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BioNitrogen Corporation Announces a $9 Million Allocation From the Florida New Markets Capital Investment Program
BioNitrogen Corporation Announces a $9 Million Allocation From the Florida New Markets Capital Investment Program.
About this update from Bio Nitrogen Hldgs Corp
[{"type":"text","content":"\n \n \n BioNitrogen Corporation Announces a $9 Million Allocation From the Florida New Markets Capital Investment Program\n \n \nBioNitrogen Corporation Announces a $9 Million Allocation From the Florida New Markets Capital Investment Program\n \n 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\").\n 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.\n 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.\n \"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.\"\n \"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.\"\n About The New Markets Tax Credit Program (\"NMTC\")\n NMTC is a federal community development program designed to stimulate the flow of investment capital in und...