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
December13, 2021
Date of Report (date of earliest event reported)
BION ENVIRONMENTAL TECHNOLOGIES, INC.
Exact name of Registrant as Specified in its Charter
| Colorado | 000-19333 | 84-1176672 |
|---|---|---|
| State or Other Jurisdiction of Incorporation | Commission File Number | IRS Employer Identification Number |
PO Box 323
Old Bethpage, New York 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 communications pursuant to Rule 425 under the Securities Act (17<br>CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR<br>240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange<br>Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange<br>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 company ¨ |
|---|
If an emerging growth company, indicate by checkmark 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 REGULATION FD DISCLOSURE.
On December 16, 2021, the Company placed on the Company's website a updated version of a document entitled “Bion’s Beef Opportunity” (dated December 16, 2021) which provides material information concerning the current views of the Company’s management concerning the topic.
On December 13, 2021, the Company placed on the Investor page of the Company's website a document
entitled “Bion Update and Outlook – December 2021”.
On December 13, 2021, the Company issued a press release entitled “BionIssues 2021 Year-End Update and Outlook”.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired
Not Applicable.
(b) Pro Forma Financial Information
Not Applicable.
(c) Shell Company Transactions
Not Applicable.
(d) Exhibits.
| Exhibit<br><br> <br>Number | Description |
|---|---|
| 99.1 | Updated version of a document entitled “Bion’s Beef Opportunity” (dated December 16, 2021) |
| 99.2 | Document entitled “Bion Update and Outlook – December 2021” |
| 99.3 | Press release entitled “Bion Issues 2021 Year-End Update and Outlook” |
| 104 | Cover Page Interactive Data File (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: December 16, 2021 | Mark A. Smith, President |
Exhibit 99.1
THIS MATERIAL INCLUDES FORWARD-LOOKING STATEMENTS BASEDON MANAGEMENT’S CURRENT REASONABLE BUSINESS EXPECTATIONS. IN THIS DOCUMENT, THE WORDS ‘BELIEVE(S)’, ‘CAN’,‘WILL’, ‘AIMS’, AND SIMILAR EXPRESSIONS IDENTIFY CERTAIN FORWARD-LOOKING STATEMENTS. THESE STATEMENTS AREMADE IN RELIANCE ON THE PRIVATE SECURITIES LITIGATION REFORM ACT, SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED. THERE ARENUMEROUS RISKS AND UNCERTAINTIES THAT COULD RESULT IN ACTUAL RESULTS DIFFERING MATERIALLY FROM EXPECTED OUTCOMES. ALL DOCUMENTS ONTHIS WEBSITE SPEAK AS OF THEIR DATE AND THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTSTHEY MAY CONTAIN.
Bion’s Beef Opportunity
In 1935 inflation-adjusted terms, beef is 63% more expensive today, while pork and chicken, primarily raised in indoor factory farms with highly integrated supply chains, are 12% and 62% cheaper, respectively. At $66 billion/year (retail value), the beef industry has been a target of consumer groups whose concerns include air and water pollution, food safety, and the treatment of animals and workers. Furthermore, the beef industry has also been an economic target for a number of plant-based beef alternative products, such as Beyond Meat, that have gained significant market traction.
The US beef industry is at the doorstep of a transformative opportunity to address the growing demand for a sustainable product offering. Bion believes this can be achieved at scale for a premium segment of the market, with minimal disruption to the large, existing commodity beef market, both domestic and export.
“Sustainability” goes well beyond “organic”, a concept that primarily addresses product inputs and is, in fact, LESS sustainable than traditional production, due to lower yields. Sustainability is a more important and relevant concept to the consumer and the beef industry because it also captures outputs, specifically, the environmental impacts of production. To the industry’s detriment, the cost to implement comprehensive waste treatment at the feedlot, where most of the environmental impacts occur, is simply not supported by this low-margin commodity business, absent increased prices, subsidies, or new revenues. Until the advent of renewable energy credits, the cost of technology such as anaerobic digestion was far greater than offsetting tax incentives and revenue from the sale of renewable natural gas.
So how can a premium segment be carved out to meet the demand for sustainability, both in its product offerings and its livestock operations?
Figure 1. The Beef Industry Conundrum – How to Getfrom “A” to “B”?
Bion has developed and tested its patented technology and proprietary technology platform, which will enable generation of significantly greater revenue associated with comprehensive onsite waste management than has been previously possible. Bion’s business model is focused on managing costs over the entire supply chain, from feed crop production to insemination to final processing, while capturing multiple revenue streams, some that are available today, some that are evolving. The “Future State” represented in Figure 1 will be financed by monetizing the value of a premium USDA-certified sustainable and/or organic brand, selling high-value organic fertilizer products, and selling air and water quality trading credits related to carbon and nutrients.
The Financial Analysis-Beef Comparison is based on numerous assumptions (see forward looking statements at the beginning and end of this document). It represents a comparison of traditional beef production to Bion’s advanced sustainable and sustainable+organic model. It is a snapshot in time (beef markets are cyclical) that is meant only to illustrate the increase (DELTA) in revenues and earnings attributable to Bion’s 3G Tech platform and business model. In any given year, traditional beef production will be more or less profitable than depicted; however, the DELTA, which results mostly from new revenue sources, would be expected to remain approximately the same.
Note Cattle Acquisition costs represent three ‘turns’ of the feedlot’s capacity over a one-year period. This model assumes approximately four months on feed per cow, a number that will vary.
In today’s environment, Bion’s projected revenues fromcurrently available sources can amortize the cost of technology adoption and related infrastructure in under three years. This amortizationperiod can be shortened as evolving revenues, including environmental credit markets, fully mature.
Specifically, Bion’s technology converts animal manure to high-value organic fertilizer products onsite, including ammonium bicarbonate crystals, a ‘pure’ readily available nitrogen source that can be used to grow lower-cost organic corn (animal feed) at large scale. Such a nitrogen source, previously unaffordable, will significantly increase yield per acre, improving both the economic and environmental sustainability of ‘organic’. The scale at which ammonium bicarbonate is manufactured from the livestock waste stream is sufficient to support a new organic segment of corn-fed beef and, eventually, pork products. The combination of “sustainable” and “sustainable+organic” reinforces the opportunity for premium branding with improved revenues and margins.
Beyond ammonium bicarbonate, Bion’s platform produces renewable natural gas and the associated D3 RINS (and/or Low Carbon Fuel Standard credits in California), organic dry solids (soil supplement) and, eventually, verified nutrient credits. In Pennsylvania, Bion has been leading a stakeholder group to enact legislation that would allow the State, or its municipalities, to purchase verified nutrient reductions, such as those generated by the Bion platform, in lieu of more expensive traditional options for meeting their Chesapeake Bay nutrient mandates under the Clean Water Act.
Figure 2. Bion’s Technology Enables the Revenue toFund the Transition
Bion’s intellectual property, consisting of both patents and trade secrets, takes advantage of the arbitrage opportunity between the finite supply of organic fertilizer/feed and the essentially limitless supply of livestock waste at CAFOs. This symbiotic relationship is mutually reinforcing – increasing consumer demand for organic meat generates more organic corn demand which increases the demand for organic fertilizer to support that demand.
Bion and its partners have the means to open and expand a new market segment of premium-priced meat products by “harvesting” its waste. As a capstone benefit, Bion’s onsite treatment can transform a CAFO from a “brownfield” non-point source permitted facility to a point source permitted facility. This will allow the operation to be valued by the market as any other industrial operation, based on a multiple of earnings, not the liquidation value of the plant, equipment, and animal inventory, as these facilities are valued today.
By expanding into premium branded products and realizing more effective supply chain integration, valuations related to livestock production can be further propelled by higher gross margins, reduced unit costs and reduced environmental impact. The end result is the opportunity for extraordinary wealth creation.
The Financial Impact – Potential Valuation
The financial impact of Bion’s technology platform includes premium pricing for two specific 15,000 head feedlot scenarios:
“Environmentally Sustainable” branding where the livestock is confined and fed a diet of conventional grains and distillers’ grains.
“Environmentally Sustainable+Organic” branding for organic feeder cattle where the livestock are confined for up to 120 days and fed a ration of organic grains.
In both scenarios, the cattle will be housed in a covered barn feedlot with daily/continuous manure collection feeding Bion’s onsite waste treatment platform, resulting in the cattle being marketed with a USDA Processed Verified Program (PVP) certification of an environmentally sustainable brand.
For the sake of simplicity from a financial modeling standpoint, a single purpose vehicle (SPV) is assumed to be established to finance and own the cattle and the Bion technology platform, including the barns at the feeding operation. All incremental revenues and expenses are assumed to flow to the SPV so that the economics of the SPV can be isolated from that of the host feeding operation.
The capital requirements for the Bion technology platform are the same in both scenarios and is estimated at $31 million. In both scenarios, we assume the CAPEX is financed 70% with 10-year term debt at 8% p.a. Cattle acquisition costs are assumed to be $17.4 million and $21.4 million for the sustainable (non-organic) and organic scenarios, respectively; these costs are assumed to be 100% financed on a revolving line at 8%. For purposes of the IRR calculations, capital is assumed to be invested one year in advance of operations.
In both scenarios, revenue would be generated from the sale of organic ammonium bicarbonate fertilizer and carbon credits under California’ Low Carbon Fuel Standard (LCFS). The assumed price of the ammonium bicarbonate is based on an actual agreement to supply liquid ammonia that was recently made between a large dairy producer and a major national fertilizer producer. The value of LCFS credits is based on current market value using a low-end carbon intensity score (CI).
A branding premium will be available as a result of Bion’s sustainable branding capability, and we have assumed, as described above, that 100% of this premium flows to the SPV. We have estimated this premium at 10% of the carcass value. We have chosen a conservative figure to account for the fact that there is presently no national at-scale sustainable branding in the livestock industry.
The organic scenario takes credit for the increased revenue for having animals that have been fed and raised according to strict organic guidelines. We have estimated this premium at 50% for purposes of the proforma, and we have again assumed 100% of this premium flows to the SPV. As a point of reference, we note that grass fed organic beef commands at least a 40% to 50% premium over conventional grain-fed beef.
No credit is taken in either scenario for the sale of nutrient credits, a market which is still evolving, or for the value of residual processed manure solids containing irons, minerals, nutrients and salts, because the market value of this material can vary widely by region. Further, no credit is taken with respect to the impact of probable Investment Tax Credits (related to biogas production) on CAPEX.
Utilizing the above assumptions, we estimate the leveraged IRR for a single 15,000 head module to be 123% and 185% for the conventional and organic scenarios, respectively, assuming no escalation of any unit prices associated with revenue or expense. Capital is fully returned within three years in the conventional scenario and in less than two years in the organic scenario.
A further analysis was prepared to examine the financial performance of staging 15,000 head modules, both conventional and organic, over time as follows:
In this scenario, a total of $310 million invested over 5 years (starting in Year 0) would generate annual revenues of approximately $178 million, at full run-rate, beginning in year 4. Project value, based on 15x EBITDA would exceed $2.5 billion by Year 4, with a total of ten operational modules that would represent penetration in the overall beef market of approximately one percent.
This material includes forward-looking statements basedon management’s current reasonable business expectations. In this document, the words ‘believe(s)’, ‘can’,‘will’, ‘aims’, and similar expressions identify certain forward-looking statements. These statements are madein reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerousrisks and uncertainties that could result in actual results differing materially from expected outcomes. All documents on this websitespeak as of their date and the Company undertakes no obligation to publicly update or revise any forward-looking statements they may contain.
Exhibit 99.2
Dear shareholders and followers,
First, to introduce myself: I am Craig Scott, Bion’s director of communications. I have been involved with Bion, in one form or another, since 1993. This Update/ Outlook is to help keep our shareholders and other followers informed of company developments, especially concerning trends and events that do not lend themselves to a press release. If you would like further clarification on these or other issues, please reach out to me by email at cscott@bionenviro.com, or phone at (303) 843-6191 (direct).
Bion Update and Outlook – December 2021
First for some housekeeping… If you missed the press release in July, our domain name, ‘biontech.com’ was “compromised and disabled”. As we later found, it was actually stolen from the international registrar, Network Solutions, and was subsequently ‘sold’ to an outfit in China. To make a long story short, on November 19, the U.S. District Court issued an order to return the domain to Bion and we received it last week.
My apologies for any emails sent to the biontech.com address in the month or so following the theft that were ‘ignored’. During that time, those emails went to outer space as far as we can tell, since no bounce notices were returned to the senders. As most of you know now, we are using bionenviro.com, which applies to both the website and email addresses. We are evaluating our options with respect to the biontech.com domain, which we feel was probably targeted because of its potential value to BioNTech (BNTX), Pfizer’s Germany-based covid vaccine partner, that currently uses biontech.de.
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The last few months have been both busy and exciting. Dominic Bassani, our CEO, said it best in a conversation we had a few months ago: “Until we finished the [3G Tech] optimization trials, we were on a single path, putting one foot in front of the other. For the first time, we are moving down several parallel paths as we move forward on multiple fronts. Buckle up…”
He was right and I was able to highlight that fact when I presented Bion’s opportunity at the LDMicro Main Event this past October. LD’s Main Event is the preeminent small-cap institutional/ investment banking conference, held annually in Los Angeles. The last time I presented there – three years ago – I had about 15 people attend my presentation… and I knew half of them. Frankly, there just wasn’t that much interest in either us or our ‘space’ at that time.
Fast forward to my presentation on Oct 12: I walked into a standing room only crowd with over 30 people I didn’t know, which included investment bankers and/or their ‘sell-side’ analysts, institutional ‘buy-side’ analysts, and several other interested parties. Based on my ongoing follow-up with those folks, the reasons for the increased interest were mostly:
| 1. | The widespread and growing ‘anti-meat/ -livestock’ messaging, especially recently and focused on climate change, has alerted<br>many in the institutional investment world that disruption and transformation, which to them spell opportunity, have reached the $175<br>billion animal protein industry and its consumers. And in keeping with that theme… |
|---|---|
| 2. | …Beyond Meat (BYND), whom we owe a debt of gratitude… a big one. |
| --- | --- |
I’ve talked about BYND in the last couple updates. They produce plant-based (vegan) alternatives to real meat, such as burgers, sausage, ground beef, and chicken, under the brands Beyond Burger and Beyond Sausage. In May 2019 BYND priced its IPO (Initial Public Offering) on the Nasdaq at $25 per share, implying a market capitalization of approximately $1.5 billion. Keep in mind, their previous year’s sales were $88 million with an almost $30 million loss. The first trade in the stock was nearly double the IPO price at $46 and by July, it hit its high of just over $239, generating a market cap of nearly $15 billion. Much of that excitement was fueled by early big announcements, like deals to supply major customers such as McDonald’s and Yum Brands, the parent company of KFC and Taco Bell.
It is one thing to have a unique story and capture the imagination of both the early consumer and Wall Street. It is altogether another to sustain it. First the pandemic, then reality, set in. When the restaurants that were BYND’s primary customers were shut down as the pandemic took hold in early 2020, the stock faltered for the first time. More recently, BYND has had to contend with the reality of a much more concerning issue: despite the hype and early promise, the products themselves have not been the hit with consumers that they were expected to be. The fact is that many who tried BYND’s products simply did not like them and have not come back for more.
BYND and other plant-based alternatives will fight over the vegan niche in the market; but, in my opinion, they won’t be able to satisfy the much larger number of meat-eating consumers that value sustainability, but not so much as to sacrifice enjoyment. We firmly believe that our verifiably sustainable grain-fed products, which will also have the same taste and texture people have come to expect from US beef and pork, will capture AND HOLD market share, when it becomes widely available in 2023. We will get a ‘taste’ of that consumer acceptance when we begin test-marketing product, anticipated in 2022.
Recently, due to disappointing demand numbers, Wall Street analysts have downgraded their expectations for both BYND and the alternative plant-based sector, as a whole. As a result, BYND’s share price has come back down to around $70 share. Bear in mind, even at ‘only’ $70, BYND is still trading at 10 times revenues. Again, that’s REVENUES, not earnings!
The message here is not that Bion is BYND – we are not, nor do we want to be, although we wouldn’t mind catching a similar Wall Street ‘wave’. The thanks we owe BYND are twofold. First, it showed Wall Street, both on the institutional and retail sides, that there is a real ‘appetite’ for disruption and transformation in the food supply chain. Second, and perhaps more important, their recent reversal demonstrates Bion’s belief that ‘sustainability’ alone is not enough and that products still have to satisfy consumers’ taste and texture expectations. That IS us: real meat, grain-fed, and sustainably produced. And further, we believe our concept of ‘sustainable’ represents a much broader opportunity than plant-based alternatives, because we are not limited to the ground meat market that represents only 10 percent of the overall animal protein market.
Before moving on, I would also note another key factor that I think is in play with the investment banking groups and analysts that are now evaluating us. In their minds (as it should be), our success with the 3G Tech platform reduces the substantial policy risk previously associated with investment in Bion, since our business model is no longer SOLELY DEPENDENT on policy change to create a market for nutrient credits or other ‘payments for ecosystem services’. What we have said, they seem to understand: we are no longer a one-trick pony, dependent on uncertain future regulation or politics. Our business model and projects are now consumer driven and we believe we have a unique opportunity to carve out a premium segment of the $175 billion U.S. livestock industry.
Sustainable Beef Demonstration Project
We announced in September that we will develop a sustainable and/or organic grain-finished beef production facility near Fair Oaks, IN. If you didn’t read the press release, you should here. Mike McCloskey, Chairman of Fair Oaks Farms – one of the largest dairies in the U.S., made some key observations in his statement. Feel free to search either ‘Mike McCloskey’ or ‘Fair Oaks Farms’.
The pivot from the previously announced Lamb Dairy to Fair Oaks will now allow us to demonstrate the 3G Tech platform’s performance at scale (as planned), while simultaneously proving up our sustainable beef model. While the pivot may have created a small delay on the front end, we believe it will significantly shorten the timeline (vs the Lamb project route) to production of our first sustainable beef, which is our primary focus for 2022. I won’t paraphrase what I said about our unique opportunity in the press release, I’ll just repeat it:
“We believe that today there exists substantial unmet demand – potentially very large – for ‘real’ beef and pork products that offer the sustainability consumers seek, but with the quality of taste and texture they have come to expect from grain-finished American beef and pork. We think there is a similar unmet demand for organic grain-finished beef and pork products with that same level of verified sustainability. We look forward to demonstrating that we can produce the environmentally sustainable products the consumer clearly wants, while also ensuring economic sustainability and expanded opportunities for the producer.”
Organic Certification(s)
The organic space is complicated, and it has many layers. Before you go any further, you need to read (or even reread) the primer on things organic in our Aug 2020 update here (first page).
We are still in the middle of the OMRI application we made in May of this year. Remember, we warned at the beginning the process would take time, because our granular ammonium bicarbonate – AD Nitrogen – and the process behind it, are SO unique and transformational. OMRI is struggling with just what to do with us, in my opinion, due to the fact that the end product is a solid and that OMRI has no protocol for a solid.
But the bottom line hasn’t changed. Bion has already obtained approval from OMRI for one of its low strength liquid products, while we await approval for the higher strength crystal, AD Nitrogen. As a result of the approval of the liquid product, Bion’s process has been deemed by OMRI to be non-synthetic. The higher strength AD Nitrogen product uses the very same non-synthetic technology. We are confident it will ultimately be approved too, although the timing of that approval is impossible to predict.
HOWEVER… Approval for ‘organic use’ can take place either through OMRI, which provides a national clearinghouse for agricultural inputs such as fertilizers, pesticides and herbicides, or through the individual state organic regulatory programs that provide certification of agricultural outputs, such as organic corn or meat. The state approval processes take place independent of OMRI. While we manage the OMRI approval process, we will be shortly filing for approval in Iowa and Nebraska; that application will run concurrently while a final OMRI determination is achieved. We anticipate that a state determination can be achieved within three to six months.
National Policy
The $1.2 trillion infrastructure bill that was signed into law in July will deliver $550 billion of new federal investment in America’s infrastructure over the next five years. This spending includes the nation’s water systems. The first impact we have seen from this is Pennsylvania Senate Bill 832, which we announced in November moved to the Senate Appropriations Committee (see below). The bill also expanded the opportunities and markets for renewable energy credits under the Renewable Fuel Standard (RFS).
The Build Back Better Act, which passed in the House and is now in the Senate, “provides funding, establishes programs, and otherwise modifies provisions relating to a wide range of areas, including the environment and renewable energy”. Included in BBB is a provision to extend the 30 percent investment tax credit (ITC) for investments in biogas production. If passed, the ITC will significantly reduce the cost of developing Bion 3G Tech systems. The bill contains a wide range of additional renewable energy-related benefits, including solar, that may positively impact Bion projects.
Pennsylvania Policy/ SB 832
SB 832 includes the Clean Water Procurement Program (PWPP), which contains most of the key provisions of SB 575, a bipartisan bill that was introduced in June 2019 to provide a nutrient credit procurement program. SB 575 was approved in the Senate later that month by a vote of 33-17 and was calendared for a hearing in the House State Government Committee on Mar 16, 2020, the day legislative activities were canceled due to the pandemic. The bill ‘expired’ along with the session on Dec 31, 2020.
Suffice to say, SB 575, and its predecessor bills, have a messy and complicated history in the PA legislature. Even with bipartisan studies that demonstrate verified benefits to the Bay and 90 percent savings to the taxpayer, previous bills failed to garner broad enough support to pass, despite strong support from Gene Yaw, the Chairman of the Senate Enviro and Resources Committee, among other notable legislators. The bills that would have implemented modern alternative solutions were opposed by many of the entrenched interests of the clean water status quo, despite their decades of failure. You’d think they’d be grateful for the help; but no, it really is about the money. With limited resources, unless a new dedicated source of funding could be found that didn’t call for pulling funding from that same clean water ‘mafia’, the CWPP seemed doomed to be another victim of political inefficiency.
In comes the infrastructure bill with its new clean water funding. SB 832 incorporates three different programs – the CWPP, along with the Agriculture Conservation Assistance Program and the Municipal Storm Water Assistance Program. Note that the other two programs are important to and supported by the entrenched interests that have opposed the CWPP for years… we think it will be hard to oppose it now. The bill provides a minimum of $250 million in funding (from the new infrastructure bill); of that, 10 percent is allocated to the CWPP. Remember that establishing the CWPP, which would fund a nutrient credit trading program, could be the second revenue source needed to begin the development of the large scale Kreider 2 poultry project. An OMRI Listing of AD Nitrogen, as discussed above, could also be the second. Either one gets it done – and we think we’ll get them both.
Here is a link to a recent op-ed by Harry Campbell, the PA science policy and advocacy director for the Chesapeake Bay Foundation (CBF), calling for support of SB 832 and the Agricultural Conservation Assistance Program. Many of you know that the CBF was near the top of the list of those entrenched interests that have historically opposed the CWPP. I personally take great comfort in the fact that they now, if not intentionally, support it.
Conclusion
I’ll take this opportunity to thank those investors and their representatives that have (or will have) exercised their warrants. We greatly appreciate your support and confidence and will do our best to deserve it. That capital will be key over the next several months allowing us to begin to execute on our strategy, as well as bring our story to a wider Wall Street (and elsewhere) audience.
Look for some changes and real progress over these next months. One of our goals will be to uplist our stock to a national exchange, either the NYSE-AMEX or the NASDAQ during 2022. This will be a key factor in showing this story to more and increasingly larger retail and institutional investors. Based on the recent and growing interest in both us and our ‘space’, it is time to move up.
This material includes forward-looking statements basedon management's current reasonable business expectations. In this document, the words ‘can’, ‘believe’, 'anticipate',‘think', ‘opinion’ and similar expressions identify certain forward-looking statements. These statements are made inreliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risksand uncertainties that could result in actual results differing materially from expected outcomes.
Contact Information:
Craig Scott
Director of Communications
303-843-6191 direct
Exhibit 99.3
Bion Issues 2021 Year-End Update and Outlook
December 13, 2021. New York. New York. Bion Environmental Technologies, Inc. (OTC QB: BNET), a developer of advanced livestock waste treatment technology that largely mitigates environmental impacts and recovers high-value coproducts, today released a year-end update and provided an outlook on expectations in 2022. The report focuses on four key areas:
- Industry and consumer trends
- Sustainable beef demonstration project
- Organic co-product approvals/ certifications
- Pennsylvania and national policy
The full update can be found on Bion’s website at Bion Update and Outlook – December 2021.
Craig Scott, Bion’s director of communications, stated, “Bion’s momentum continues to build, and it is extremely gratifying to see Wall Street beginning to appreciate our opportunity. As we move forward on multiple fronts – developing the beef demo project and proving up the tech at scale; increasing Wall Street exposure, as well as implementing corporate changes, to prepare for an uplist to a national exchange; and nailing down the corners of our organic initiatives related to fertilizer, corn, and beef – we hope to demonstrate to Wall Street just how attractive this opportunity really is.
Anyone who has spoken with me in the last year knows that I have a favorite (if somewhat crude) saying: ‘there are at least 46 different ways this cat can get skinned.’ That’s not just a reference to the fact that there are many ways it could happen; it’s also a reference to how many different ways we have to ‘win’. I have a new (and not so crude) saying now, courtesy of an institutional analyst I have been speaking with, that is actually much more descriptive: ‘we have a lot of shots on goal’. And we do.”
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About Bion: Bion’s patented third generation (3G) technology was designed to substantially reduce the environmental impacts of large-scale livestock production and deliver a USDA-certified sustainable product to the consumer. The platform simultaneously recovers high-value coproducts and renewable energy that increase revenues. Bion’s 3G tech platform can provide low-cost high-impact solutions to the air and water quality issues related to livestock production, while creating a pathway to economic and environmental sustainability with ‘win-win’ benefits for at least a premium sector of the $175 billion U.S. livestock industry and the consumer. For more information, see Bion’s website, www.bionenviro.com.
This material includes forward-looking statementsbased on management's current reasonable business expectations. In this document, the words ‘expectations’, ‘hope to’,‘outlook’ and similar expressions identify certain forward-looking statements. These statements are made in reliance on thePrivate Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertaintiesthat could result in actual results differing materially from expected outcomes.
Contact Information:
Craig Scott
Director of Communications
303-843-6191 direct