SOURCE: BioNitrogen Corporation

BioNitrogen Corporation

October 03, 2012 09:57 ET

BioNitrogen Signs Engagement Letter to Raise $150 Million for Florida Plant

DORAL, FL--(Marketwire - Oct 3, 2012) - BioNitrogen Plant FL I, LLC, a wholly-owned subsidiary of BioNitrogen Corporation (PINKSHEETS: BION), has signed an engagement letter with Atlanta-based BB&T Capital Markets, a division of Scott & Stringfellow, LLC, to act as a placement agent for $150 million of tax-exempt bonds.

The funds will be used by BioNitrogen for the construction of an approximately 200,000 square foot modular manufacturing plant to transform residual agricultural waste (biomass) through a gasification process into urea, located on 40 acres of land in Hardee County, Florida.

The bonds will be issued in $100,000 denominations and integral multiples of $5,000. The agreement expires on March 31, 2013 unless renewed by both parties.

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