BioNitrogen Corporation Announces a $9 Million Allocation From the Florida New Markets Capital Investment Program
27 März 2014 - 2:00PM
Marketwired
BioNitrogen Corporation Announces a $9 Million Allocation From the
Florida New Markets Capital Investment Program
WEST PALM BEACH, FL--(Marketwired - Mar 27, 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 has signed a term sheet for a $9 million investment
supported by the Florida New Markets Capital Investment Program
("NMTC").
The NMTC investment will be to Hendry BN Construction &
Fertilizer Services, LLC, a newly-formed subsidiary of BioNitrogen
Holdings Corp. The $9 million NMTC allocation will translate into a
new cash investment of approximately $1.5 million for BioNitrogen.
The cash proceeds will be used for capital equipment, engineering,
closing costs and improvements to the Hendry County site, including
feedstock and fertilizer services and related equipment.
Hendry BN will operate on approximately 15 acres at the Weekley
Industrial Park and provide mulch, feedstock, construction and
fertilizer services to the site, Hendry County and surrounding
areas. The business is expected to provide five (5) full time
jobs over the next year. The investment is expected to close
in April.
"Hendry BN provides us with a dedicated team focused on
providing biomass processing and fertilizer services to the local
market." said Bryan Kornegay, Jr., President and CFO of
BioNitrogen. "This capital investment facilitates the acquisition
of equipment and infrastructure to begin operations, create jobs
and generate revenue for our business and Hendry County,
Florida."
"We are excited about this investment and the job creation for
Hendry County," said Gregg Gillman, President of the Hendry County
Economic Development Council. "We see this as a great initial
building block with bigger things to come from BioNitrogen in
Hendry County. We look forward to finalizing state grants to
further induce BioNitrogen to build a plant here in our
County."
About The New Markets Tax Credit Program ("NMTC") NMTC is a
federal community development program designed to stimulate the
flow of investment capital in underserved communities. Taxpayers
that make qualified equity investments in designated Community
Development Entities (CDEs) receive a tax credit that is claimed
over a multi-year credit allowance period. Substantially all of the
qualified equity investment must in turn be used by the CDE to
provide investments and job creation in low-income communities.
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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