SOURCE: BioNitrogen Corporation

BioNitrogen Corporation

February 19, 2013 09:51 ET

BioNitrogen Receives Florida Governor's Approval to Allocate up to $175 Million in Tax Free Bonds

DORAL, FL--(Marketwire - Feb 19, 2013) - BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that it has received approval from the Florida Governor to issue up to $175 million of tax exempt bonds. The bond offering is slated for completion in early 2013.

"The completion of the bond issuance process is another significant milestone for BioNitrogen," said Bryan Kornegay, Jr., President and CFO of BioNitrogen. "The Governor's action now clears the political path for issuing the bonds. In the interim, we are working to get the remaining air and water permits completed for construction and coordinating with KBR's Delaware-based operations, which is a KBR center of excellence for Bio Based Chemicals and Fuels, to initiate plant design."

Construction on the site is slated to commence in early 2013. The proposed initial 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