BioNitrogen Completes Biomass Feasibility Study for Florida Plant
February 13 2014 - 9:02AM
Marketwired
BioNitrogen Completes Biomass Feasibility Study for Florida Plant
Study Estimates Annual Feedstock Savings of About $1 Million
WEST PALM BEACH, FL--(Marketwired - Feb 13, 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 received the feasibility study for biomass feedstock
supply to the initial BioNitrogen plant in Florida from BioResource
Management, Inc. The feasibility study estimates a potential annual
feedstock savings of around $1 million, more than an 11% savings on
initial estimates.
"This biomass feasibility study estimates a significant annual
savings to the plant for our feedstock supply cost," said Bryan
Kornegay, Jr., President and CFO. "We will now be able to receive
more than two times our plant needs in the haul zone at a much
lower price than originally forecasted."
"We are pleased with the BioResource team and their ability to
deliver a quality product on time," said Ernie Iznaga, VP of
Operations. "The feasibility study validates our internal analysis
and provides additional support to our funding sources about the
biomass feedstock availability for the plant."
Biomass feedstock feasibility studies are a key requirement
leading up to tax-free bond financing to ensure that plant sites
will be sustained by local biomass supplies.
About BioResources 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. 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 adam@adam-friedman.com
917-675-6250
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