NEWARK, N.J., March 1, 2011 /PRNewswire/ -- BioNeutral Group, Inc. (OTC Bulletin Board: BONU), a specialty life science technology-based company, today announced that its wholly-owned subsidiary, BioNeutral Services, Inc., has been approved by the Kentucky Economic Development Finance Authority (KEDFA) to receive up to $280,000 in development incentives for up to 10 years.
At a February 24 meeting, six companies, including BioNeutral Services, Inc., were approved for economic development incentives by the KEDFA. Collectively, the six projects are expected to create 362 new jobs, nearly $12 million in new annual payroll and $40 million in new investment.
As previously announced, BioNeutral Services is the sales and distribution arm of BioNeutral Group that will focus on marketing the Company's cleaning and odor elimination products for use in hospital and industrial settings. BioNeutral Services is currently considering Louisville, Kentucky as its headquarters, where the project is expected to generate investment of $491,000 and create approximately 23 new jobs with new annual payroll of nearly $2 million, as indicated by the KEDFA.
"It is encouraging to see more than 350 new jobs coming to our region," Mayor Greg Fischer said of the six newly approved companies. "These potential incentives will help us continue to nurture the spirit of entrepreneurship, for both the companies looking to expand as well as new businesses locating in our area."
"BioNeutral Services Inc. is excited about the possibility of locating our headquarters in Louisville," said Frank Battafarano, CEO of BioNeutral Services. "As a long time Louisville resident and healthcare executive, I am confident the community provides the talent we will need to bring our exciting products to market. The incentives offered by the city and state to help in our early stages have been an important factor in our decision making and we look forward to making a formal decision about the headquarters location soon."
About BioNeutral Group, Inc.
Headquartered at the New Jersey Institute of Technology/EDC in Newark, BioNeutral Group, Inc., is a specialty technology-based life science company which has developed a technology platform that neutralizes harmful environmental contaminants, toxins and dangerous micro-organisms including bacteria, viruses, mold, fungi and spores. BioNeutral's products, Ygiene™ and Ogiene™, kill germs and clean surfaces with a dramatic increase in speed and power over their rivals in the marketplace. BioNeutral's proprietary platform technology has been proven effective in surface, water and airborne applications. Its antimicrobial line of products under the Ygiene™ brand have been approved by the EPA for sale in the United States and has previously been approved for sale in Germany and it is also permitted to be sold in the UK, France and Sweden. AutoNeutral is a Registered trademark of BioNeutral Group, Inc. For more information on BioNeutral, including a listing of company products, leadership and background please visit www.bioneutralgroup.com.
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This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those described in the Company's filings with the Securities and Exchange Commission. BioNeutral routinely tests its formulations against those of its competitors. The results are published to let shareholders know how the Company's technology compares with known formulations in the market place. Any product claim for antimicrobial activity requires approval from the EPA or FDA, depending upon where and how the formulations are used. The EPA has approved and registered the Company's data and findings specific to Ygiene -206. BioNeutral's antimicrobial formulations will be marketed under the brand name Ygiene™ and will soon be available for sale in the United States.
SOURCE BioNeutral Group, Inc.