BioNitrogen Signs 25-Year Biomass Supply Agreements With BioResource Management for Florida Plant
03 März 2014 - 3:00PM
Marketwired
BioNitrogen Signs 25-Year Biomass Supply Agreements With
BioResource Management for Florida Plant
WEST PALM BEACH, FL--(Marketwired - Mar 3, 2014) -
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 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.
"These agreements are an important part of the foundation we are
putting in place to ensure the plant has a robust biomass supply
chain. BRM has the experience and reputation we need to manage this
critical part of our supply chain," said Ernie Iznaga, VP of
Operations. "BRM was also instrumental in working with AMEC to
optimize the design of the wood yard, further optimizing the plant
design."
"The 25-year biomass feedstock supply agreement on the plant
input is a complement to the 25-year offtake agreement already in
place on the urea output with United Suppliers. This is a
significant credit-enhancing step for funding of the plants," said
Bryan Kornegay, Jr., President and CFO of BioNitrogen.
"We're excited to be working with BioNitrogen on its plans in
Florida, Louisiana and elsewhere," said Richard Schroeder,
President and Founder of BioResource Management. "We've been
working closely with the company's management team to ensure we
understand their expectations, and we are committed to providing
biomass supply services that will meet their needs."
About BioResource Management Inc. BioResource Management, Inc.
(BRM) is a forestry, geography and agriculture-based firm that
focuses on biomass resources -- organic material used for energy,
chemicals, and agricultural uses. Its personnel bring together over
forty years of experience in forestry, biomass production,
agriculture, and organic materials recycling. BRM manages between
2-3 million tons of biomass annually.
www.bioresourcemanagement.com
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.
Contact Adam Friedman Principal Email Contact 917-675-6250
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