Bion Environmental Technologies, inc.

For Immediate Release - July 21, 2004


July 21, 2004. New York, New York.

Centerpoint Corporation (‘Centerpoint’) is pleased to announce that it has elected to deliver to its shareholders of record as of July 21, 2004 (‘Record Holders’) (on a pro-rata basis) all or substantially all of the Series A & Series B Convertible Notes of Bion Dairy Corporation (‘Dairy’) and/or shares of common stock of Dairy and/or its parent, Bion Environmental Technologies, Inc. (‘BNET’ on Pink Sheets), into which the Notes may be converted pursuant to their terms (collectively, ‘Securities’) which it owns.

During 2003 & 2004 to date, Centerpoint has invested an aggregate of $715,000 (principal amount) in the Securities. The Series A Notes ($400,000 + accrued interest) & Series B Notes ($315,000 + accrued interest) convert into shares of Dairy common stock at $1.00 & $1.50, respectively. Under certain conditions, the Notes and/or the Dairy common stock into which they have been converted, may be converted into/exchanged for shares of the common stock of BNET on a share-for-share basis (subject to certain potential adjustments).

It is not presently possible to establish a delivery date. However, it is intended that the Securities be delivered to the Record Holders at such time as a registration statement related to the delivery has been declared effective, or, in the alternative, an exemption to registration has been established to the satisfaction of Centerpoint. In the event that delivery of the Securities has not taken place by July 10, 2005, Centerpoint currently intends to transfer the Securities to an escrow, trust or other appropriate entity to be held on behalf of the Record Holders.

This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "anticipate," "will (be)," "believes" 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.

For further information, please contact:

Kathy Paradise
Office Administrator, Bion Dairy Corp.