8-K
BION ENVIRONMENTAL TECHNOLOGIES INC (BNET)
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the
Securities Exchange
Act of 1934
Date ofReport (Date of earliest event reported): September 20, 2023 (September19, 2023**)**
BION
ENVIRONMENTAL TECHNOLOGIES, INC.
Exact name of Registrant
as Specified in its Charter
| Colorado | 000-19333 | 84-1176672 |
|---|---|---|
| State or Other Jurisdiction<br> of Incorporation | Commission File Number | IRS Employer Identification<br> Number |
9
East Park Court
OldBethpage**, NewYork**
11804
Address of Principal
Executive Offices, Including Zip Code
516-586-5643
Registrant's Telephone
Number, Including Area Code
Not applicable
Former name or former
address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|
Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth<br> company ¨ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 RegulationFD Disclosure.
On September 19, 2023, the Company issued a press release entitled “Ammonia Recovery Technology’s Initial Startup Successful- Maintains Controlled Steady-State” which press release has been placed on the Investors page of our website.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release titled “Ammonia Recovery Technology’s Initial Startup Successful - Maintains Controlled Steady-State” (September 19, 2023) |
| 104 | Cover Page Interactive Data File<br> (the cover page XBRL tags are embedded within the inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BION ENVIRONMENTAL TECHNOLOGIES, INC. | ||
|---|---|---|
| By: | /s/ Mark A. Smith | |
| Date: September 20, 2023 | Name: | Mark A. Smith, President |
Exhibit 99.1
Ammonia Recovery Technology’s Initial Startup Successful- Maintains Controlled Steady-State
September 19, 2023. Fair Oaks, Indiana. Bion Environmental Technologies, Inc. (OTC QB: BNET), a leader in advanced livestock waste treatment technology and premium sustainable beef, announced the Ammonia Recovery System at its Fair Oaks commercial scale demonstration facility has achieved and maintained controlled steady-state operations under a variety of conditions. When at steady state, the system produces an ammonium distillate (solution), the base of Bion’s nitrogen fertilizer products.
Bion has begun optimizing the system’s operating parameters so that it will meet or exceed Bion’s economic models for large-scale commercial projects. The Company expects the optimization to take at least four to eight weeks, at which point final design for commercial projects can begin.
The patented Ammonia Recovery System (ARS) is the core of Bion’s Gen3Tech platform. The ARS recovers and upcycles problem ammonia contained in the effluent from anaerobic digestion, where methane is captured (and more ammonia is released) from the manure stream. The ARS captures the ammonia, minimizing its environmental impacts and creating low-carbon and organic nitrogen fertilizer products with it. In the next few weeks, the company intends to produce ammonium distillate at Fair Oaks in several concentrations and apply for organic certification for each.
Bion will also produce a solid/granular nitrogen fertilizer product that is both Climate-Smart and Water-Smart – a pure nitrogen fertilizer with a low carbon footprint, that is water soluble and readily available to plants. The granular product can be easily and cheaply shipped from locations where it is not wanted, to regions or locations where it is needed. Bion has applied to several state agencies to certify the granular product for use in organic production.
Bill O’Neill, Bion’s CEO, said, “We are very pleased with system performance at Fair Oaks, and to be back in control of our timelines. Over the next few weeks, we will conduct demonstration tours with key stakeholders in the beef industry, potential partners in distribution, banking, and project finance, and others as we establish the strategic relationships needed to develop commercial projects.
While many today are focused on climate impacts, we believe the larger issue with livestock is ammonia and nitrates, which are of increasing concern in the U.S., especially in California and Washington. In the EU, a nitrogen cap has already led to social and political unrest in Ireland and the Netherlands – a cautionary tale for us. We think the value of Bion’s ability to upcycle and redirect that ammonia to where and when it is needed, cannot be overemphasized.”
About Bion: Bion’s patented 3^rd^ generation technology (Gen3Tech) platform minimizes environmental impacts from large-scale livestock production, increases resource efficiencies by upcycling byproducts and renewable energy, and delivers a verified sustainable protein product. Bion is focused on developing state-of-the-art sustainable cattle feeding operations that will produce premium sustainable beef, with a USDA-certified brand. The platform produces low-carbon and organic nitrogen fertilizer products from the ammonia nitrogen it captures, that otherwise would escape to fuel harmful algae blooms, groundwater contamination, and PM2.5 air pollution. Learn more at https://bionenviro.com.
This material includesforward-looking statements based on management's current reasonable business expectations. In this document, the words ‘will’,‘anticipate(s)’, ‘intend(s)’, and similar expressions identify certain forward-looking statements. It should benoted it is difficult to accurately predict the startup and optimization of a first-of-its-kind advanced waste treatment technology platform.The timelines discussed are estimates only. These statements are made in reliance on the Private Securities Litigation Reform Act, Section27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differingmaterially from expected outcomes.
Contact Information:
Craig Scott
SVP, Director of Communications
(406) 281-8178 direct