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BioNitrogen Corporation Closes on $9.6 Million Allocation From the Florida New Markets Capital Investment Program
BioNitrogen Corporation Closes on $9.6 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 Closes on $9.6 Million Allocation From the Florida New Markets Capital Investment Program\n \n \nBioNitrogen Corporation Closes on $9.6 Million Allocation From the Florida New Markets Capital Investment Program\n \n WEST PALM BEACH, FL--(Marketwired - Apr 24, 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 closed on a transaction using $9.6 million of allocation under the Florida New Markets Capital Investment Program (\"NMTC\").\n One-half of the NMTC allocation has been provided by Enhanced Community Development, a national community development entity specializing in investments in small and mid-sized companies located in distressed communities, and one-half from AMCREF Community Capital, a New Orleans-based specialty finance firm providing a range of financial products and services with an emphasis on community economic development and environmentally responsible investments.\n The NMTC investment will be to Hendry BN Construction & Fertilizer Services, LLC, a newly formed subsidiary of BioNitrogen Holdings Corp. The proceeds of the financing 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 and will directly support the development of the site manufacturing facility that will generate an expected additional 47 full time jobs.\n \"The investments from Enhanced Community Development and AMCREF are pivotal for BioNitrogen,\" said Bryan Kornegay, Jr., President and CFO of BioNitrogen. \"They will facilitate 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 to support BioNitrogen,\" said Richard Montgomery, Managing Director at Enhanced Community Development. \"We believe that BioNitrogen is well positioned to co...