SOURCE: BioNitrogen

BioNitrogen

September 04, 2014 09:00 ET

BioNitrogen Enters Into a $5 Million Loan for Taylor County Plant

WEST PALM BEACH, FL--(Marketwired - Sep 4, 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 entered into a loan agreement effective today to receive a loan of up to $5 million. The loan will be disbursed, under a disbursement process with the City of Perry approvals, to BioNitrogen Plant FL Taylor, LLC, for the purpose of funding engineering, site development work and land for the plant in Taylor County Florida. The loan shall be secured by a $5 million cash collateral from the City of Perry, Florida.

The City Council of Perry, Florida unanimously approved last week an ordinance for the City of Perry to provide a $5 million cash collateral for the loan. The loan will be repaid and the collateral released upon the closing of the tax-free bond to be issued by the Taylor County Development Authority for the Taylor plant.

"We are pleased with the Council's confidence in BioNitrogen and their recognition that a plant in Perry will bring excellent, high paying jobs to the area and help boost the local economy," said Bryan Kornegay, Jr., President and CFO of BioNitrogen. "This is another important step in our progress," he added.

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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