SOURCE: New Bastion Development

June 23, 2011 07:00 ET

New Bastion Development, Inc. Subsidiary Signs Memorandum of Understanding to Build and Operate Fertilizer Plant

ROYAL PALM BEACH, FL--(Marketwire - Jun 23, 2011) - New Bastion Development, Inc. ("New Bastion") (PINKSHEETS: NWBA) announced today that NB Regeneration, its wholly-owned subsidiary, has signed a Memorandum of Understanding ("MOU") with United Advisory, a Panamanian company, to build and operate a nitrogen fertilizer facility in the Free Trade Zone in the Republic of Panama. United Advisory was formed to work with the Panamanian government to coordinate the $28 billion Panamanian infrastructure expansion project currently under way.

The facility will be designed to produce a minimum capacity of 4,000 metric tons of urea and/or ammonia on a daily basis. Pursuant to the MOU, NB Regeneration has undertaken to arrange debt financing for the facility, supervise the development of construction, contract for feedstock and raw materials, market and sell the products from the operation of the facility, and to manage the facility's day to day operation upon completion. United Advisory undertakes to provide the site for the facility, dock facilities, loading and unloading facilities for raw materials and product (Outer Battery Limits), obtain all necessary approvals, licenses and permits necessary for the construction and operation of the facility.

The MOU provides for the preparation and execution of final documentation to reflect the terms of the MOU, which are expected to be finalized shortly.

"We are pleased to be involved in this major capital project with our Panamanian partners, and we look forward to becoming a significant factor in supplying nitrogen fertilizer to a growing world population that will continue to increase demand for such products," stated Michael Sydow, NB Regeneration's CEO. "We are hopeful that the facility will be operational in approximately 30-36 months."

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. Additionally, it has formed NB Regeneration, a wholly-owned subsidiary to pursue business opportunities relative to the production of nitrogen fertilizers used in the global agricultural market.

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, including, but not limited to the ability to obtain environmental and other permits and the timing thereof, foreign government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, international operations and associated international political and economic instability, litigation, the costs and results of building and operations, availability of equipment, services and personnel required to complete the facilities, the ability to implement business plans or complete development activities as scheduled, access to and cost of capital, the financial strength of our counterparties, environmental and weather risks, including the possible impacts of climate change, and acts of war or terrorism. 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