SOURCE: BioNitrogen Corporation

BioNitrogen Corporation

November 21, 2012 13:16 ET

BioNitrogen Receives $2 Million Grant From the Hardee County Industrial Development Authority for Construction Reimbursements

DORAL, FL--(Marketwire - Nov 21, 2012) - BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today the Hardee County Industrial Development Authority ("IDA") has allocated $2 million dollars in grants to BioNitrogen's Florida Plant subsidiary for reimbursable expenses incurred during the construction of the Hardee County plant. One million of the total $2 million was transferred from the Hardee County Economic Development Authority ("EDA") to the IDA. Today the EDA board today unanimously approved this transfer. The money will be used to cover expenses related to the rail spur, construction and engineering of the initial plant.

Construction on the site is slated to commence in early 2013. The proposed plant will be able to produce 15 tons of urea fertilizer hourly, totaling 360 short tons daily or 124,200 tons annually.

About BioNitrogen Corporation
BioNitrogen Corp. (PINKSHEETS: BION) is a cleantech company that utilizes proprietary 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
    (212) 981-2529