MIAMI, FLORIDA--(Marketwire -04/16/12)- BioNitrogen Corp. (Pinksheets: BION.PK - News) ("BioNitrogen" or "the Company") is pleased to announce positive results from the Granherne, Inc. Phase I engineering program.
As previously reported on March 2, 2012, Granherne (a wholly-owned subsidiary of KBR Inc., "KBR") began the Phase I engineering study to incorporate BioNitrogen's patent-pending technology and establish the plan for the construction and commissioning of the Company's inaugural urea fertilizer plant in Lubbock, Texas.
The Phase I engineering project, currently entering Week 7 of the 11 week project timeline, will finalize supplier guidelines in addition to the bonding, finance and insurance protocols necessary to complete the construction and commissioning model for BioNitrogen's urea plants worldwide.
BioNitrogen management met with KBR in Houston April 10th and 11th, 2012. The workshops included the report of KBR's positive Phase I findings to date, followed by BioNitrogen apprising KBR of the current status of new domestic and international plant sites and their potential biomass feedstock(s), including the recently announced second planned facility in Levelland, Texas.
Effective of the meetings, both companies will continue to closely synchronize efforts to accelerate Phase II engineering and ultimately the Phase III engineering construction stage of the first plant. Phase III engineering, the physical plant construction phase, is expected to commence for the Lubbock Texas Plant in Q3 2012.
"Granherne has some of the most notable engineers specialising in the areas of gasification technology, power integration, urea production and construction development. We are very pleased with their progress and the results to date." Mr. Carlos A. Contreras, President, International Operations of BioNitrogen who attended the meetings stated, "As we begin to enter Phase II in Lubbock, we are just getting started worldwide. KBR is an excellent partner for our turnkey builder internationally. We are expecting to have our initial Phase III Engineering meetings with the construction personnel of KBR scheduled 4 - 6 weeks from now. All checks and balances continue to be in place and we are moving the Company forward responsibly to achieve production within the earliest possible timeframe."
KBR will continue to provide BioNitrogen with update reports regarding the progress of the Lubbock plant and BioNitrogen intends to report back to shareholders in a timely manner all relevant information.
About Granherne, Inc.
Granherne, Inc., an affiliate company of KBR, provides consulting services to the energy, power, chemicals, manufacturing, and industrial sectors. Granherne's senior technical staffs are supplemented by KBR's worldwide commercial, technical, construction, and management resources. This allows Granherne to provide competitive, specialized, consulting services supported by the depth and breadth of KBR's resources.
Granherne has successfully completed over 3,000 studies and projects worldwide for energy companies and financial institutions with experience spanning all types of projects, both new developments and enhancements to existing assets. KBR has a history of involvement with all facets of gasification, from technology development, to the engineering, procurement, and construction of gasification facilities.
The BioNitrogen project is carried out by Granherne and KBR process engineers with experience in gasification, ammonia and urea synthesis and plant integration, supported by KBR experts in acid gas removal and other specialties, who are available to advise as needed.
About KBR Inc.
KBR Inc. (KBR) is headquartered in Houston, Texas, also known as the energy capital of the world. The Company employs over 35,000 people worldwide in locations that include the U.S., Australia, Africa, the U.K., Asia and the Middle East. KBR delivers a wide range of services through its Downstream; Gas Monetization; Infrastructure and Minerals; International Government, Defense and Support Services; North American Government and Logistics; Oil and Gas; Power and Industrial; Services; Technology; and Ventures business segments, and differentiates itself as a technology-driven engineering, procurement and construction (EPC) company.
KBR has built a proud history and a leading market position in the government and infrastructure sectors by being a low-cost, high-efficiency and absolutely reliable service provider. Not only is KBR the largest contractor for the United States Army and a top-ten contractor for the U.S. Department of Defense, it is currently the world's largest defense services provider.
KBR is also an industry leader in transforming hydrocarbon resources into value across all sectors of the energy and chemicals industries. By designing and constructing energy and petrochemical projects that offer the latest and best process and design technologies, we have established a solid position as a partner to oil and gas operators in meeting the ever-increasing demand for energy.
For more information please visit www.kbr.com.
About BioNitrogen Corp.
BioNitrogen is an entrepreneurial, American company that has been established to design and to build fully operational, turnkey manufacturing facilities to produce urea. BioNitrogen is undertaking these efforts in response to the challenges presented by an ever expanding world population, a rapidly increased need for food production, and an awareness of the fragility of the world's environment. Given all these challenges and the promise that the Company's products possess to effectively respond to these challenges, the Company believes that it is positioned at the right place and time. BioNitrogen's modular plant designs are capable of manufacturing 15 tons of urea fertilizer per hour for a total annual production of approximately 124,200 tons per plant.
BioNitrogen is headquartered in Miami, Florida, USA and trades on the over-the-counter pink current information tier under the stock symbol BION. Learn more at http://www.BioNitrogen.com/Invest_Today/.
Additional information can be found on BioNitrogen's website at www.BioNitrogen.com and an executive corporate summary video can be viewed here, http://www.BioNitrogen.com/slides/bionitrogen-video/.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - This press release contains forward-looking statements, including without limitation statements about the operations and future prospects for BioNitrogen Corp. (the "Company"). Forward-looking statements in this press release should not be viewed as pledges or undertakings regarding future performance. These forward-looking statements are subject to risks and uncertainties that could cause the Company's actual results to vary materially from those anticipated. The Company cautions the reader not to place too much reliance upon any such forward-looking statements, because such forward-looking statements reflect the opinions and beliefs of the Company only as of the date when they were made. Factors that may cause actual results to differ materially from the forward-looking statements contained in this release include, among others, the following: (i) the Company's future operational, financial or marketing performance; (ii) the ability of the Company to bring new products to market that are complementary to the products that the Company currently produces; (iii) the ability of the Company to increase or maintain profit margins on the products it offers to the marketplace; (iv) the strength of the Company's product development pipeline; (v) the Company's growth and profitability prospects; (vi) the estimated size and growth prospects of the natural fertilizer market; (vii) the Company's competitive position in the natural fertilizer market and its ability to take advantage of future opportunities in this market; (viii) the benefits of the Company's products to be realized by customers; (ix) the receptiveness of the agricultural and commercial market for bulk urea or other products that the Company manufactures; and (x) a reduction in the cost of natural gas or other inputs that may make the cost of producing urea using alternate methods less expensive compared to the cost of producing urea at one of the Company's plants. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made. The Company does not have any obligation to update forward-looking statements should circumstances change or should management's beliefs or opinions change.