February 04, 2010 08:29 ET

B Green Receives $232,491 From Sale of New Jersey State Net Operating Losses

New Jersey's Technology Business Tax Certificate Transfer Program, Which Allows New and Expanding Companies to Turn Their Tax Losses and Credits Into Cash; B Green Continues to Attract National Re-Sellers, With Partners Nationwide, Europe and Canada Selling Its "Green" "VibeAway®" & "ECOPOD®" Products; Including Whirlpool

MATAWAN, NJ--(Marketwire - February 4, 2010) - B Green Innovations (OTCBB: BGNN) announced today it received $232,491 from Sale of New Jersey State Net Operating Losses for the year ending December 31, 2008.

The company didn't obtain the funding through bank loans or equity financing. Instead, B Green sold some of its net operating losses (NOLs) to another New Jersey business. B Green sold some of its NOLs last year through New Jersey's Technology Business Tax Certificate Transfer Program, which allows new and expanding companies to turn their tax losses and credits into cash.

The Technology Business Tax Certificate Transfer Program enables approved, unprofitable Technology and Biotechnology Businesses to sell their Unused Net Operating Loss Carryover (NOL) and Unused Research and Development Tax Credits (R&D Tax Credits) to unaffiliated, profitable corporate taxpayers in the State of New Jersey for at least 75% of the value of the tax benefits. This allows unprofitable Technology and Biotechnology Businesses to turn their tax losses and credits into cash to buy equipment or facilities, or for other Allowable Expenditures. The New Jersey Economic Development Authority (NJEDA) determines eligibility, the New Jersey Division of Taxation determines the value of the tax benefits (NOL's and R&D Tax Credits), and the New Jersey Commission on Science and Technology evaluates the technology and its viability.


About B Green Innovations:

The B Green Innovations, Inc. ("B Green"), "Go Green" mission from its inception, is to create a "Green" company for the development of solutions to eliminate waste from the world's environment. B Green offers consumers a realistic and necessary solution to the problem of waste around the world. We believe that to truly have an impact on the planet, one must be committed to the environment and seek out environmentally-friendly products.

Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Contact Information

  • Contact:
    Dolores Serafin