Bion Environmental Technologies, Inc. Announces Close of Offering, Preliminary Determination by the San Joaquin Valley Air Pollution Control District and Engagement of GHP Horwath as Auditor
December 28, 2005. New York, New York.
- On December 23, 2005 Bion closed an offering of its restricted and legended common stock at a price of $4.00 per share that raised $1,167,000 (before offering costs). The offering proceeds will be added to Bion’s working capital. As of this date, Bion has 8,385,999 shares of common stock outstanding.
- Bion received a letter dated December 14, 2005 from the San Joaquin Valley Air Pollution Control District (‘District’) in California, which stated in part “…the District has preliminarily determined that the Bion NMS technology is an approvable VOC (volatile organic compound) and NH3 (ammonia) control option for dairies and has the potential of reducing H2S emissions (hydrogen sulfide)…” based on the District’s review of third party peer-reviewed data from Bion’s DeVries Dairy/Texas installation (see www.biontech.com). Further, while approval of installations based on Bion’s technology in the District will be subject to site-specific review, the letter stated that “the District supports the BION NMS technology assuming the claimed emission reductions from your technology are accurate. Emission data demonstrating the efficiency of this system will be required to confirm the proposed reductions. This data can be obtained following the installation of the technology.” During follow-up calls with personnel of the District, the District indicated that the Bion technology is a ‘welcome addition’ that it believes will ‘prove helpful in meeting the challenges facing the California dairy industry related to compliance with air and water quality standards.’ Based on our confidence in the emission reductions which Bion’s technology produces (as demonstrated at the DeVries installation), Bion intends to proceed towards an initial dairy installation in California during 2006 with the filing of a site-specific application targeted for the first quarter of 2006.
- On December 2, 2005 Bion engaged GHP Horwath, P.C. of Denver, Colorado, a member of Horwath International Association, as its independent auditor. Bion views this engagement as a step toward the company making filings with the U.S. Securities & Exchange Commission later in 2006 and establishing a trading market for its stock on NASDAQ or another exchange.
About Bion: Bion Environmental Technologies, Inc.’s patented and proprietary technology for large dairy farms (as well as swine and other animal facilities) mitigates the nutrient releases to water and gaseous emissions to air created by the waste streams of such operations while enabling profitable integration of renewable energy production (methane & ethanol).
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the word “intends” and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes.
Contact information:
| Mark A. Smith President 303-517-5302 mas@biontech.com |
Craig Scott Vice President-Capital Markets/IR 303-843-6191 direct cscott@biontech.com |