FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Bassani Dominic   2. Issuer Name and Ticker or Trading Symbol BION ENVIRONMENTAL TECHNOLOGIES INC [BNET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O BRIGHT CAPITAL, LTD., 64 VILLAGE HILLS DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 01/08/2009 (Street) DIX HILLS, NY 11746 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/08/2009   P   1,694 A $ 0.75 44,382 I By wife Common Stock 01/08/2009   J(1)   75,954 A $ 0.75 785,501 I By Pension Plan Common Stock 01/08/2009   J(1)   75,954 D $ 0.75 75,954 I By Trust Common Stock               32,295 D   Common Stock               79,395 I By Corporation Common Stock               1,055,692 I By LLC Common Stock               52,734 I By LLC

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Deferred Compensation Obligation

$ 0.75

01/12/2009

A(2)

$ 50,000

01/12/2009

06/30/2009

Common Stock

66,667

$ 50,000

$ 50,000

D

Warrant

$ 0.75

01/12/2009

A(3)

1,000,000

01/12/2009

12/31/2018

Common Stock

1,000,000

$ 0.1

1,000,000

D

Warrant

$ 3

01/12/2009

J(4)

25,000

08/31/2003

12/31/2018

Common Stock

25,000

$ 0.0075

25,000

D

Warrant

$ 1

01/12/2009

J(4)

600,000

02/20/2004

12/31/2018

Common Stock

600,000

$ 0.0226

600,000

D

Warrant

$ 2.5

01/12/2009

J(4)

500,000

05/15/2005

12/31/2018

Common Stock

500,000

$ 0.009

500,000

I

By Corporation

Deferred Compensation Obligation

$ 0.75

01/12/2009

A(5)

$ 175,000

01/12/2009

12/31/2009

Common Stock

233,334

$ 175,000

$ 175,000

I

By Corporation

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Bassani Dominic C/O BRIGHT CAPITAL, LTD. 64 VILLAGE HILLS DRIVE DIX HILLS, NY 11746		X

Signatures

/s/ Dominic Bassani		01/21/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	A trust beneficially owned by Mr. Bassani had 75,954 shares credited to it mistakenly. The transaction here represents a corrective distribution of these misplaced shares.
(2)	Represents the right to convert, in whole or in part, a promissory note with an initial principal balance of $50,000, into the Issuer's common stock at a price of $0.75 per share.
(3)	Represents warrant to purchase 1,000,000 shares of restricted common stock at $.75 per share issued as $100,000 of a $125,000 bonus.
(4)	Represents extension of expiration date of all warrants previously issued to 12/31/18 as $25,000 of $125,000 bonus.
(5)	Represents option to convert deferred compensation due on December 31, 2008 of $175,000 to 233,334 shares of restricted common stock at $0.75 per share, exercisable until December 31, 2009.

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