BioNitrogen Enters into LOI with United Suppliers (BION)

Small Cap Network
By Peter Cleveland
Published: February 3, 2012 10:25:41 AM PST

BioNitrogen Corp. (PINK: BION), a Florida-based developer of a revolutionary patent-pending technology for converting renewable biomass waste into high-nitrogen urea, on Thursday, announced that it entered into a letter of intent (LOI) with United Suppliers Inc. for the purchase of up to 300,000 short tons of urea annually.


The terms of the LOI specify the intent by United Suppliers to purchase up to 300,000 short tons annually of urea in granular or prilled grade form. The two companies expect to enter into a binding agreement for an initial term of three years. The final agreement is expected to be closed in the next few months. The agreement will include details on production specifications, method of delivery, pricing and payment.

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