Dairy Park, a subsidiary of New York-based Bion Environmental Technologies, a developer of livestock waste management systems, has signed a deal with Dr. Michael J. McCloskey and Timothy C. den Dulk to develop, own and operate a number of large dairy facilities.
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Bion anticipates that two to four complexes, ranging in size from 10,000 to 50,000 animals, will be developed by the JV over the next three years. The complexes will be made available to dairy producers under terms of a ten-year, triple-net lease. Bion will provide its technology for waste management, secure financing for the facilities, develop the financial lease terms and provide independent management. The primary responsibilities of the McCloskey/den Dulk partnership will be site selection and development, lease terms and recruitment of tenants, and management of the facilities.
Bion’s chairman and CEO David Mitchell stated: “The complexes envisioned by the partnership represent a significant shift in the economics of dairy farming and milk production.”
Dr. McCloskey has served in leadership positions across the dairy industry, and is now actively involved in the ownership and management of dairies in New Mexico, Michigan, and Indiana. He was instrumental in the formation of the Texas-New Mexico Milk Marketing Agency, serves on the board of the National Milk Producers Federation and is a member of Bion’s Advisory Board.
Timothy C. den Dulk owns and manages dairy farms in California, New Mexico, Michigan, Ohio, and Indiana that milk around 30,000 cows. He also raises dairy heifers in Tennessee, Kentucky, Missouri, Nebraska and South Dakota which, when combined with his milking cows, total to a herd size of almost 60,000 cows.
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By GlobalDataMitchell added: “We are very pleased to be entering into this joint venture with partners such as Dr. McCloskey and den Dulk. The depth of their experience and associations within the dairy and farming industries, combined with the geographically-diversified nature of their operations, give them a unique national presence that will prove invaluable in this endeavor.”
Clarifies symbol change, stock split
Bion meanwhile revealed that it is now trading on the OTC Bulletin Board under its new symbol, BNET (formerly BION). The symbol change, as well as a one for ten (1:10) stock split, became effective on 8 July 2002.
Craig Scott, director of investor relations, stated: “There has been some confusion in the market regarding our symbol change, particularly with many of the online quote services. We are working to correct these problems and apologise for any inconvenience.”
