Bio-Extraction Inc.
TSX VENTURE : BXI

Bio-Extraction Inc.

April 28, 2008 16:10 ET

BioExx Announces Fiscal 2007 Financial Results

TORONTO, ONTARIO--(Marketwire - April 28, 2008) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") announced today its financial results for the fiscal year ended December 31, 2007. Complete financial statements and Management's Discussion and Analysis are available for public review at www.sedar.com.

Operating and General Expenses

The Corporation incurred operating and general expenses during the year of $1,747,835, compared to $1,030,241 in the prior year. The increase in expenditures reflects the ramp up of activities in all areas of operations, as the Corporation intensified efforts in technology development, market engagement, and public company administration. Key business resource allocations during the year included advanced testing of the BioExx oil extraction technology for application in the oilseed (and biofuels) market, testing of the efficacy of this technology in the retention of the protein value embedded within the initial biomass, and process engineering to facilitate commercial-scale implementation of the technology. In tandem with the technology work during the year, the Corporation advanced commercial activities relative to securing biomass supply and the identification and engagement of end markets and customers for extracted oils, meals, and proteins. Most notably, the Corporation has been accelerating activities related to the development of its Saskatoon canola processing facility, as announced on September 28, 2007.

Interest Revenue

During the year, the Corporation earned $35,801 of interest revenue, from interest-bearing marketable securities, versus $4,128 in the prior year.

Net Loss

The Net Loss for the year was $1,710,028, compared to $1,026,113 for the prior year. This increase in net loss is a result of the increase in expenditures discussed above, as the Corporation increases its activity levels on a number of fronts. On a per share basis, the Net Loss is $0.03 for the year, versus $0.02 in 2006.

Working Capital and Liquidity

As at December 31, 2007, current assets were $901,447, including cash of $210,278. Against current liabilities of $185,286, this results in net working capital of $716,161. This compares to current assets of $835,396 and net working capital of $502,171 at December 31, 2006.

Subsequent to year end, on January 29, 2008, BioExx completed a private placement of securities, for net proceeds of $10,239,519 (after agents' commission but before legal expenses and other issue costs). The anticipated use of proceeds from the private placement is to fund construction, start-up, and ramp-up of the planned Saskatoon canola processing facility, and also for working capital and general corporate purposes.

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 http://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 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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