BioNitrogen Corp. Buys 600 Acres of Land in Hardee Co, FL

BioNitrogen Corporation (PINKSHEETS: BION), a cleantech company that utilizes proprietary technology to build environmentally-friendly plants that convert biomass into urea fertilizer, has acquired 600 acres of land in Hardee County, FL for $9.7 million.

The total acreage includes the 40 acres of land BioNitrogen acquired previously in September 2012. Payment for the land is comprised of an $8 million mortgage note and $1.7 million in common stock warra nts.

This parcel is the only large, contiguous parcel in the area with direct access to a railroad via a new rail spur and has access to deep water ports in the Tampa area less than 70 miles away. The property is also located near an underutilized highway, which also has access to Tampa's ports.

Work will begin immediately on accumulating biomass and on rezoning and permitting the additional land for the Company's expansion plans. The seller of the land, E.L. Davis, Jr., was the owner of the initial 40-acre parcel.

Construction on the site is slated to commence in early 2013. The proposed initial plant will be able to produce 15 tons of urea fertilizer hourly, totaling 360 short tons daily or 124,200 tons annually. 

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