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

Bio-Extraction Inc.

October 10, 2007 07:00 ET

BioExx Forms Science Advisory Board and Announces New VP

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2007) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce that effective October 1, 2007, it has formed a new Science Advisory Board. The purpose of the Science Advisory Board will be to bring the knowledge and experience of the individual members together to assist BioExx in fulfilling its mission to become a world leader in cold temperature extraction technologies and in the production of Protein Concentrates from oilseed feedstocks.

Each member brings a vast amount of market and technical knowledge in their respective fields including engineering and design for low temperature extraction technology, chemical innovations and diagnostic chemistry, large scale process and product development, health and nutrition, and aquaculture nutrition and feed development. Each of these areas of expertise will help ensure that the first plant being constructed by BioExx will be able to maximize its effectiveness at producing its multiple products while maintaining the highest quality and lowest cost per unit of any comparable facility.

The Advisory Board comprises four highly respected scientists who have agreed to serve for renewable periods of two years. They are:

Dr. Peter F. Wilde (B.Sc., Ph.D., F.R.I.C., F.L.S.)

Dr. Wilde has almost 50 years experience of bringing technical innovation from basic concept to the international marketplace. For most of the past 30 years he has run his own intellectual property based businesses, having signed dozens of Patents as "inventor" which has given rise to several basic manufacturing businesses. In earlier years, after leaving Cambridge, he was Head of the Skin Biochemistry group of Unilever Research at Isleworth, UK and then Technical Director of the UK subsidiary of American Cyanamid (now SyQuest) responsible for preparing polyelectrolytes. In the late 1980s, he invented and pioneered the process of extraction of fine oils from plants (initially English Rose Oil) using refrigerant-based solvents, for the flavour, fragrance and pharmaceutical industries. Dr. Wilde was the inventor of two key Patents now owned by BioExx.

He now offers consultancy services in the fields of fine plant extracts to numerous clients in many countries, notably, France and Italy, Malaysia, China, India, Pakistan, and Thailand, where he is responsible for the design and erection of a large scale extraction plant and equipment. International companies such as British Aerospace, Cadbury Schweppes, Tate and Lyle, Shell Petroleum Company have used his services. He is currently working with OTECI (Medecins Sans Frontieres) on the production of the anti-malarial drug Artemisinin.

He was awarded a B.Sc. (Hons) from Leeds University in microbiology and his Ph.D. was obtained at Leeds Medical School, Department of Experimental Pathology, where he was Angus Rhodes Cancer Research Fellow. He was elected a Fellow of the Royal Institute of Chemistry in 1967 and a Fellow of the Linnaean Society of London in 1995.

Dr. Tom MacMurray (B.Sc., Ph.D.)

Dr. MacMurray has 40 years experience involved in research chemistry, product and process development, and marketing. He spent almost 30 years with H.J. Heinz where he joined their UK Research Laboratories in London as a research chemist, moved through product and process development and eventually became head of Research. He then spent two years as GM, Marketing before moving to Heinz World Headquarters in Pittsburgh in 1984 as director of Research and then Corporate VP, Technical Development. Tom coordinated the research and engineering around the world for Heinz and has worked in over 20 countries from China and Korea and India to Australia, New Zealand, Japan, Zimbabwe, S. Africa and all across North America and Western Europe. For his last two years at Heinz, Dr. MacMurray was Regional Director, Central and Eastern Europe. He sat on a number of industry committees such as International Life Sciences Institute, Food Processors Association Regulatory and Scientific Affairs, SUSTAIN, and The National Food Labs.

Dr. MacMurray has also been involved as a consultant and entrepreneur in the development of several technologies and businesses including: being a joint founder and Executive Vice-President of Country Gourmet Foods, the developers and marketers of Wolfgang Puck Soups, Stocks and Broths; an early investor and Board member of KCRS Inc., a software company specialising in health and productivity management. He was a member of the advisory board of Carnegie Mellon Research Institute where he worked on specialized radio frequency extraction technology that recovered oil from steel sludge; he founded a company to commercialise technology for oil extraction using propane and other hydrocarbon mixtures but prefers to work with established companies in this field. He is currently establishing a startup microwave snack company.

Dr. MacMurray was born in Glasgow, Scotland and graduated from Glasgow University with an honours degree in Agricultural Chemistry and from Strathclyde University with a Ph.D. in Food Science.

Dr. Albert G.J. Tacon (B.Sc., Ph.D.)

Dr. Tacon has more than 30 years specializing in the aquaculture nutrition and feed development industries. He has held numerous employment and fellowship positions that most notably include: Member, Aquaculture Working Group, National Organic Program (NOP) Aquatic Species Task Force (USDA); President, International Aquafeed Association; Editor in Chief, Reviews in Aquaculture (Blackwell Publishing); Technical Director - Aquaculture Research & Development, Aquatic Farms Ltd, Hawaii, USA; Technical Director & Program Manager, The Oceanic Institute, Hawaii, USA; FAO Fishery Resources Officer (Feed Specialist), Fisheries Department, FAO, Rome, Italy; FAO Feed and Nutrition Adviser, Seafarming Development Project, Bandar Lampung, Indonesia; FAO Aquaculture Nutrition & Feeding Expert, Support to the Regional Aquaculture Activities of Latin America & the Caribbean Project, Pirasanunga/Brasilia, Brazil; FAO Fish Feed Technologist, Aquaculture Development and Coordination Programme, Rome, Italy.

Dr. Tacon has 193 publications and one patent on aquaculture technology, including publications related to global aquaculture development trends, food security and poverty alleviation, aquaculture nutrition and feeding, and feed technology. In addition, he is affiliated with several Universities and Aquaculture related organizations worldwide.

Dr. Tacon has a B.Sc. with Honours (Upper Second) in Botany & Zoology (specializing in marine zoology) from Westfield College, University of London and a Ph.D. from Research, University College (Cardiff), University of Wales.

Dr. Lisette Mascarenhas (M.Sc., Ph.D., MBA)

Dr. Mascarenhas has almost twenty years of combined training and experience in applied research and corporate development of small life-sciences companies in Western Canada. Her primary positions have included: Vice President: Health and Nutrition, Ag-West Bio Inc. in Saskatoon, Saskatchewan; Manager - Diagnostic Applications of Microarrays in Organ Transplantation, Genome Alberta in Edmonton, Alberta; and Postdoctoral Research Scientist, Agriculture and Agri-Food Canada and Department of Anatomy and Cell Biology, University of Saskatchewan in Saskatoon, Saskatchewan.

The combination of a doctorate degree in applied sciences and a Masters in Business Administration has allowed her to take on unique responsibilities such as the co-management of an investment portfolio of start up life science companies; assessing the validity of new technologies, market assessment, assessment of intellectual property rights protection and freedom to operate (licensing), regulatory impediments, environmental reviews and competition assessment. She also has experience in managing clinical and non-clinical interactions with members of academic, corporate, government, and international life sciences and biomedical research communities for the development of large co-operative projects. These organizations included the University of Alberta, University of Calgary, Roche Molecular Systems, Genome Alberta, Alberta Ministry of Innovation and Science among others.

Dr. Mascarenhas holds a MSc in Applied Microbiology, a PhD in Applied Microbiology and a Masters of Business Administration from the University of Saskatchewan.

In their capacity as Science Advisory Board consultants, each of the individuals has been granted 25,000 stock options, at an exercise price of $0.30, vesting 1/24 each month, and expiring at the earlier of 24 months from the grant date or 90 days from the date such individual ceases to be a Science Advisory Board consultant.

Appointment of Vice President of Business Development

BioExx is also pleased to announce that effective October 1, 2007, Samah Garringer has taken over the role of Vice President of Business Development. Ms. Garringer joined BioExx in August 2006 as Director of Sales and Marketing and through the period since has demonstrated a strong aptitude toward all development aspects of the business including management oversight of R&D activities, and development of customer and supplier relationships. Ms. Garringer will take on formal responsibility for all of these areas of the business to ensure that BioExx succeeds in its mandate to commence construction of its oilseed extraction facility this year. Ms. Garringer will also act as facilitator for the Science Advisory Board.

Ilja Troitschanski who formerly held the title of VP Business Development will continue to serve the company in a senior consulting capacity on specific project-related activities.

"The addition of the Science Advisory Board represents one more important building block now put in place as we rapidly progress toward constructing our first full scale facility," says BioExx president, Chris Carl. "Our team has a strict mandate to conclude development and commence construction of this facility this year and everyone is working very hard to ensure we succeed at this. However, this team is also capable of managing the rapid growth that we foresee that will follow our first plant and I am very excited and proud of the team that we have established. We are embarking on a commercial path that promises to set new milestones in the ability to produce foods, fuels, and industrial products from renewable seed crops. It is our firm intention to raise the bar significantly in each of these areas."

About Bio-Extraction Inc.

BioExx is involved in the development and commercialization of extraction technology, which it intends to use 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 pharmaceutical, nutraceutical, food oils and fixed oils (including bio-fuels) 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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