BioNitrogen Receives Additional Funding for Hendry County Plant
April 01 2014 - 9:00AM
Marketwired
BioNitrogen Receives Additional Funding for Hendry County Plant
WEST PALM BEACH, FL--(Marketwired - Apr 1, 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
two additional inducements from the State of Florida and Hendry
county to locate a plant in Hendry County. This moves the Company
closer to making a location decision for the Florida plant and
Hendry County.
The County was awarded a Florida Department of Transportation
Economic Development Fund grant of $848,122 for the construction of
turn lanes and an access road to the Weekley Industrial Park in
Clewiston, the proposed plant site.
Additionally, approval was received for up to $312,000 in
Qualified Target Industry ("QTI") tax refunds from the Florida
Department of Economic Opportunity ("DEO"). The QTI tax
refunds will be awarded over the course of five years.
"These inducements from the State of Florida and Hendry County
are critically important factors in our decision making process to
locate. We greatly appreciate the support from the State of Florida
and the continued support from Hendry County. The County's
leadership and community have worked closely with the BioNitrogen
team to move the potential project forward and we look forward to
completing our discussions with local utilities," said Bryan
Kornegay, Jr., President and CFO of BioNitrogen.
"The Florida Department of Transportation grant is especially
important to our location decision because it allows for safe
access to the plant considering the number of biomass trucks
entering and leaving the property," said Ernie Iznaga Vice
President of Operations for BioNitrogen.
"We are excited about this investment and the potential job
creation for Hendry County," said Charles T. Chapman IV, County
Administrator of the Hendry County Board of County
Commissioners. "This is an important project to the
County. Our County administration and the Industrial
Development Association and Economic Development Council have
worked closely together to create attractive incentives to further
induce BioNitrogen to build a plant here in our County."
"BioNitrogen's short-term and long-term success rests largely on
its access to low-cost, reliable energy services. To this end, we
look forward to negotiating with Florida Power & Light
(FPL) on its newly-approved economic development rate, and reaching
an agreement that will induce BioNitrogen to look no further," said
Jeremy Susac, energy attorney and former head of Florida's Energy
Office. "BioNitrogen is a clean tech company that seeks
partnerships with other clean tech companies like FPL. FPL is
already one of the cleanest energy companies in the world and
continues to invest in clean energy solutions like advanced new
nuclear which is consistent with BioNitrogen's business plan and
long-term vision."
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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