BioExx Specialty Proteins Ltd.
TSX : BXI

BioExx Specialty Proteins Ltd.

December 13, 2010 14:57 ET

BioExx Confirms Planned Milestone Timing

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - BioExx Specialty Proteins Ltd. (TSX:BXI) is pleased to confirm that, following a recent audit review meeting, it maintains its previous guidance with respect to the schedule for completion of HACCP/ISO/GMP certification and commencement of food-grade protein shipments from its Saskatoon plant. While a series of events must continue to occur to successfully meet this timetable, ramp-up experience to date provides the Company with confidence that the scheduled audit date will be met. BioExx notes that achieving this milestone is the best and only measure of a successful ramp-up.

BioExx also confirms that the ramp-up in Saskatoon is proceeding as expected, with a combination of day-to-day challenges and successes. As previously communicated, the challenges are generally ordinary course for any plant start-up with each adjustment typically constituting a permanent fix and therefore allowing the plant team to move on to the next operating issue.

Among many other plant activities, the checklist of items required to complete the HACCP/ISO/GMP certification process continues to be completed, and the plant will maintain a schedule designed to have the plant operating on a 7 day, 24 hour per day basis about the same time as the plant is certified for HACCP/ISO22000/GMP in Q1 2011.

The Company would also like to reiterate comments made on its most recent conference call that its balance sheet remains strong and that no additional equity funding is expected to be required prior to the planned funding of the North Dakota plant in 2011.

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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