BioNitrogen Corp Signs Memorandum Of Understanding With Kobay Technology Berhad For Construction Of Urea Production Facili
BioNitrogen Corp announced they have signed a Memorandum of Understanding (MOU) Agreement with Kobay Technologies Berhad for the development of one or more nitrogen-based urea manufacturing facility(ies) or "plants" in Malaysia. This Agreement is intended to reflect the general intent of the parties and confirm their understanding regarding certain terms which will form the basis of a final, binding Joint Venture Agreement for construction of urea production facility(ies). The Agreement will create a new corporate entity, for example BioNitrogen Malaysia Corp., which will provide an ownership company for the development of the fertilizer manufacturing plant(s) described in the Final JV Agreement, with consideration given to liability protection, tax benefits, management structure, and other issues relevant to formation and operation of the entity. The new corporate entity will be owned 50% by BioNitrogen and 50% by Kobay, with the capital commitments of each entity to be said percentages.
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