Bio-Extraction Inc.
TSX VENTURE : BXI

Bio-Extraction Inc.

April 28, 2009 16:13 ET

BioExx Announces 2008 Results

Conference Call: Wednesday, April 29, 10:00 a.m. Dial-in Numbers: 416-340-8061 / 866-225-2055

TORONTO, ONTARIO--(Marketwire - April 28, 2009) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx" or "the Company") announced today its financial results for the year ending December 31, 2008. Complete financial statements and Management's Discussion and Analysis are available for public review at www.sedar.com.

"This was a year of tremendous progress for BioExx on many fronts. We continued on an aggressive pace to meet the milestones we had set, transforming ourselves from a small development company as we entered the year, through first breaking ground last May, to ending 2008 as a much stronger organization on the verge of commercial operations", said Chris Carl, BioExx CEO. "Our efforts and success are continuing unabated through 2009, with an operating plant in the midst of a successful ramp-up, a visible path to continued revenue growth, and a very clear focus on our development initiatives both toward high-end protein markets and toward our second plant. We have a tremendous team of tireless individuals within BioExx and we are extremely proud of the accomplishments that our team has achieved."

Operating and General Expenses

The Corporation incurred operating and general expenses during the year of $3,751,064, compared to $1,747,835 in the prior year. The primary components of this overall increase on a year-over-year basis were:



2008 2007
$ $

Office and general 1,283,123 863,700
Research and development 1,092,696 325,471
Stock-based compensation 1,002,311 402,926
Sales and marketing 320,839 220,116


The increases in expenditures reflect the ramp up of efforts in all areas of operations. The Corporation intensified its activities throughout 2008 and achieved measurable success in product development, market engagement, plant construction, and public company administration. These efforts were targeted towards and in preparation for full commercial operations in 2009, with production at the Saskatoon plant coming on-line.

Interest Revenue

During the year, the Corporation earned $291,444 of interest revenue, from interest-bearing marketable securities, versus $35,801 in the prior year. The increase results from the much larger cash balances held by the Corporation, relating to two private placements completed during 2008.

Net Loss

The Net Loss for the year was $3,466,439, compared to $1,710,028 for the prior year. This increase in net loss is a result of the increase in expenditures discussed above, as the Corporation increased its activity levels on a number of fronts. On a per share basis then, the Net Loss is $0.04 for the year, versus $0.03 in 2007.

Working Capital and Liquidity

As at December 31, 2008, current assets were $5,277,238, including cash of $4,202,299. Against current liabilities of $1,595,309, this results in net working capital of $3,681,929. This compares to current assets of $901,447 and net working capital of $716,161 at December 31, 2007.

About Bio-Extraction Inc.

Headquartered in Toronto, Canada, BioExx is a leading technology company focused on the extraction of oil and high-value proteins from oilseeds for the global food market. BioExx' patented technology allows for the use of significantly lower temperatures than conventional methods in extracting the active ingredients and oils from oilseeds, resulting in higher yields and higher-quality meal, oils and proteins. BioExx' low energy requirements, environmentally sound process, and high-yield production have the potential to make a valuable contribution in alleviating food scarcity. BioExx operates a commercial scale extraction facility in Saskatoon, Saskatchewan, and has a mission to construct additional and larger processing facilities on a global basis. To find out more about Bio-Extraction Inc. (TSX VENTURE: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, 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 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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