"While we were only
able to recognize revenue from the tape processing for the last two days of the
quarter, this acquisition has made us profitable immediately and will be detailed
in our quarter financials that will be released shortly."
310 Holdings Inc. Announces Detailed Update for All Shareholders and Prospective
Investors On the Definitive Agreement
NIAGARA FALLS, Ontario, Jul 15, 2009 (GlobeNewswire via COMTEX) -- 310 Holdings
Inc. (TRTN) today announced that it completed a definitive agreement to acquire
and continue tape data migration and transcription services of John Bordynuik
Inc., an agreement that was signed on June 25, 2009.
With this agreement, 310 Holdings Inc. purchased certain assets of John Bordynuik
Inc., including its custom tape processing hardware, its Swahili data migration
system, fixed assets, and its current customer base. The consideration for the
acquisition of the assets is shares of 310 Holdings Inc. restricted common equal
to the value of the assets. An 8k is being filed shortly that includes asset
details and a proforma financial statement for the tape operating profit center
only.
Through the agreement, 310 Holdings Inc. is able to use the specialized hardware
and software to immediately service existing clients of John Bordynuik Inc.,
which includes processing thousands of tapes from NASA.
Since the agreement was signed, 310 Holdings Inc. has processed tapes including
HRIR data for Apollo 14, Apollo 15, Nimbus III, and Nimbus IV, and is currently
processing Viking Lander I tapes. As part of its data migration profit center,
the Company has expanded its repertoire to include imaging of both film and
microfiche, and is doubling the resolution of solutions that is currently on the
market.
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.
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.
John Bordynuik, President and CEO of 310 Holdings Inc., said, "While we were only
able to recognize revenue from the tape processing for the last two days of the
quarter, this acquisition has made us profitable immediately and will be detailed
in our quarter financials that will be released shortly."
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