BioExx Specialty Proteins Ltd.
TSX : BXI

BioExx Specialty Proteins Ltd.

April 21, 2010 07:26 ET

Protein Production Schedule Update

TORONTO, ONTARIO--(Marketwire - April 21, 2010) - BioExx Specialty Proteins Ltd. (TSX:BXI) ("BioExx" or the "Company") announced today that while it continues to make steady progress on the completion and commissioning of its canola protein isolate production facility in Saskatoon, Saskatchewan, two issues have recently been confirmed that are causing a deferment to the current schedule, including later delivery and installation times on the final sections of structural support steel for piping and electrical infrastructure, and later delivery times on some of the 1,800 valves and instruments being installed.

There are several valves and some electronic instruments that are experiencing much longer delivery times than expected, including some ordered several months ago and others ordered more recently. Similar issues have arisen with structural steel work not being completed as quickly as anticipated, thus delaying installation of certain cable trays which in turn support final wiring. These delayed deliveries are resulting in later completion dates for each process area, which results in later commissioning and postpones the overall start date by as much as 6 to 8 weeks versus previous contractor estimates, to late June or early July.

"Encountering a delay of this nature, especially when it looked like we had an earlier completion date in our grasp, is frustrating to all involved," said Chris Carl, BioExx CEO. "Despite these on-going challenges with the calendar, we remain pleased with the quality of work being completed by our engineering team and our installation contractors. We continue to believe that a moderately shifting date, while clearly disappointing in the short run, has no bearing on the tremendous opportunity for success that BioExx has as we bring our specialized and highly anticipated products to market."

Regarding other value drivers, BioExx continues to enjoy ever greater integration into its marketplace with important customer meetings and discussions ongoing, and reconfirmation from its international protein distribution partner, during their recent visit, of the great anticipation, and patience, of the end customer base that has been developed.

Another value driver is the continued development of the Company's second protein production technology. BioExx has recently completed its largest toasted meal pilot run to date, with very strong results, thus opening the door to further development and eventual commercial deployment of this promising technology.

About BioExx Specialty Proteins Ltd.

Headquartered in Toronto, Canada, BioExx is a leading technology and industrial processing company focused on the extraction of oil and high-value proteins from oilseeds for the global food, beverage, and nutrition markets. 

BioExx uses patented technology that utilizes significantly lower temperatures than conventional methods for extracting the final quantities of oil necessary to enable its simplified and patent-pending methods for separating proteins from oilseeds. Without the extraction of virtually all of the oil at low temperatures, and in the manner developed by BioExx, the protein separation methods would not work. It is the combination of these proprietary processes that has enabled BioExx to develop product profiles that do not infringe either on methods or product profiles developed by others. Through its extensive research and development work, together with an exhaustive review of published and prior art, BioExx is confident that all of its processes and resulting products are unique in the marketplace. 

Relative to other commercial processes, the low temperature BioExx process results in comparatively low energy requirements, environmentally sound extraction and protein separation processes, and very high human food yield that cumulatively have the potential to make a highly valuable contribution to global food and protein supply while maintaining an excellent environmentally sustainable footprint.

BioExx operates a commercial scale extraction facility in Saskatoon, Saskatchewan, is in development stages on it second plant in Minot, North Dakota and has a mission to construct additional and larger processing facilities on a global basis. To find out more about BioExx Specialty Proteins Ltd. (TSX:BXI), please visit www.bioexx.com.

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, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated timing and costs of BioExx's 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 BioExx's expectations and projections.

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