BioNitrogen's technological exclusivity agreement is finalized
BioNitrogen Corporation, a developer of revolutionary patent-pending technology for converting renewable and abundant biomass waste into high-nitrogen urea and urea fertilizer, has finalized and executed a revised agreement with Agricultural Bioenergy Products, LLC (ABP) and BIO-SNG Technologies International, LLC, a wholly owned subsidiary of BioNitrogen. In yet another important agreement for BioNitrogen, the company announced an exclusive agreement that extends the Patent Cooperation Treaty Application No. PCT/US2009/053547, Modularized System and Method for Urea Production using a Bio-mass Feedstock exclusively to BioNitrogen.
The U.S. Patent filing involves a proprietary process for the conversion of biomass into Urea Fertilizer. BioNitrogen's President & CEO, Carlos A. Contreras offers his perspective of this important agreement, "Today BioNitrogen continued to build a dynamic future for our employees and shareholders. In yet another continuation of recent business development agreements, this particular agreement will result in worldwide urea production as the company now controls the exclusivity to this amazing proprietary conversion technology. This agreement also allows BioNitrogen to further sub-license this proprietary conversion technology to other entities and strategic partners to build plants and produce urea worldwide. In addition, this revised agreement eliminates the up-front fee to ABP as contained in the prior agreement, thus allowing BioNitrogen to utilize its resources in developing its business model."
Frank Segredo, BioNitrogen's corporate development officer, also offered the following, "BioNitrogen is positioning itself for explosive growth over the next five years. This agreement is just one of many in our pipeline that will result in worldwide production of an extremely important part of the overall food supply. For example, 48 percent of the world's food is produced with the use of nitrogen fertilizer. Every year, the world uses 170 million tons of fertilizer for not just food, but feed, fiber and fuel. Perhaps even more important is the fact that history continues to show that fertilizer is a key component in the global quest to ensure food security which leads to economic and political stability that in turn leads to sustainable agriculture. The bottom line is actually quite simple," says Segredo, "the world needs more economical urea fertilizer production plants especially in areas where natural gas and product transport are huge economic barriers to build such plants. BioNitrogen is truly a company in the right place and time with the perfect business and production model."
Contreras offers his final perspective on the subject, "The vast majority of fertilizer producers and governments throughout the world are looking for new and existing fertilizer companies that will help feed their Countries and our Planet. Based on the number of phone calls we receive daily, these Companies and key Government Officials are seriously looking for alternative production technologies to invest in our futures. Thus our agreement to secure exclusivity in the proprietary conversion process will be looked down the road as historic for BioNitrogen."