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BioNitrogen Signs 25-Year Biomass Supply Agreements With BioResource Management for Florida Plant

  • Bion User
  • March. 03, 2014

WEST PALM BEACH, FL–(Marketwired – Mar 3, 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 signed biomass supply agreements with BioResource Management (“BRM”) for its initial plant in Florida. These agreements are the direct result of a favorable biomass feasibility study on the initial plant in Florida recently completed by BRM.

BioNitrogen signed a 25-year agreement with BRM to provide biomass feasibility studies for future plants as well as consulting services regarding design optimization of the biomass delivery process and wood yard configuration.

The company also signed a 25-year agreement with BRM to provide biomass supply services to the initial BioNitrogen plant in Florida. The agreement specifies the delivery of approximately 350,000 tons of biomass annually. BRM will manage the biomass supply chain, delivery logistics, scheduling, quality and billing services.

“These agreements are an important part of the foundation we are putting in place to ensure the plant has a robust biomass supply chain. BRM has the experience and reputation we need to manage this critical part of our supply chain,” said Ernie Iznaga, VP of Operations. “BRM was also instrumental in working with AMEC to optimize the design of the wood yard, further optimizing the plant design.”

“The 25-year biomass feedstock supply agreement on the plant input is a complement to the 25-year offtake agreement already in place on the urea output with United Suppliers. This is a significant credit-enhancing step for funding of the plants,” said Bryan Kornegay, Jr., President and CFO of BioNitrogen.

“We’re excited to be working with BioNitrogen on its plans in Florida, Louisiana and elsewhere,” said Richard Schroeder, President and Founder of BioResource Management. “We’ve been working closely with the company’s management team to ensure we understand their expectations, and we are committed to providing biomass supply services that will meet their needs.”

About BioResource 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. BRM manages between 2-3 million tons of biomass annually.
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
Email Contact
917-675-6250

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