BioNitrogen Corp.

BioNitrogen Corporation Announces a Three-Year Gasification Agreement With PRM Energy Systems, Inc.

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Source: BioNitrogen Corp.

MIAMI, FL -- (Marketwire) -- 08/23/12 -- 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 signed a three-year, non-exclusive agreement with PRM Energy Systems, Inc. ('PRME') to build gasification units for its urea plants. The first of the company's plants will be built in Hardee County, FL, as previously announced.

PRME is in the business of developing, designing, and supplying proprietary gasification technologies and equipment and is world renowned as the premier technology for biomass gasification.

BioNitrogen continues to work with Granherne, Inc., a KBR company, the global engineering firm, on the engineering report, which will be completed shortly. Thereafter, Granherne will work on the design of the plant, which includes the PRME gasification systems. The initial engineering work for the Texas plant has been transferred over to the Florida plant.

The plant will be strategically located to source biomass feedstock. The location in Hardee County, Florida, will be beneficial to the local community, the sourcing of biomass and the logistics of getting the urea fertilizer to market. The State of Florida is one of the largest producers of tree trimmings, a feedstock that is year-round and not subject to severe declines in production due to weather. Furthermore, bad weather events in Florida, such as heavy rains or hurricanes, can produce higher volumes of biomass feedstock.

'We are pleased to partner with BioNitrogen,' said Mr. Ron Bailey, Jr., President, PRM Energy Systems, Inc. 'Now that we've been selected as the company's gasification source, the process can advance rapidly for the initial plant.'

Mr. Carlos Contreras, President and CEO of BioNitrogen, said, 'This agreement is a major step forward in the process of constructing our first urea manufacturing plant. We are pleased to be working with PRME, which is a world-class company with a long track record of building first-class gasification systems. This brings BioNitrogen another step closer to providing domestically produced urea fertilizer for the North American market.'

About PRM Energy Systems, Inc.

PRM Energy has delivered reliable and efficient renewable energy solutions to five continents establishing its reputation with industry, government and independent power producers. The company's KC® Gasification system is world renowned as the premiere technology for biomass gasification. For more information please visit http://www.prmenergy.com/.

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:

Adam Friedman
Principal
Adam Friedman Associates
Email Contact
(212) 981-2529

 

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