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BioNeutral Group, Inc. (BONU.OB) Subsidiary Granted Approval to Receive up to $280,000 in Development Incentives

Today, BioNeutral Group, Inc. announced that the Kentucky Economic Development Finance Authority (KEDFA) granted approval for BioNeutral Services, Inc. to receive up to $280,000 in development incentives for up to 10 years. In all, the KEDFA named six companies that will receive development incentives, creating 362 new jobs, nearly $12 million in new annual payroll and $40 million in new investment.

“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.”

As BioNeutral Group’s sales and distribution arm, BioNeutral Services will focus on marketing the company’s cleaning and odor elimination products for use in hospital and industrial settings. BioNeutral Services is looking to establish its headquarters in Louisville, KY, where the project is expected to generate KEDFA’s projected increase in jobs and payroll dollars.

Frank Battafarano, CEO of BioNeutral Services, remarked, “BioNeutral Services Inc. is excited about the possibility of locating our headquarters in Louisville; 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.”

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