Bio-Extraction Inc.

Bio-Extraction Inc.

February 19, 2008 08:07 ET

BioExx Names Canola Industry Veteran as Saskatoon Plant Manager

TORONTO, ONTARIO--(Marketwire - Feb. 19) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce that Mr. Gordon Maclennan is joining the BioExx team in the capacity of Plant Manager for it's recently funded Saskatoon Plant. Mr. Maclennan will also oversee construction of the 40,000 MT per year canola processing facility being constructed in Saskatoon prior to taking over as Plant Manager.

Mr. Maclennan is a veteran of the Canadian canola processing industry, having spent the past 15 years with Bunge Canada at their Canola Processing facility in Nipawin, Saskatchewan. Most recently holding the title of Crush Production Manager, Mr. Maclennan was also directly involved in the management of a 50% increase in throughput capacity of that facility where the expansion project alone was several times the size of the facility being constructed by BioExx. Mr. Maclennan also has a very strong technology background, including eight years with POS Pilot Plant Corporation, a world-class canola extraction R&D facility based in Saskatoon and a close contract partner of BioExx.

"We are absolutely thrilled to have Gordon join the BioExx team," says Chris Carl, BioExx Chief Executive Officer. "All of our key people have extensive and complementary experience to the BioExx facility being constructed in Saskatoon and Gordon adds a significant direct industry experience to that mix. We have spent the past several years proving that we have world-class technology and now we are building a team that has the experience to complete the design, construction and operation of this facility in a manner that can be competitive in a larger scale commercial environment. Gordon brings not only excellent credentials from the Canola industry, but his incredible work ethic and his local background will help BioExx ensure that it meets its goals of building this plant on-time and on-budget, and then operating the plant in a manner that will maximize quality and profit. We welcome Gordon to the BioExx family."

Mr. Maclennan will complete an orderly transition away from his prior responsibilities during the balance of February and will officially join BioExx effective March 3, 2008.

Other News

BioExx is pleased to make available a copy of the recent interview conducted with Chris Carl on Business News Network (BNN) regarding the BioExx business. The six minute interview can be viewed from the Investor Relations-Presentations section of the BioExx website at

The Board of Directors of BioExx has also approved the issuance of stock options to the following Officers and Directors: CEO Chris Carl, 500,000; CFO Chris Schnarr, 900,000; VP Business Development Samah Garringer, 775,000; and Directors Messrs, Carl, Schnarr, Lorenzo and McClory, 100,000 each. The options have an exercise price of $0.30 per common share, and vest equally 1/24 per month for each of the 24 months after the date of the grant.

Finally, BioExx has agreed to accept the resignation of Dr. Lisette Mascarenhas, one of its Advisory Board members, due to potential future conflicts of interest related to certain funding and research programs in which BioExx expects to become involved. Dr. Mascarenhas provided excellent technical and business related assistance ideas to BioExx and will be missed.

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

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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