SOURCE: BioNitrogen


November 03, 2014 09:00 ET

BioNitrogen Announces Update on Completion of the EPC Report

WEST PALM BEACH, FL--(Marketwired - Nov 3, 2014) - BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, today announced that it has received the FEL2 engineering report from AMEC, which is the last report prior to the awarding of the Firm Fixed Price EPC contract.

The report, which includes input from AMEC and all of the technology licensors, assesses all processes from the receipt of woody biomass to urea granulation and storage. The report outlines the design for a 520 ton per day urea fertilizer plant, which is 44% larger than the previous plant design and uses gasified biomass as a renewable and environmentally responsible feedstock. The design can be readily duplicated for other locations, with site specific modifications to accommodate local feedstock and site requirements.

The report will be forwarded to the engineering firm Baker & O'Brien to complete the financial due diligence package. BioNitrogen will continue working with the engineering firms and contractors to advance to a Firm Fixed Price EPC contract in early 2015.

"AMEC's FEL2 report on this larger scale plant is the last engineering report prior to the final EPC report. It provides front-to-back technical details about the entire plant beginning with how biomass is received and processed through the gasification, syngas cleanup, ammonia, urea and urea granulation processes and finally urea storage and load out. The report also includes details regarding construction, infrastructure and costs. The next steps are for us to work closely with AMEC, the Technology Licensors and Baker & O'Brien's team to advance the due diligence process as quickly as possible," said Ernie Iznaga, VP of Operations at BioNitrogen. "This was a critically important milestone necessary to move the project forward."

"BioNitrogen has decided to advance from an EPC contract to a firm fixed price EPC contract. This change requires significantly more effort from the engineering companies and suppliers but results in a rock-solid contract to build the Taylor plant plus it accelerates the due diligence process," said Bryan Kornegay, Director at BioNitrogen. "The board is excited about the completion of this milestone and looks forward to awarding the first contract in the next six months."

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

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.

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