Bio-Extraction Inc.

Bio-Extraction Inc.

April 29, 2008 07:00 ET

BioExx Announces Two New Directors

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce the addition of two new Directors to its Board, reflective of the Company's transition to a commercial operations focus. The two new Directors are Messrs. Peter Lacey and John MacDonald. Long time BioExx Director, John Lorenzo is resigning from the Board to allow him to spend more time on various other ventures. John has been a great friend of the Company and its shareholders almost since its inception, bringing his wealth of small company start-up experience to the Board and an ability to assist in raising capital when it was needed most. John will continue to act in a consulting capacity, utilizing his extensive international exposure and experience to seek out new opportunities for the Company. While he will no longer act as a Director, BioExx looks forward to continuing its long and respectful relationship with Mr. Lorenzo.

About the New Directors

Mr. Lacey, 51, is currently President and CEO of Cervus LP and Proventure Income Fund (TSX:CVL.UN). Cervus LP consists of 12 John Deere agricultural and grounds care dealerships across Western Canada and 5 Bobcat and JCB construction equipment dealerships in Alberta, with annual sales in 2007 exceeding 300 million dollars. Mr. Lacey also serves, or has served, on a number of Boards of companies and non-profit organizations including being Chairman of Eveready Income Fund (TSX:EIS.UN), a Director of Collicutt Energy Services (TSX:COH) prior to its acquisition by Finning Canada Ltd., sitting on the Red Deer College Board of Governors for 7 years as well as Chairman of the Board of Governors for 4 years, as a trustee on the Board of Alberta Ingenuity Fund, a provincially sponsored endowment fund of $900 million provided by the Province of Alberta to encourage science and engineering related research and researchers, and as a director on the Board of Canada West Equipment Dealers Association, the trade association serving the farm equipment dealer industry.

Mr. MacDonald, 50, is Managing Partner of John MacDonald and Associates, a firm of established Accounting and Tax Professionals he founded in 1989 after several years in senior management positions with the Government of Ontario. From the accounting platform, John has extended the firm to include Oakville Investment Corp. which is involved in wealth management, private equity and growth/turnaround opportunities in private and public companies. Serving in various roles including CEO, Chairman, and Chief Restructuring Officer, John has leveraged his leadership and professional experience to lead change and growth strategies at several companies resulting in a successful portfolio of buy and hold growth, technology, consumer and manufacturing companies. Currently John serves on the Board of Luxell Technologies Inc (TSX:LUX) and several charitable boards in Canada and the USA. John holds a degree in Economics from University of Western Ontario 1980, received his CGA in 1985 and has maintained continuing studies in Executive Leadership at Queen's University.

The Board will now consist of Chris Carl, Chris Schnarr, Paul McClory, Peter Lacey and John MacDonald. Mr. Lacey will chair the newly formed Corporate Governance and Compensation Committee, and Mr. MacDonald will chair the Audit Committee.

Each of the two new Directors, as well as current Director Paul McClory, has been granted 100,000 options, exercisable for 5 years from the date of grant at a price of $0.40 per common share, and vesting 1/24 per month over the 24 months from the date of grant.

About Bio-Extraction Inc.

The global demand for ever higher food value from agriculture is growing at an unprecedented pace, driven by population growth and economic growth. At the same time, food supply constraints are increasing, due to urban development of arable land, alternate uses of crops for bio-fuel and other industrial purposes, and many crops having already maximized yields. The result is an alarming imbalance between over-demand and under-supply.

BioExx owns patented technology which allows for much lower temperatures to be used for the extraction of active ingredients and oils from biomass. This makes BioExx particularly well suited to process oilseed crops in a manner that allows for the production of much higher value additives to the food chain, in the form of higher yields of high value proteins which tend to be temperature sensitive. While forming just a small, but very valuable part of the solution to prominent global agricultural problems, BioExx has a mandate to rapidly grow the company through the construction and operation of extraction facilities around the world û and because of its much lower energy requirements, to do so in a very environmentally responsible manner.

To find out more about Bio-Extraction Inc. (TSX VENTURE:BXI), please visit our website at

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for BioExx products, the availability of funding, and the anticipated costs of BioExx plant construction and operation. These forward-looking statements are made as of the date hereof and BioExx does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the BioExx expectations and projections.

The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

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