SOURCE: BioNitrogen

BioNitrogen

October 22, 2014 09:00 ET

BioNitrogen Announces Operational Update for Florida Plants

WEST PALM BEACH, FL--(Marketwired - Oct 22, 2014) - BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants in the US that convert biomass into urea fertilizer, provided an update for its two initial plant sites in Florida.

The Taylor County site recently underwent a series of environmental and site surveys and passed without any issues. The 51 acres were acquired after the land use was changed to Heavy Industrial zoning. Disbursements, under the $5 million loan from the Taylor County Development Council with a cash collateral guarantee from the city of Perry, continue to fund site work and engineering for the plant. The engineering design packages for the initial cost estimates have been completed. We continue to progress towards a firm price EPC contract, which is targeted for completion in the first quarter of 2015.

The Hendry County plant site is being moved to another location within the same 240 acre industrial park due to some land use restrictions recently finalized for the original location. Environmental work, site surveys and soil borings are taking place, and we expect to resume preparation work after November 15th and once the land is acquired. The Hendry project has received substantially all of its permits to construct, the tax free bond allocation, and grants or tax credits that total in excess of $2 million in cash or investments.

The Company remains committed to both Taylor and Hendry Counties and plans to have both plants under construction in early 2015.

About BioNitrogen Holdings Corp
BioNitrogen Holdings Corp. (PINKSHEETS: BION) is a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer. Our mission is to provide safe, cost effective, green solutions that are economically beneficial in locations where biomass is produced and urea is consumed. Additional information 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.

Contact Information

  • Contact:

    Adam Friedman
    Principal
    Adam Friedman Associates
    Email Contact
    917-675-6250

    Julia Bonner
    Director
    Adam Friedman Associates
    Email Contact
    917-675-6248