|By Marketwired .||
|January 2, 2014 09:50 AM EST||
WEST PALM BEACH, FL -- (Marketwired) -- 01/02/14 -- BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that it has funded $340,000 to the Casale Group to finalize the engineering design work in support of the Engineering, Procurement and Construction (EPC) initial cost estimate. The source of the funds is a $2 million financing announced on December 13, 2013. The balance of that sum is funding the initial EPC contract for the first plant, including the CCC group and AMEC engineering and design.
BioNitrogen first announced its agreement with the Casale Group of Switzerland on August 15, 2013. The agreement contracts the Casale Group to employ its ammonia and urea plant technology for BioNitrogen's first plant. Casale has either built or refurbished over 400 ammonia and urea plants worldwide and is a market leader in ammonia and urea technologies.
"This funding will complete the necessary engineering design work on the Casale Group ammonia and urea components allowing us to complete the initial EPC estimates for the first plant," said Ernie Iznaga, VP of Operations. "We are very excited about moving the project forward with the CCC Group, AMEC and the Casale Group."
About Casale Group
Founded in 1923, the Casale Group is a Swiss-based global leader in the design and refurbishment of ammonia, urea, methanol and chemical facilities. Leveraging on the know-how and intellectual property developed in over 500 reference projects around the world, the Group has a unique expertise in ammonia, methanol and urea production. The Group's services include: technical audits -- advisory and consultancy services for improved plant performance; feasibility studies; licensing of proprietary technologies; basic and detailed engineering; project management; procurement services; plant construction management; plant commissioning, start-up and optimization; project contracting on a turn-key basis; after-sales technical services. For additional information, please visit www.casale.ch.
About BioNitrogen Holdings Corp
BioNitrogen Holdings Corp. (PINKSHEETS: BION) is a cleantech company that utilizes patented 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.