SOURCE: BioNitrogen Holdings Corp.

BioNitrogen Holdings Corp.

February 13, 2014 09:02 ET

BioNitrogen Completes Biomass Feasibility Study for Florida Plant

Study Estimates Annual Feedstock Savings of About $1 Million

WEST PALM BEACH, FL--(Marketwired - Feb 13, 2014) - BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that it has received the feasibility study for biomass feedstock supply to the initial BioNitrogen plant in Florida from BioResource Management, Inc. The feasibility study estimates a potential annual feedstock savings of around $1 million, more than an 11% savings on initial estimates.

"This biomass feasibility study estimates a significant annual savings to the plant for our feedstock supply cost," said Bryan Kornegay, Jr., President and CFO. "We will now be able to receive more than two times our plant needs in the haul zone at a much lower price than originally forecasted."

"We are pleased with the BioResource team and their ability to deliver a quality product on time," said Ernie Iznaga, VP of Operations. "The feasibility study validates our internal analysis and provides additional support to our funding sources about the biomass feedstock availability for the plant."

Biomass feedstock feasibility studies are a key requirement leading up to tax-free bond financing to ensure that plant sites will be sustained by local biomass supplies.

About BioResources Management Inc.

BioResource Management, Inc. (BRM) is a forestry, geography and agriculture-based firm that focuses on biomass resources -- organic material used for energy, chemicals, and agricultural uses. Its personnel bring together over forty years of experience in forestry, biomass production, agriculture, and organic materials recycling. www.bioresourcemanagement.com

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.

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