SOURCE: BioNitrogen Corporation
MIAMI, FL--(Marketwire - Jul 24, 2012) - BioNitrogen (PINKSHEETS: BION) today announced its intent to consolidate 100 million of its issued and outstanding common shares on the basis of 300 existing shares for 1 share for the holders of such 100 million shares that were issued in December 2011 as a settlement of a convertible note and debt dated as of February 15, 2007 (the "Convertible Debt"). The Board of Directors of BioNitrogen has passed a resolution approving the rollback, making the rollback effective and subject to implementation by the transfer agent. This rollback only affects the shares issued in connection with the conversion of the Convertible Debt and subjects these shares to the rollback that was completed on November 8, 2011.
About BioNitrogen Corporation
BioNitrogen (PINKSHEETS: BION) is focused on building turnkey manufacturing facilities to produce urea. High nitrogen content urea is principally used in the agricultural industry as a crop fertilizer. Our innovative, patent-pending technologies transform residual agricultural waste and other biomass materials into high-quality bulk urea for sale to agricultural wholesalers and retailers. Additional information about BioNitrogen can be found at www.bionitrogen.com.
Safe Harbor Statement
The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.