally include:
* Parts, raw materials and supplies used,
* Labor, including associated costs such as payroll taxes and benefits, and
* Overhead of the business allocable to production.
Got a link to anything? Billionaire investor? Patents? 2nd processor from a year ago? Video of the last AGM?
The private placements, if not rescinded, were probably purchased IMO by family & friends who've already made a killing trading JBI so he could pay legal fees in light of the SEC complaint.
Running a public company takes more than a one week course at Harvard on mergers and acquisitions. Doesn't matter what someone's supposed IQ is or who likes them.
Sometimes CEO's should step down for the good of the company and the shareholders. It's too bad ego gets in the way.
Since $2.8 million this past week in private placements alone apparently like John Bordynuik as CEO, and the shareholders who actually own the company like John Bordynuik as CEO,
Do you have a link to these validators? I don't recall seeing any PR's or 8K's on this and can't find anything on the company website.
Investors:
Billionaire Middle East Investor(s)
Multi-billion dollar conglomerate(s)
What were the Domark shares worth at that time?
Perhaps if JBI had done better DD when purchasing the media shares, they wouldn't be in this position now. Buyer beware and all that. Ignorance is not an excuse. IMO.
It's very wise to bring more attention and scrutiny to JBI by having message board posters, etc. contact various government organizations. The more noise, the better IMO! Just scrutinizin'
Tapes to oil.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70641910
I read somewhere that some of the tapes from the earlier incarnation of this company were fed to one of the prototype processors. Could this be described as one business cannibalizing another?
Source: JBI, Inc.
Date: June 25, 2009 16:06 ET
310 Holdings Inc. Enters Into Definitive Asset Purchase Agreement With John Bordynuik Inc.
NIAGARA FALLS, Ontario, June 25, 2009 (GLOBE NEWSWIRE) -- 310 Holdings Inc. (OTCBB:TRTN) today announced that it has entered into a definitive agreement to purchase 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. The consideration for the acquisition of the assets are restricted common shares of 310 Holdings Inc. equal to the value of the assets.
Provided all conditions to closing are met, 310 Holdings Inc. anticipates closing this Asset Purchase Agreement on or about July 15, 2009. This proposed transaction will affect 310 Holdings Inc. quarterly financial statements. Through the agreement, 310 Holdings Inc. is able to use the hardware to immediately service existing clients of John Bordynuik Inc. which includes processing thousands of tapes from NASA. In fact, John Bordynuik Inc. was awarded purchase orders to read tapes for NASA based on FAR 13.106(b)(1) "only one source reasonably available".
John Bordynuik Inc. designed specialized hardware and software to read old computer tapes from the 1960s to present. There exist millions of tapes of seismic and earth science data with invaluable information that is inaccessible without this technology.
310 Holdings Inc. will continue to charge a flat rate fee of $22 per tape for volume data recovery migration services. None of JBI's liabilities are being assumed by 310 Holdings Inc. The fixed assets are presently valued at approximately $500,000 after depreciation. This equipment includes in excess of 15 multi-core HP servers in a cloud configuration, dozens of HP workstations, a complete 40-foot mobile data recovery container loaded with 18 tape drives and JBI technologies to read tapes off-site; another 45 customized tape drives; and other related supporting assets.
In addition, there is approximately $1M in other related hardware and assets that the Company intends to purchase from John Bordynuik Inc. which are presently being inventoried and catalogued for the final purchase.
This is an arms-length agreement between 310 Holdings Inc. and John Bordynuik Inc. by President and CEO John Bordynuik, who is the majority shareholder in both 310 Holdings and John Bordynuik Inc. The sale is being audited and all relevant filings with adjusted balances will be filed in a timely manner after the Closing Date.
John Bordynuik, President and CEO of 310 Holdings Inc., said, "We expect the acquisition to have an immediate and significant impact on our financial results. This asset purchase will allow 310 Holdings to read tapes to realize the revenue of migrating data of customers' tapes at a flat rate of $22 a tape and then recycle the old tapes by using our Plastic2Oil processor. As we are currently paid by clients to recycle these tapes, this will effectively cause a negative feedstock cost into our Plastic2Oil processor. These old tapes weigh approximately 2 kg each with their plastic cover, and we believe we will be able to produce 2 liters of fuel from every recycled tape. Through this acquisition, we have approximately 50 tons of tapes to read, to migrate the data and to recycle in our Plastic2Oil processor, 20 tons immediately."
Management believes an 8k will be filed on or about Friday, June 26, 2009 detailing the purchase.
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 under the symbol "TRTN".
For more information, please see http://www.310holdings.com and http://www.johnbordynuik.com.
CONTACT: 310 Holdings Inc.
John Bordynuik, President and CEO
+1 (289) 668-7222
john@310holdings.com
Investor Relations
Katie Matkowski
+1 (289) 296-5538
Katie@310holdings.com
There are different sizes of tanker trucks.
In the United States, a tanker truck capacity is between 2,000 (7,600 L) and 9,100 gallons (34,447 L) of liquid.