The passage of Senate Bill 724 (Vogel-R-Beaver) is so important to the financial survival of Bion Environmental Technologies the company filed an 8-K with the Securities and Exchange Commission on April 22 noting the bill had been introduced.
Bion has been touting Senate Bill 724, and its predecessor Senate Bill 994 last session, as the solution to meeting Pennsylvania’s Chesapeake Bay cleanup milestone.
Bion has repeatedly said the failure of the company to generate any income, most recently in a letter to PennVEST on October 23, 2014, was because state government failed to adopt policy changes, i.e. Senate Bill 724, that would allow it to generate income to pay off a 2010 $7.7 million PennVEST loan.
According to a letter to Bion from PennVEST on September 25, 2014, Bion has not made a payment on its loan since January 1, 2013. PennVEST said it would be “an Event of Default” if Bion did not pay off its 2010 $7.7 million loan from PennVEST for its Lancaster manure treatment facility by October 24, 2014.
Bion did not make the payment. As of this writing, Bion is still trying to identify a source of revenue to pay back taxpayers for the PennVEST loan.
Stay tuned for more....
Stay tuned for more....
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