BioNitrogen Receives TEFRA Approval of $1.25 Billion Tax-Exempt Bonds for Five BioNitrogen Plants in Pointe Coupee Parish, LA
20 Agosto 2013 - 4:06PM
Marketwired
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.
CONTACT: Adam Friedman Principal Adam Friedman Associates
Email Contact (917)-675-6250
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