Printer Friendly

BION ENVIRONMENTAL TECHNOLOGIES REPORTS RESULTS

 DENVER, Jan. 13 /PRNewswire/ -- Bion Environmental Technologies Inc. (NASD Bulletin Board: BIET) announced today that its unaudited consolidated financial results for the three and nine months ended Dec. 31, 1993 included the following:
 Nine Months Ended Three Months Ended
 Dec. 31, Dec. 31,
 1993 1992 1993 1992
 Revenues $413,361 $191,619 $123,851 $91,458
 Net income (loss) $(138,591) $(236,448) $(82,089) $(57,342)
 Earnings (loss)
 per share $(.14) $(.25) $(.08) $(.06)
 During the past 30 days the company's wholly owned subsidiary, Bion Technologies Inc., entered into an agreement to install and operate a wastewater treatment system for the DeVries Dairy in Pasco, Wash. The system will treat all solid and liquid waste produced in the dairy's freestall barns and milk parlor as well as bioconvert the effluent into BionSoil(TM), a nutrient rich salable/usable soil-like product. This contract represents Bion's first contract in the Northwest United States.
 On Dec. 21, 1993 the company exercised its conversion option and converted the entire principal and interest ($756,580) promissory note from Underwriters Financial Group Inc. ("UFG") into 386,724 shares of UFG common stock by notifying UFG in writing. UFG's common stock trades on the American Stock Exchange under the symbol "UFG."
 Additionally, the company negotiated an agreement extending the due date of its entire long-term debt ($667,554 at Dec. 31, 1993) (a convertible promissory note) to Oct. 1, 1995.
 Copies of Bion Environmental Technologies' Form 10-Q for the three and nine months ended Dec. 31, 1993 and Form 8-K dated Jan. 10, 1994 are available upon request at the address or phone number listed below.
 Bion Environmental Technologies through its wholly owned subsidiary, Bion Technologies designs, installs and operates advanced biological wastewater treatment systems for agricultural, food processing, industrial, and municipal use based on patented and proprietary technology. The company's business activities are currently in five regional areas: Florida and the southeastern United States, New York, Colorado, Texas, and Washington and the Northwestern United States.
 -0- 1/13/94
 /CONTACT: Jere Northrop or Jon Northrop of Bion Environmental Technologies, 303-294-0750/
 (BIET)


CO: Bion Environmental Technologies Inc. ST: Colorado IN: ENV SU: ERN

MC -- DV007 -- 1987 01/13/94 19:50 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1994
Words:366
Previous Article:DUFF & PHELPS UTILITIES INCOME INC. ANNOUNCES A PROPOSED RIGHTS OFFERING
Next Article:ABC RAIL PRODUCTS CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters