|By Marketwired .||
|August 20, 2013 05:06 PM EDT||
DORAL, FL -- (Marketwired) -- 08/20/13 -- BioNitrogen Louisiana Holdings, LLC, a wholly-owned subsidiary of BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes exclusive technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today the TEFRA approval by the Louisiana Attorney General to issue up to $1.25 billion in tax-exempt bonds for the acquisition, development and construction of five plants in Pointe Coupee Parish, Louisiana.
In April, BioNitrogen received approval from the Louisiana State Bond Commission to issue the tax-exempt bonds.
"Receiving TEFRA approval is a significant step forward in establishing the financial foundation for the first plant in Point Coupee," said Bryan Kornegay, Jr., President and CFO of BioNitrogen. "The Florida plant currently in the process of being designed will be able to produce 520 tons per day of high-quality urea and we expect that the initial plant in Pointe Coupee will be able to leverage off of the completed designs."
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 Associates