SOURCE: BioNitrogen Corporation
MIAMI, FL--(Marketwire - Sep 5, 2012) - BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, said today that its previously announced convertible debenture facility has been increased to in excess of $1.5 million. The Company announced on June 27th that it initially raised $400,000.
Recent milestones for BioNitrogen include signing of the following:
- Memorandum of Understanding With Hardee County Industrial Development Authority which provides the various Development Authorities to fund, subject to board approvals, $2 million for the building of a railroad spur on the land where the BioNitrogen urea fertilizer plant will be built
- Three-Year Agreement With PRM Energy Systems, Inc., to build gasification units for its urea plants
- Supply Agreement With United Suppliers Inc. for the production of urea fertilizer for its future plant
"We are pleased about yet another significant step in BioNitrogen's progress," said Carlos Contreras, President and CEO of BioNitrogen. "This additional facility is a milestone that will enable the Company to move closer to building our first plant in Hardee County, Florida."
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.