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 st
|SOURCE BioNeutral Group, Inc.|
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