Bio-Extraction Inc.

Bio-Extraction Inc.

June 20, 2008 07:19 ET

BioExx Adds New Director

TORONTO, ONTARIO--(Marketwire - June 20, 2008) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce that, at its Annual and Special Meeting of Shareholders held yesterday, Mr. Will Ollerhead was elected to the Board of the Directors.

Mr. Ollerhead is the President of Ollerhead Capital Corporation, and its affiliate Ollerhead Christie & Company Ltd. Mr. Ollerhead has over 18 years of experience in the capital markets and corporate finance field, with the past 16 years devoted principally to fixed income private placements. Ollerhead Christie & Company Ltd. collaborates with its affiliate Ollerhead Capital Corporation, and has provided advisory services in respect of the structuring and arranging of more than $500 million of private debt financing and provided other advisory work in respect of debt issues totalling more than $500 million. Before founding the aforementioned companies, Mr. Ollerhead worked for what was at the time Canada's largest independent full service investment dealer, as a member of both its Corporate Finance and Fixed Income Sales and Trading departments. Prior to that, he spent seven years with two of Canada's most active institutional investors, latterly co-administering approximately $2 billion in private placement investments. Mr. Ollerhead holds a B.A. with a concentration in Statistics from the University of Western Ontario, and an M.B.A. with a concentration in Finance from McGill University. He is also a member, and serves on the audit committee, of the board of directors of United Reef Limited.

Mr. Ollerhead will serve on the BioExx audit committee, replacing Chris Schnarr, Chief Financial Officer, making that committee now fully independent, consistent with best-practices corporate governance. Mr. Ollerhead 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 - 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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