Ontario biodiesel company jetisons plan for production plant in New York Harbor

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Canadian Press Posted Dec 24, 2012 8:04 am MDT TORONTO – Biox Corp. (TSX:BX) has terminated plans for a new biodiesel production facility in New York Harbor.The Toronto-area company says the market dynamics have changed significantly since it signed a land lease agreement with International-Matex Tank Terminals.As a result of the decision, IMIT will reimburse two-thirds of the US$2.1-million upfront payment made by Biox.Biox will record the remaining $700,000 as an expense in its fiscal first quarter.The Oakville-headquartered company says it believes the challenges affecting the biodiesel market in 2012 are short-term.Biox chief executive says the company remains confident in the value of its production facility in Hamilton, Ont. Ontario biodiesel company jetisons plan for production plant in New York Harbor read more