tem 1.01. Entry into a Material Definitive Agreement.
On June 25, 2009, 310 Holdings, Inc., (the “Company”) entered into an asset purchase agreement (the “Agreement”) to purchase and assume certain assets of John Bordynuik, Inc. (“JBI”), a Delaware corporation. This is an arms-length agreement between the Company and JBI by President and CEO John Bordynuik, who is the majority shareholder in both 310 Holdings and John Bordynuik Inc.
Under the terms of the Agreement, the Company will issue 809,593 shares of common stock, par value $0.001 per share in consideration for the assets of JBI. The closing of the Agreement occurred on July 15, 2009.
The Company will able to use the hardware to immediately service existing clients of JBI which includes processing tapes from NASA. This Agreement will allow the Company to read tapes to realize the revenue of migrating data of customers’ tapes at a flat rate 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, the Company will have approximately 50 tons of tapes to read, to migrate the data and to recycle in its Plastic2Oil processor, 20 tons immediately.
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