SOURCE: BioNitrogen Holdings Corp.
WEST PALM, FL--(Marketwired - Oct 17, 2013) - BioNitrogen Louisiana Holdings, LLC, a wholly-owned subsidiary of BioNitrogen Holdings Corp (PINKSHEETS: BION), a cleantech company that utilizes exclusive technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that it has been awarded $300 million of allocation to issue tax-exempt bonds for the acquisition, development and construction of the initial plant in Pointe Coupee Parish, Louisiana.
The $300 million allocation represents part of the $1.25 billion bond issue, which BioNitrogen has already received approval on from the Louisiana State Bond Commission.
"This allocation from the State of Louisiana represents an important milestone in our development and moves us one step closer to making our first plant in Louisiana a reality. We are very excited to move forward on the Louisiana plant and leverage the engineering from the initial plant in Florida," said Bryan Kornegay, Jr., President and CFO of BioNitrogen.
About BioNitrogen Holdings Corp
BioNitrogen Holdings 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.