BioExx Specialty Proteins Ltd.
TSX : BXI

BioExx Specialty Proteins Ltd.

January 10, 2011 07:00 ET

BioExx Appoints New U.S. Based Director

Selects KPMG as New Auditor

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) - BioExx Specialty Proteins Ltd. (TSX:BXI) is pleased to announce that Mr. Henry Linsert Jr. has been appointed to its Board of Directors to add additional, and direct, industry expertise and depth. The Company has also accepted the retirement of Mr. Paul McClory from the Board of Directors, following more than 13 years involvement with the genesis and evolution of BioExx. The Company further announces that it has selected KPMG LLP to serve as the Company's independent auditor commencing with fiscal year 2011.

Appointment of New Director

Mr. Linsert, who is based near Washington, D.C., founded Columbia Biosciences Corporation in 2007 to develop new uses for algal fluorescent proteins and new purification technology to improve the performance of proteins and antibodies for therapeutics, diagnostics and biochemical reagents.

Prior to Columbia, Mr. Linsert was Chairman of the Board and Chief Executive Officer of Martek Biosciences Corporation from 1989 to 2006. As CEO he led Martek from being a small private R&D company, to a profitable Nasdaq-listed company with a market capitalization of over $1 billion. In 2006 he also received the Ernst & Young Entrepreneur of the Year® Life Sciences Award for the Washington, DC area and was a national runner-up for the same category. His tenure included construction and operation of multiple new processing facilities for the world's first production of DHA from micro-algae and ARA from natural fungi, to provide essential Omega-3 and Omega-6 fatty acids, and introducing these products to global infant nutrition markets. Today, over 90% of all infant formula sold in the US includes Martek products, and the products are sold in more than 70 countries worldwide. Mr. Linsert retired in 2006 as CEO, remaining as Chairman until mid 2007.

Prior to Martek, Mr. Linsert was primarily engaged in the development and financing of early-stage companies in the Mid-Atlantic area in a variety of roles, including having been CEO of venture capital company Suburban Capital Corp, which was subsequently acquired by Bank of America, and as Vice President of First Virginia Bank. Mr. Linsert also served as a Captain in the U.S. Marine Corps.

Mr. Linsert received an M.A. in economics from George Washington University in 1970 and a B.A. in economics from Duke University in 1963. In 2009, he was one of the three inductees in the Space Technology Hall of Fame. He currently serves on the review committee of the US National Academies of Sciences for Technology, Innovation and Entrepreneurship.

Concurrently, the Company wishes to express its sincere gratitude to retiring Director, Paul McClory, for his long-time stewardship and service to the Company and its shareholders. Mr. McClory was the discoverer of the effectiveness of low temperature extraction in the recovery of protein isolates from oilseeds and the founder of Naturol Ltd. in 1998. Naturol was the original applicant and owner of the cold temperature extraction patents that are now wholly-owned by BioExx and that formed the original basis of the Company. While BioExx has developed its technology considerably beyond what was first patented by Naturol, and has developed several additional patent-pending technologies, Mr. McClory helped create the vision for what has become BioExx. Mr. McClory has agreed to maintain his involvement with BioExx by joining its Science Advisory Board, where his experience and vision will continue to add value for shareholders.

Selection of New Auditor

The Company also announces that it has selected KPMG LLP as the Company's independent auditor commencing with fiscal year 2011. The selection concludes a thorough evaluation that the Company conducted among several international audit firms. BioExx conducted this evaluation to assess its ongoing and growing need for audit, assurance, and tax services, and in particular as its business plan evolves into international markets. BioExx has been well served since its inception as a public company by its current independent auditor, McGovern Hurley Cunningham ("MHC"), and it extends its sincere thanks to MHC for its strong service to the Company and its shareholders. The intended change in independent auditors does not result from any disagreement or dissatisfaction between the Company and MHC. The appointment of KPMG LLP as independent auditor is subject to the approval of the Company's shareholders at its next shareholder meeting.

"We are extremely pleased with both of these new appointments," said BioExx CEO, Chris Carl. "In particular, Mr. Linsert brings a wealth of successful experience that is well aligned with the BioExx business plan, especially in terms of taking new technology from lab-scale through to multiple commercial plants, and developing high-end nutrition products for global markets. There is little doubt that Mr. Linsert can add tremendous value to BioExx as it continues on its path to becoming a larger scale operating company in similar markets over the coming years."

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 and patent-pending 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. 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 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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