BioNitrogen Holdings Corp. (BIONQ)

[Gogreenbionator]

The latest info is that they put a 45 day extension. Best I can tell you is to read Jricheys post. It is a few months old but it still the best and only information we have at the moment.

http://bankruptcompanynews.com/bionitrogen-bankruptcy-news-11-1-16/

So this is positive! Mr. Copley has possible investors lined up to take the patent and actually do something with it. Although they need 45 more days to present their exit from Chapter 11 to the court, this shows there is possibly green in the horizon for Bionitrogen.

Nothing we can do but sit and wait for more news like this to come to light. Maybe even a PR.

From
#14228 Jrichey Post

I just had a 45 minute conference call with Mr. Graham Copley about the current status and future plans of BioNitrogen. Here is sort of a summary of what the CEO told me, in Q&A form. (Note: the Q's and A's are not direct quotes, but merely a summary of what I can remember and what I typed down as we were talking.)

Q. Starting the conversation, can you speak about BioNitrogen and its current status?
A. BioNitrogen is recovering from some "stupid decisions and moves" that the former board made that left us is a very bad position with a lot of debt. Our current plan is gaining investors that can help us exit from Chapter 11, partner with some major gas companies that can help, and push as hard as possible to get our first plant built.

Q. Do you have any timeline or goal timeline that you are shooting for for all of this to happen?
A. Our timeline, given to us by the bankruptcy judge, is the beginning of September to come up with a plan and show that we can acquire funding to get us out of Chapter 11. We do not have to have the full debt repaid by that time, but even if we have $5 million, we can get out of chapter 11 and proceed forward. We are just, again, looking for that investor(s) to come in.

Q. What is your plan to to get new investors and possibly recapture some older investors that may have ran when you entered Chapter 11?
A. As far as getting new investors, we are at a tough time due to the fact that urea prices are at a 10 year low and that is a very tough selling point. As with most markets, the Urea price is cyclical and eventually bounces back, as history as shown, but investors are currently looking at the present data point instead of the future. Showing investors that we can make money even though the urea prices are down is critical, and I'm confident our technology will allow us to do that.

Q. So you have recently made news that you have secured your location for your first plant in Taylor Co. Florida, how would you say your relationship is with the county? Are you on better terms?
A. I would just say that we have made agreements. Taylor Co. wants the jobs and we want the biomass and market that is in and around Taylor Co.

Q. What does the future look like for current shareholders of common stock? Will our shares be wiped clean?
A. We are in the process of coming up with a warranty plan of some sort for "current shareholders" that will guarantee them some sort of return. We aren't exactly sure how that will work or look like, but we want to provide something for the investors who still hold shares in BioNitrogen.

Q. Some investors feel they are in the dark with the company, and even though it isn't required by BioNitrogen, have you thought about giving a press release of your current standing?
A. I currently feel as if investors know most of what is going on at the moment. They know we are trying to build a plant and they know we are looking for investors to help us emerge from Chapter 11. I am currently working on some key partnerships with people and companies that I may release to the press once they are finalized that will give us some leverage.

Q. Most of us know that your board of trustees that dwindled down a bit. What can you say about the current board and do they have the same motivation as you do about getting the first plant up and running.
A. Currently there is no board. We have had to make a lot of decisions regarding money and having a board wasn't financially beneficial. Even though there isn't a board doesn't mean I'm not working with people. I currently have two friends in the chemical business that are current CEOs and I'm working to get them onto the board. I'm also looking to get one of the original inventors back onto the board so we can have that expertise. Other than that, I know that some large investors will nominate and fill the board for us, so I'm in no rush of filling it myself.

Q. So the big question, assuming a successful emergence from Chapter 11, what is your five to ten year plan?
A. Well first thing is building our first plant and get it up and running, which takes up two years time. From there, proving our technology and worth. Then, we have a couple different paths we can take. One could be we get bought out by a large urea seller so they can own the technology and not have the competition, or by a small seller so they have an upper edge on the bigger guys. Another route is licensing out technology and plants pop up all over the world. Or, we can become a solely owned company that expands all over the U.S. and other major countries.

Q. Where do you plan to expand to after your initial plant is successful?
A. We would like to see ourselves move into the north east of the U.S. There isn't a huge market for urea in that area, but one plant of ours could absolutely be sustained there. East Pennsylvania would be our next option as the market in that area is pretty high and the biomass is a little cheaper. Then obviously we would put two or three plants in California. The biomass there is just sitting in storage because there is so much of it right now. California has come up with new legislation saying they want to clean up fallen trees in their forests to prevent the acceleration of fires if there comes another one, so biomass is very readily available and nearly free.

I hope this post helps and possibly answers a couple questions you may have, just like I had. Mr. Copley kept saying his only goal right now is to build the first plant and that he is 100% committed. Now that they don't have a board that gives false promises to investors, they hope to gain back the trust of investors in order to come out of Chapter 11 and get that first plant.

With all this, I'm still deciding what my next move will be. Invest more, possibly double down? Or just sit and wait? Let me know what you all think.