BioNitrogen Holdings Corp. (BIONQ)

[Longgg]

Codaras I skimmed though the Q1 report but cannot find the statement you posted regarding EPC being completed (page 7 is related to concerns and liquidity)? Below was the most current update I could find, what am I missing? I would be stunned if EPC was actually complete and nothing was published, there is no bigger news other than the production of the first ton...


In late October 2014, Haldor Topsoe informed the Company, Saipem, Andritz Carbona and Amec that Haldor Topsoe would not be able to provide a process guarantee for a critically important piece of equipment that was suggested, designed and built by Haldor Topsoe. As this new revelation was considered an unacceptable situation, BioNitrogen was forced to evaluate alternative suppliers and has been working closely with other technology providers and believes that a resolution has been reached after several months of careful engineering investigation and analysis. As a result, the Company is currently negotiating a new agreement for completion of the FEL3 engineering work associated with the SynGas Cleanup and Conditioning Plant, a 300 STPD Ammonia Plant and a 520 STPD Urea plant. Once the FEL3 engineering work is completed, the Company will have a Firm Fixed Price estimate required for an EPC contract and required for financing. In April 2015, Haldor Topsoe presented the Company with an alternative technology that they would be able to guarantee and is currently being considered as an option.