MIAMI, FL -- (Marketwire) -- 08/27/12 -- 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 Memorandum of Understanding (MOU) with Development Authorities in Hardee County. The MOU provides for the various Development Authorities to fund, subject to board approvals, $2 million for the building of a railroad spur on the land owned by Larry Davis of Florida Fertilizer where the BioNitrogen urea fertilizer plant will be built. The anticipated closing of the transaction will be before December 31, 2012.
Hardee County will assist in providing BioNitrogen available tax credits and incentives for the plant construction, including those based on enterprise zones.
The railroad spur will link the plant site with the main railroad line facilitating the transport of biomass to the plant and urea to BioNitrogen customers. It will also provide for a rail spur on a large piece of land that will provide for BioNitrogen and others expansion opportunities.
Commenting on the Memorandum, Bill Lambert, Director of Hardee County Economic Development, said, 'The County is focused on fostering economic development in the region and we believe that the BioNitrogen plant will be a significant step in that direction by bringing both jobs and revenue to the area. We will be working closely with BioNitrogen management in the ensuing months to facilitate the project.'
Carlos Contreras, President and CEO of BioNitrogen, noted, 'The interests of Hardee County and BioNitrogen are closely aligned in that both parties are eager to get the plant built for the benefit of both the company and the County. In Hardee County we have found a strong partner that is willing and capable of helping our company to reach its goals. We look forward to a long and mutually productive relationship.'
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.
Adam Friedman, Principal
Adam Friedman Associates