SOURCE: BioNitrogen Corporation

BioNitrogen Corporation

April 18, 2013 16:26 ET

Louisiana State Bond Commission Approves $1.25 Billion Tax-Exempt Bonds for Five BioNitrogen Plants in Pointe Coupee Parish

DORAL, FL--(Marketwired - Apr 18, 2013) - BioNitrogen Louisiana Holdings, LLC, a wholly-owned subsidiary of 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 the Louisiana State Bond Commission, which is composed of the Governor, Lieutenant Governor, Attorney General, State Treasurer and other high ranking state and legislative officials, has approved $1.25 billion in tax-exempt bonds for the acquisition, development and construction of five plants in Pointe Coupee Parish, Louisiana. The Louisiana Community Development Authority ("LCDA") granted preliminary approval earlier this year.

BioNitrogen intends to continue working with its team of key contractors, including KBR and PRM Energy, to engineer and construct the plants in Pointe Coupee Parish, which will be built in parallel with the Hardee County facilities. The proposed five plants are projected to produce 1,800 tons of urea daily or 621,000 tons of urea annually. In February, BioNitrogen received approval from the Florida Governor to issue up to $175 million of tax-exempt bonds for the construction of the Hardee County plant.

"The approval of this issuance is another important step toward providing green domestic urea fertilizer to North American farmers," said Bryan Kornegay, Jr., President and CFO of BioNitrogen. "We look forward to planning, zoning and permitting for the site to move the project forward as quickly as possible."

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
    917-675-6250