BioExx Specialty Proteins Ltd.
TSX : BXI

BioExx Specialty Proteins Ltd.

October 03, 2011 07:05 ET

BioExx Provides Corporate Update

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2011) - BioExx Specialty Proteins Ltd. (TSX:BXI) is pleased to provide an update on the following items:

CEO Search

BioExx has retained Caldwell Partners, a leading Canadian executive recruiting organization, to conduct the search for a permanent CEO for the Company. The search is now active and moving forward according to search parameters and protocols established between BioExx and Caldwell Partners. Caldwell Partners is one of North America's premier providers of executive search and has been for 40 years. The firm has an established reputation built on successful searches for boards, chief and senior executives, and selected functional experts. Caldwell Partners has offices and partners across North America, and a strategic presence in London.

Retirement of Director

BioExx announces the retirement of Henry Linsert Jr. from its Board of Directors. After due consideration, Mr. Linsert has decided to focus his attention on his personal and local and direct business activities that are demanding increased activity on his part. Mr Linsert's retirement from the BioExx Board is part of this shift in focus. "I have enjoyed working with the BioExx Board members over my tenure, and I wish the Company the best in bringing a new and valuable source of protein to consumers worldwide," said Mr Linsert. Will Ollerhead, Chairman of BioExx, stated, "The Company has appreciated the perspective and guidance offered by Mr Linsert during his time as a Board member of BioExx. We all thank him for his insight, and wish him great success as he refocuses his efforts closer to home." The Board has begun the process of finding an alternate and suitable candidate to fill this vacancy.

Plant Update

BioExx also advises that it plans to re-start initial protein production operations today. The plant shutdown has been longer than originally anticipated, to accommodate a number of projects and initiatives designed to provide a path to improved forward performance. Once the plant has been running for a period of time, to achieve consistent and meaningfully reportable results, a further update on status will be provided.

About BioExx Specialty Proteins Ltd.

Headquartered in Toronto, Canada, BioExx is a technology and industrial processing company focused on the extraction 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. BioExx is commencing operation of a small commercial scale canola processing facility in Saskatoon, Saskatchewan, and has a mission to construct and operate and/or facilitate the development of 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.

Contact Information