SOURCE: New Bastion Development

February 01, 2011 18:03 ET

New Bastion Development, Inc. to Expand Business Focus to Production of Nitrogen Fertilizers

ROYAL PALM BEACH, FL--(Marketwire - February 1, 2011) - New Bastion Development, Inc. ("New Bastion"), (PINKSHEETS: NWBA), a real estate development Company exploiting real estate opportunities in Northwest Florida, announced today that It has formed NB Regeneration, a wholly-owned subsidiary designed to pursue business opportunities relative to the production of nitrogen fertilizers used in the global agricultural market. Nitrogen fertilizer production has grown more than 2% annually for the past decade, and estimates project continued growth of more than 1% annually through 2020. In 2008 the global market for nitrogen fertilizers was approximately 100 million tons, and the Company aims to construct facilities that will enable it to produce 0.05-1.0% of the existing demand. The Company had previously announced its objective to expand its base activities from solely real estate development in the Florida Panhandle to a more diverse business approach.

New Bastion believes that it can position itself, with well financed strategic partners, to produce this commodity in such a fashion as to achieve high profit margins while ensuring that its costs remain relatively stable. To this end, the Company is in the process of assembling a qualified team of executives to implement its strategy. 

Mr. Elliot Bellen, CEO of New Bastion Development, Inc., stated, "We have been working on this project for many months, and we believe that we are on the verge of pulling all of the pieces together. With the assistance of Frank Proto, New Bastion's CFO and former CFO of Borden's Chemical, Inc., we expect to assemble a world class team to move this initiative forward in due course." 

About New Bastion Development, Inc. 

New Bastion (www.newbastiondevelopment.com) is a development stage company that has been involved in real estate and real estate development in Northwest Florida for the past 3 years based upon expectations that the opening of the new airport would attract visitors and potential new residents from all parts of the U.S, Canada and Europe as well as new commercial development and investment. The recent oil spill in the Gulf of Mexico has had an adverse effect on real estate and real estate opportunities in Northwest Florida, and the company is currently examining its real estate options. Additionally, the company's management has entered into negotiations to expand a portion of its operations outside of real estate to better diversify its business operations.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to any number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. Potential investors should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Contact:
    Elliot Bellen
    (866) 541-0625