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Billings, Montana, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Bion Environmental Technologies, Inc. (OTC QB: BNET), a leader in advanced livestock/organic waste treatment technology and sustainable livestock production, gave the following update:
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Funding The Board of Directors has ratified the note and security agreements with BLG, LLC, that were previously announced in August. The note, up to $500,000, will be converted at a price to be determined at a later date by an offering or other funding as described in the note. The note is secured by the company’s intellectual property in the event the company is unable to complete such an offering or funding. The note and security agreements are included as exhibits to the Form 8-K that will be filed later today.
BLG, LLC, was formed to provide short-term funding for Bion. It includes Bion Directors, Turk Stovall, Bob Weerts, and Greg Schoener, and two others, as noted in Bion’s Form 10-K for the year ended June 30, 2024. BLG began advancing funds to Bion in August, enabling the company to maintain operations, move forward with final optimization at Fair Oaks and obtain an independent engineering report on the ARS platform, and continue planning and predevelopment work on the Stovall Ranching Cos/Yellowstone Cattle Feeders project.
As was stated on the Shareholder Call held October 9, a note with similar terms will shortly be made available to Bion’s previous private placement and other accredited investors.
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Technology The operations of the Ammonia Recovery System (ARS) at Fair Oaks have continued to meet or exceed expectations. A final run is anticipated in the next two weeks that should complete the data requirements for an independent engineering report that is being prepared by Hebeler Process Solutions/Buflovak.
Part of initial and ongoing OMRI Listing requirements for Bion’s 10-0-0 liquid nitrogen fertilizer are audits and inspections to ensure compliance with OMRI standards. The Fair Oaks facility passed both its initial audit during the listing process, as well as a recent spot inspection.
A preliminary evaluation of the Carbon Intensity (CI) of the OMRI Listed fertilizer was recently conducted that indicates its CI score is 96% lower than the urea (UAN) baseline. The CI score will improve further when the production process is modeled using energy produced onsite with solar and biogas, as is expected. We intend to conduct an independent CI evaluation of the fertilizer and comprehensive Life Cycle Analysis (LCA) of the system.
Bion continues to evaluate the ARS as a standalone ammonia control solution for biogas production at livestock facilities, as well as industrial applications.