BioExx Specialty Proteins Ltd.

BioExx Specialty Proteins Ltd.

January 30, 2012 07:15 ET

BioExx Provides Business Update

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) - BioExx Specialty Proteins Ltd. ("BioExx" or the "Company") (TSX:BXI), the first company to commercialize a new and complete food-grade protein from a major global crop since the introduction of soy protein isolate some 60 years ago, is pleased to provide the following update on its business activities:

Plant Update

Operational results have continued to improve at the Saskatoon plant. To encapsulate this in a simplified format for general and illustrative comparison purposes against prior updates as issued, results (adjusted for "short weeks" due to seasonal holidays) have been approximately as follows:

Weekly Volume Protein Purity
Pre-August Shutdown 0.4 Mt 80%
November 14 Update 1.2 Mt 83%
December 20 Update 2.0 Mt 86%
Through Jan20 Week 2.7 Mt 88%

The data does not reflect the Jan27 week, which was shortened for maintenance on the large spray dryer. The Company has recently shipped approximately 2.5 Mt to a distributor for product application development, and is presently accumulating a further 10 Mt for shipment to another distributor in February.

Going forward, the key interim focus of operations will continue to be on quality, consistency, and steady shipments, based on existing infrastructure. This is intended to ensure a stable and scalable platform, reduce uncertainty and variability, provide a strong foundation for future capacity expansion, and reduce interim capital expenditure requirements, while at the same time enabling the Company to move forward with its strategic partner plans as the foundation for long-term growth.

GEA Process Engineering Inc. Retained for Engineering Scale-up Study

In support of its various key initiatives, the Company has commissioned a study to confirm the scalability of its technology. The study will be conducted by GEA Process Engineering Inc., who specializes in the design and development of process solutions for the dairy, brewery, food, pharmaceutical, and chemical industries. GEA is recognized as a world leader in its field and is one of the largest and most experienced protein engineering firms in the world. The intention of the study is to provide detailed and actionable third-party expert recommendations for the scale-up of the Saskatoon plant, together with associated capital costs and key operating economics, and is also being extended to include a similar analysis of a new Greenfield facility on a larger scale. Subject to requisite protection of sensitive items in respect of valuable and confidential intellectual property, the Company looks forward to sharing summary results of the study with its shareholders and other key constituents on completion of the various phases under the work program, the first of which is expected within approximately 60 days.

About BioExx Specialty Proteins Ltd.

Headquartered in Toronto, Canada, BioExx is a technology and processing company focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies that utilize significantly lower temperatures than conventional oilseed processing, in order to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.

To find out more about BioExx Specialty Proteins Ltd. (TSX:BXI), please visit

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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