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): June 20, 2024 (June17, 2024**)**
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 5.02 Departure of Directors or Certain Officers;Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 17, 2024 Mr. Turk Stovall agreed to join the Board of Directors of the Company upon ratification by the Board at its next meeting later this month. Additionally, Mr. Stovall has agreed to become ‘head’ of Bion’s beef activities as his companies and the Company proceed with joint development of a 15,000 head beef facility to be located at the site of his existing Yellowstone Cattle Feeders, LLC operations in Shepherd, Montana. His compensatory arrangements have not yet been negotiated and/or finalized at this time. We welcome Mr. Stovall to our senior executive team. See Exhibit 10.1.
Item 7.01 Regulation FD Disclosure.
On June 18, 2024, the Company issued a press release entitled “Stovall Ranching Companies and Bion Team Up to Produce Eco-friendly Montana Beef” 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 |
|---|---|
| 10.1 | Turk Stovall resume |
| 99.1 | Press<br> Release titled “Stovall Ranching Companies and Bion Team Up to Produce Eco-friendly Montana Beef” (dated June 18, 2024) |
| 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: June 20,<br> 2024 | Name: | Mark A. Smith, President |
Exhibit 10.1
Biography for Turk Stovall
Turk is a fifth generation Montana Rancher who is the CEO and owner of Stovall Ranches LLC and Yellowstone Cattle Feeders LLC. Stovall Ranches is a diversified family ranch in Yellowstone and Big Horn counties on the Crow Indian Reservation operating a large Angus cow herd and an expansive stocker program supplying cattle into high grade beef programs. Yellowstone Cattle Feeders is Montana’s largest custom feedlot (25,000 head) that specializes in value adding services for Montana cattle producers and fattens cattle to supply local and national beef packers. Before returning home to the ranch, Turk held management positions with Certified Angus Beef LLC (The largest branded beef company in the USA), North Platte Feeders, Inc (80,000 head commercial custom feedlot) and ORIgen, Inc (A beef semen and embryo company specializing in production and domestic and international markets). Turk’s educational background includes a BS in Animal Science specializing in Livestock Management from Montana State University – Bozeman; MS in Animal Science double major in Ruminant Nutrition and Meat Science from Oklahoma State University – Stillwater; MBA specializing in Food and AgriBusiness from Krannert School of Management at Purdue University. His publications include many scientific abstracts and article’s in the Journal of Animal Science and other published research reports in addition to industry popular press. Turk has been an invited author and presenter on beef supply chain topics including consultation to well-known national beef programs. Currently, Turk serves as 2^nd^ Vice President of the Montana Stockgrowers Association and has served by appointment by the US Secretary of the Department of Agriculture to serve on the Cattleman’s Beef Board. Turk has also served on the Yellowstone County Farm Bureau as Young Farmers and Ranchers Chair; Animal Care committees for both MT Farm Bureau and the American Farm Bureau and is a member of the National Cattlemen’s Beef Association. Turk and his wife Jenny have 3 children and spend a lot of time racing to 4H, soccer, football, wrestling and dance events.
Exhibit 99.1
Stovall Ranching Companies and Bion Team Up to Produce Eco-friendlyMontana Beef
June 18, 2024. Billings, Montana. Stovall Ranching Companies, that includes diversified family ranches in Montana, and Bion Environmental Technologies, Inc. (OTC QB: BNET), a leader in advanced livestock waste treatment and resource recovery technology, announced they will partner to develop a new-generation cattle feeding facility.
Turk Stovall will join Bion’s Board of Directors and lead a joint venture between Stovall Ranching Companies and Bion to develop the project. The facility will produce premium quality Montana beef that the partners believe will be the ‘cleanest’, most eco-friendly finished beef in the marketplace.
The Stovall/Bion cattle project is planned to construct a 15,000 head capacity facility at Stovall’s Yellowstone Cattle Feeders, in Shepherd, Montana. Cattle will be finished in barns designed for feed efficiencies and cattle welfare, while being outfitted with solar generation and advanced waste treatment and resource recovery systems provided by Bion’s patented closed-loop technologies.
The Bion Gen3Tech system will harvest organic and low-carbon nitrogen fertilizers from the volatile ammonia in the waste, methane that can be upgraded to Renewable Natural Gas, and clean water. Resource recovery will simultaneously minimize the facility’s environmental impacts to air or water. Most of the facility’s energy requirements are anticipated to be generated onsite with solar. Environmental benefits and improved resource efficiencies will be independently verified and communicated to stakeholders, and to consumers that increasingly demand eco-sustainable choices and are willing to pay for it.
Turk Stovall, CEO of the Stovall Ranching Companies, said, “We aren’t focused on how beef was produced over the last 50 years; we are focused on how to produce it for the next 50 years. It is our mission to advance our production systems to be the best and at the high standards the market demands. Bion’s clean, climate-controlled, and efficient system will produce cattle ‘programmed’ to meet some of the highest eco-friendly standards in the marketplace and it may well become the future of cattle feeding. Once completed, and proven, the facility can serve as a model to execute in other states and other possible locations in Montana.”
Craig Scott, Bion’s Head of Business Development, said, “We are excited to work with Turk and his companies to expand cattle feeding in Montana. Winters here make cattle feeding especially challenging. Bion’s barn-based system addresses those issues, deliver improved feed efficiencies and economics, and our advanced waste treatment will help Montana stay clean and beautiful.”
Mr. Scott added, “We are equally pleased that Turk will bring his experience to Bion’s Board and lead our first beef project. We think it’s the perfect fit.”
Turk Stovall is a fifth-generation Montana rancher and CEO/owner of Stovall Ranching Companies and Yellowstone Cattle Feeders. He earned a BS in Animal Science from Montana State University; an MS in Animal Science from Oklahoma State University; and an MBA from Purdue University. He held management positions with Certified Angus Beef, the largest branded beef company in the US, North Platte Feeders, an 80,000 head commercial feedlot, and ORIgen, a beef semen and embryo company. Turk serves as Second VP of the Montana Stockgrowers Association and has served on the Cattleman’s Beef Board by appointment of the US Secretary of Agriculture. He is often published in the Journal of Animal Science and industry press and speaks on supply chain and other beef industry topics.
Stovall Ranching Companies includes diversified family ranches in Yellowstone County and Big Horn County, on the Crow Indian Reservation. Stovall operates a large Angus beef herd and stocker program that supplies cattle into high grade beef programs, expansive farms, a procurement company specializing in brand beef supply chains, and management consulting. Yellowstone Cattle Feeders is Montana’s largest custom feedlot, with 25,000 head, that specializes in value-added services for Montana cattle producers and finishes cattle to supply local and national beef packers, including specialized brand beef programs.
Bion Environmental Technologies’ patented Ammonia Recovery System produces organic and low-carbon nitrogen fertilizer products and clean water from animal waste and other organic waste streams. It supports the Gen3Tech system that will minimize environmental impacts from CAFO/livestock waste and verify it, improve resource and production efficiencies, and produce premium meat products with a USDA-certified sustainable brand. Bion is focused on developing state-of-the-art indoor cattle feeding operations and providing solutions in the fast-growing clean fuels industry. See Bion’s website at https://bionenviro.com.
This material includesforward-looking statements based on management's current reasonable business expectations. In this document, the words ‘will’,‘believe’, ‘planned’ and similar expressions identify certain forward-looking statements. It should be noted itis difficult to accurately predict the startup and optimization of a first-of-its-kind advanced waste treatment technology platform. Thetimelines 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:
Turk Stovall
Stovall Ranching Companies
(406) 698-6907
Craig Scott
Bion Environmental Technologies
(406) 281-8178