Bion Environmental Technologies, Inc. Announces Completion of Audit, Integration Model & Patent Application, Strengthening Management Team, and Development Plans
June 23, 2006. New York, New York. Bion Environmental Technologies, Inc. (‘Bion’) (Pink Sheets: BNET) announced the following today:
- Bion’s independent auditor, GHP Horwath, P.C., a member of the Horwath International Association, Denver, Colorado (‘GHP’) has completed an audit of Bion’s Balance Sheet as of December 31, 2005. The audited Balance Sheet (and related notes) may be viewed on Bion’s website: http://www.biontech.com/about/docs/Financials_and_Footnotes.pdf. GHP has been engaged for a full two-year financial statement audit of Bion (fiscal years ending June 30, 2005 and June 30, 2006) which audit is scheduled for completion during the summer of 2006. Bion intends to use this audit, when completed, in filings with the U.S. Securities & Exchange Commission, to aid in establishing a more liquid trading market for its common stock and to support institutional financing efforts.
- On June 5, 2005 Bion filed a patent application related to its ‘integration model’ that sets forth the application of Bion’s technology (which mitigates the polluting environmental impacts of herd concentration in CAFO’s) that creates the opportunity to develop the Integrated Projects such as those described below. This ‘integration model’ represents fruition of a major portion of Bion’s research efforts since publication of its independent, peer-reviewed data and report from its research installation at the DeVries dairy in Texas during December 2004. Bion’s patented technology supports Bion’s business plan of developing large-scale, profitable, environmentally and economically sustainable, Integrated Projects. Each Integrated Project is anticipated to include: a) Bion waste treatment system(s), b) processing the CAFO waste stream from the equivalent of approximately 20-40,000+ dairy cows, c) while producing renewable energy (methane, steam, co-generation, etc.) for on-site use, and d) solids to be marketed as feed and/or fertilizer, e) which is integrated with a 20-40+ M Gallon/Yr ethanol plant, and f) an end-product user (e.g., cheese or bottling plant). The balanced on-site production and utilization of renewable energy and spent distillers grain from the waste streams of the integrated CAFO and ethanol plant, respectively, provides substantial economic and environmental advantages for the Integrated Projects. See ‘Executive Summary’ at www.biontech.com.
- Bion is currently working with local, state and federal officials and with potential industry participants to evaluate sites for Integrated Projects in multiple states (New York, California, Indiana and Nebraska have progressed furthest at this date) and anticipates selecting sites for its initial Integrated Projects during 2006. Bion intends to site additional Integrated Projects from later in 2006 through 2008 to create a pipeline of Integrated Projects that will insure significant market share (both regionally and nationally) and profitability within 3-5 years. Management has a 5-year development target of approximately 12-20 Integrated Projects. At the end of the 5-year period, Bion projects that 5-10 of these Integrated Projects will be in full operation in 3-6 states, and the balance would be in various stages ranging from partial operation to early construction stage.See ‘Executive Summary’ at www.biontech.com.
- Bion has strengthened its management team as follows:
- Mr. Salvatore Zizza assumed the position of Chairman and Director of our operating subsidiary, Bion Dairy Corporation, effective January 1, 2006.
- Mr. Jeff Kapell joined Bion on a full-time basis as Vice President-Renewables of our operating subsidiary, Bion Dairy Corporation, during April 2006.
- To support its business plan of commencing development of the initial Integrated Projects during 2006 with construction commencing during 2007, Bion will supplement its implementation team with further additions of management and technical personnel during the summer/fall of 2006. For biographical information regarding Bion’s entire management team including Messrs. Zizza and Kapell, see http://www.biontech.com/about/docs/ManagementBios.pdf
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the word ‘intends’, ‘projects’, ‘anticipates’ 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 |