SOURCE: BioNitrogen

BioNitrogen

April 01, 2014 09:00 ET

BioNitrogen Receives Additional Funding for Hendry County Plant

WEST PALM BEACH, FL--(Marketwired - Apr 1, 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 two additional inducements from the State of Florida and Hendry county to locate a plant in Hendry County. This moves the Company closer to making a location decision for the Florida plant and Hendry County.

The County was awarded a Florida Department of Transportation Economic Development Fund grant of $848,122 for the construction of turn lanes and an access road to the Weekley Industrial Park in Clewiston, the proposed plant site.

Additionally, approval was received for up to $312,000 in Qualified Target Industry ("QTI") tax refunds from the Florida Department of Economic Opportunity ("DEO"). The QTI tax refunds will be awarded over the course of five years.

"These inducements from the State of Florida and Hendry County are critically important factors in our decision making process to locate. We greatly appreciate the support from the State of Florida and the continued support from Hendry County. The County's leadership and community have worked closely with the BioNitrogen team to move the potential project forward and we look forward to completing our discussions with local utilities," said Bryan Kornegay, Jr., President and CFO of BioNitrogen. 

"The Florida Department of Transportation grant is especially important to our location decision because it allows for safe access to the plant considering the number of biomass trucks entering and leaving the property," said Ernie Iznaga Vice President of Operations for BioNitrogen. 

"We are excited about this investment and the potential job creation for Hendry County," said Charles T. Chapman IV, County Administrator of the Hendry County Board of County Commissioners. "This is an important project to the County. Our County administration and the Industrial Development Association and Economic Development Council have worked closely together to create attractive incentives to further induce BioNitrogen to build a plant here in our County."

"BioNitrogen's short-term and long-term success rests largely on its access to low-cost, reliable energy services. To this end, we look forward to negotiating with Florida Power & Light (FPL) on its newly-approved economic development rate, and reaching an agreement that will induce BioNitrogen to look no further," said Jeremy Susac, energy attorney and former head of Florida's Energy Office. "BioNitrogen is a clean tech company that seeks partnerships with other clean tech companies like FPL. FPL is already one of the cleanest energy companies in the world and continues to invest in clean energy solutions like advanced new nuclear which is consistent with BioNitrogen's business plan and long-term vision."

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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