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bionitrogen holdings corp (BION) Snapshot

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04/19/13 - $0.16
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bionitrogen holdings corp (BION) Details

Bio Nitrogen Corporation operates as a biotechnology company and offers production of urea for sale as fertilizer. It owns technologies for the conversion of biomass into urea fertilizer. The company distributes its products through wholesale and retail channels to the agricultural sector, as well as to the commercial and industrial sectors. The company was formerly known as BIO-SNG Technologies International Corp and changed its name to Bio Nitrogen Corporation in May 2011. The company was incorporated in 2011 and is based in Doral, Florida.

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bionitrogen holdings corp (BION) Key Developments

BioNitrogen Announces Two Additional Inducements from the State of Florida and Hendry County to Locate Plant

BioNitrogen Holdings Corp. announced two additional inducements from the State of Florida and Hendry county to locate a plant in Hendry County. This moves the company closer to making a location decision for the Florida plant and Hendry County. The County was awarded a Florida Department of Transportation Economic Development Fund grant of $848,122 for the construction of turn lanes and an access road to the Weekley Industrial Park in Clewiston, the proposed plant site. Additionally, approval was received for up to $312,000 in Qualified Target Industry tax refunds from the Florida Department of Economic Opportunity. The QTI tax refunds will be awarded over the course of five years.

BioNitrogen Holdings Corp. Announces Agreement to Purchase for $1 over 50 Acres of Land in Taylor County, FL from the Taylor County Development Authority

BioNitrogen Holdings Corp. announced that it reached an agreement to purchase for $1 over 50 acres of land in Taylor County, FL from the Taylor County Development Authority. Under the terms of the agreement, the TCDA will also furnish BioNitrogen with a $5 million loan to be used for plant engineering and site development work to be repaid upon the tax free bond closing of the plant. As part of the agreement, BioNitrogen agrees to construct a plant with an investment in excess of $200 million and provide a minimum of 45 direct full-time employees in Taylor County. The plant will produce approximately 200,000 tons per year of urea fertilizer and use local solid waste biomass such as wood waste as its feedstock. Closing of the bond and funding for this plant is expected to occur within 180 days, subject to the timing of approvals and government commitments. In addition to negotiations in Taylor County, BioNitrogen is continuing its negotiations in Florida and elsewhere to construct similar facilities with similar economic impact. Further details on other sites are forthcoming. Today's news in Taylor County is great news and enables BioNitrogen to take one step closer to doing business in Florida.

BioNitrogen Signs 25 Year Biomass Supply Agreements with BioResource Management for Florida Plant

BioNitrogen Holdings Corp. announced that it signed biomass supply agreements with BioResource Management ("BRM") for its initial plant in Florida. These agreements are the direct result of a favorable biomass feasibility study on the initial plant in Florida recently completed by BRM. BioNitrogen signed a 25-year agreement with BRM to provide biomass feasibility studies for future plants as well as consulting services regarding design optimization of the biomass delivery process and wood yard configuration. The company also signed a 25-year agreement with BRM to provide biomass supply services to the initial BioNitrogen plant in Florida. The agreement specifies the delivery of approximately 350,000 tons of biomass annually. BRM will manage the biomass supply chain, delivery logistics, scheduling, quality and billing services.


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