BioNitrogen Holdings Corp. (BIONQ)

[Gatorlady]

Outcome of the meeting: Bionitrogen blew more smoke to the city council and they sucked it all in. Bionitrogen convinced the city council the ONLY way they would get ANY of their money back was to support two plans. One: the city will take on the complete responsibility of the bank loan, so in essense, Bionitrogen will no longer owe the bank, just the city. Two: the city will not force what is owed to them at this time. As payment for this, there is an agreement that the first plant would definitely be built in Taylor County, and the city will receive royalties from the plant if it's ever built. Remember, they no longer own any land here, so this is all dependent on Bionitrogen finding another piece of property and the money to buy it. Bionitrogen believes these agreements will help the judge let them keep their patents. They also said all management except possibly one will be replaced and that one board member will be from Taylor County. They also said they are in talks with at least two companies about partnering with them. They are also talking about running their own trucking company. That is basically what was said, but remember it all basically comes down to the judge's decision. They said nothing at all about the stockholders.