Philadelphia, PA– Steve Seneca, President of DCL Solutions, Inc. and PAK-IT LLC, announced today that his companies have successfully completed a merger with 310 Holdings, Inc., a publicly traded company based in Niagara Falls, Ontario. 310 Holdings’ other business lines include proprietary technology for reading archived tapes for clients such as NASA and other government agencies; telecommunications equipment distribution in North America, Mexico, Central and South America; and Plastic2Oil – a process and service that converts plastic to fuel oil.
“Pak-It owners received 310 Holdings, Inc. Common Stock and other consideration pursuant to the Agreement,” Mr. Seneca said. “The income from the combined operations of the entities as well as P2O and Pak-It™ licensing fees will be used to pay off all Pak-It debt and provide working capital that will allow us to expand on our success in the market.”
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."
In addition to Mr. Seneca, the Pak-It executives joining the 310 team include CEO Robert G. Shoemaker, VP of Operations and Technical Director Ronald Kurp; and Vice President of Sales & Marketing Frank Wiley.
Commenting on the new 310, Mr. Bordynuik said, "These new appointments in the 310 management team will provide a solid foundation for scaling the entire organization to execute rapid growth in our profit centers, and provide the most innovative technologies to our customers. “
Over the next few days, 310 will issue further press releases to provide shareholders information about Plastic2Oil, Data Migration, Javaco, and Pak-It updates.
About DCL Solutions, Inc. and PAK-IT LLC
DCL Solutions, a PAK-IT LLC company, is a maintenance solutions company providing professional cleaning and maintenance chemicals to distributors, maintenance contractors, and end users throughout the United States since 1968. Services include custom formulation and packaging, brand and product-system development, technical training and marketing support.
Its patented, proprietary line of PAK-IT™ water-soluble liquid packets includes concentrated glass cleaner, disinfectant, and multi-purpose cleaning products for use on floors, carpets, in kitchens, restrooms, and laundry establishments. PAK-IT offers a "green" cleaning system, since it is fully biodegradable, saves thousands of dollars in shipping, and does not contribute to landfill waste or pollution. Large national retailers as well as numerous building maintenance contractors are already successfully using these eco-friendly products and have documented significant cost savings from shipping, training, inventory control and space utilization.
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. 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, 310 is profitable, has nearly 95 employees, 2 major manufacturing facilities and offices in the US, 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. 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 a 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.