BioNitrogen Holdings Corp. Status and Development Update
24 minutes ago - DJNF
MIAMI, Oct. 5, 2015 /PRNewswire/ -- BioNitrogen Holdings Corp. (OTC PINK: BION), a Clean Tech company that owns breakthrough, disruptive technology to produce urea fertilizer from biomass, is pleased to provide an update to its stakeholders on legal and business matters.
On September 19, 2015 BioNitrogen Holdings was notified by our legal counsel that the judge had ruled to deny our motion to vacate the default on the Annon Consulting vs. BioNitrogen et al. case and gave the Company ten days to file a response to the Plaintiff's Motion for Default. While we disagree with the ruling, BioNitrogen management has been working closely with our legal team to prepare said response, which was filed on September 29. Carlos Contreras, Chairman and CEO of BioNitrogen is keeping the Board of Directors and management fully informed and engaged in the process: "BioNitrogen intends to vigorously protect its rights and will continue to work towards a resolution of the Annon lawsuit based on its merits and not on technicalities. This will allow BioNitrogen to present its legal and factual arguments in order to respond factually and conduct discovery while answering to the issues of this case", Contreras stated.
In Taylor County, Florida, Community and Southern Bank has approved a one-year extension to the loan previously extended to BioNitrogen for the due diligence process in Taylor County. BioNitrogen is in the process of evaluating a more appropriate site in Taylor County for the construction of the plant and has agreed to release its rights to the prior site selected to other interested parties. In the event that BioNitrogen decides not to proceed with the site mentioned, it is expected that the liabilities to the Company will be resolved through the party that will take over the site.
In Hendry County, Florida, BioNitrogen management has held meetings with County officials last week and presented an update on the Company and the construction plans in Clewiston. BioNitrogen management and Hendry County officials are also working with the Florida Department of Transportation (FDOT) to discuss matters related to expanding road access to the Weekley Industrial Park plant site in order to accommodate the increase in commercial vehicle traffic from the plant.
BioNitrogen continues to work with the Certified Public Accounting firm towards the completion of the audited financial statements for the Company and it is expected that the process will be completed by the early part of the fourth quarter, 2015. Concurrently, BioNitrogen management and legal counsel are jointly working on the completion of the SEC Form 10 so that BioNitrogen's stock can be up-listed from Pink Sheets to the OTCQB exchange and become a fully reporting entity under SEC Rules.
BioNitrogen also continues to take the necessary steps in order to complete the final phase of engineering in order to enter into the Engineering, Procurement and Construction Contract (EPC). In order to complete the process, having the adequate funding in place is essential. "Completing the auditing and up-listing of BioNitrogen's stock are important steps in developing a solid foundation, including new strategic partnerships in the engineering and commercial areas, and funding to take the Company to the point of commencing plant construction", said Contreras.
