Bio-Extraction Inc.
TSX VENTURE : LCC.P
TSX VENTURE : BXI

Bio-Extraction Inc.

November 29, 2007 16:05 ET

BioExx Announces Third Quarter 2007 Results

TORONTO, ONTARIO--(Marketwire – Nov. 29, 2007) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") announced today its financial results for the three and nine month periods ended September 30, 2007. Complete financial statements and Management's Discussion and Analysis are available for public review at www.sedar.com.

The Corporation incurred administrative and general expenses during the quarter of $412,355, and $1,278,742 for the year-to-date, compared to $453,765 and $772,605 for the comparable prior year periods. The year-to-date increase in expenditures reflects the ramp up of activities in all areas of operations, as the Corporation intensifies efforts in technology development, commercial market engagement, and public company administration. In the comparable prior year periods, the Corporation's operations were less developed and were undertaken on a smaller scale.

The Corporation has allocated management and capital resources during the year-to-date towards the completion of its Qualifying Transaction with Bio-Extraction Ltd., which closed May 9, 2007, and since May 9 towards integration activities and to related public company administration. Key business resource allocations during the quarter included advanced testing of the BioExx oil extraction technology for application in the oilseeds 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 quarter, the Corporation has been advancing commercial activities relative to securing biomass supply and the identification and advancement of end markets and customers for extracted oils, meals, and proteins. These efforts culminated in BioExx announcing on September 28, 2007 its intention to construct and operate its first commercial facility, a 40,000 metric tonne canola extraction plant in Saskatoon.

Interest Revenue

During the quarter, the Corporation earned $8,826 of interest revenue, and $18,329 for the year-to-date, from interest-bearing marketable securities. No business operating revenues were earned during the quarter or the year-to-date period.

Net Loss

The Net Loss for the quarter was $405,196 and for the year-to-date was $1,256,729, compared to $450,595 and $768,998 for the 2006 comparable prior year periods. This increase in net loss is a result of the increase in Administrative and General Expenses as discussed above. On a per share basis then, the Net Loss is $0.01 for the quarter and $0.03 for the year-to-date, versus $0.03 and $0.05 in the comparable prior year periods.

Working Capital and Liquidity

As at September 30, 2007, current assets were $1,251,313, including cash and short-term investments of $646,399. Against accounts payable and accrued liabilities of $175,440, this results in net working capital of $1,076,873. This compares to current assets of $835,396 and net working capital of $502,171 at December 31, 2006. The increase in working capital is a result of the completion of the Qualifying Transaction and the cash received thereby.

Complete financial statements and Management's Discussion and Analysis are available for public review at www.sedar.com.

About Bio-Extraction Inc.

BioExx is involved in the development and commercialization of extraction technology, which can be used to extract various active ingredients from organic and inorganic materials, for its own account and as a service to industrial customers. Global in scope, the BioExx target markets include extractions in agriculture (primarily oilseeds), alternative energy crops, pharmaceutical, nutraceutical, and industrial cleansing (eg. specialty steels). Versus traditional technologies, the patented BioExx technology can offer lower extraction costs, higher quality extracted materials, and material incremental revenue opportunities as its extractions can substantially retain the value of inherent proteins and other sensitive compounds - with all this being completed in an 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.

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