In addition to Seneca, the PAK-IT executives joining the 310 team include: Chief Executive Officer (CEO) Robert G. Shoemaker; Vice President of Operations and Technical Director Ronald Kurp; and Vice President of Sales & Marketing Frank Wiley, the release stated.
Seneca said: "PAK-IT owners received 310 Holdings Inc. Common Stock and other consideration pursuant to the agreement. 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."
Over the next few days, 310 Holdings Inc. will issue further press releases to provide shareholders information about the merger, the release added.
John Bordynuik, 310 Holdings Inc. CEO and president, said: "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."