Bion Gives Company Update

New York, NY, May 22, 2024 (GLOBE NEWSWIRE) -- Bion Environmental Technologies, Inc. (OTC QB: BNET), a leader in advanced livestock waste treatment technology and premium sustainable beef, gave the following company update:

We have faced several challenges in the last year that began with the construction delays at Fair Oaks and were complicated by ongoing management transition issues (resulting from the passing of our long-term CEO/COO). As a result, we have been unable to raise sufficient capital through our traditional retail sources. We are exploring all strategic options to raise capital and propel the company forward.  We knew that building a team and platform to commercialize our technology would require substantial strategic investment.  We are optimistic about our ongoing conversations with potential clean energy, utility, and agriculture partners, and we have begun raising capital with existing shareholders to fund near-term requirements.

We are restarting operations at Fair Oaks, where we intend to complete several initiatives over the next few weeks before we begin third-party engineering. The demonstration of our ammonia recovery system at Fair Oaks has exceeded expectations and we are very enthusiastic about its performance.

Other than our financial challenges, which have been apparent for several months (and we are confident will be addressed), we are not aware of any event or news that would cause our recent market activity. Unusual activity began at the end of October 2023 and has continued to this date. It should be noted that Bion has a legacy shareholder base, including some larger blocks purchased by investors that have since passed away and the shares distributed to their heirs.

Stand-Alone Ammonia Solution

The new patent announced in January 2024 extended the coverage of our Ammonia Recovery System (ARS – our core technology) beyond animal waste, to include industrial and municipal waste streams. We believe there is an opportunity to use the ARS as a stand-alone ammonia control solution for some facilities that produce biogas/Renewable Natural Gas (RNG). We believe this opportunity could put Bion on a path to revenues much more quickly than our beef projects. We are currently evaluating opportunities in this space.