June 29, 2006 16:00 ET

Ceapro Inc. announces issuance of options

EDMONTON, June 29 - Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or
the "Corporation") today announced that it will, subject to the approval of
the TSX Venture Exchange, issue 375,000 stock options, including 150,000 to
Mr. Shawn McMillan, the Corporation's Chief Financial Officer. Each of the
options, which vest upon the Corporation achieving certain revenue milestones,
entitle the holder thereof to acquire one (1) common share upon payment of the
exercise price of $0.30 per common share. Each option, upon vesting but
subject to prior termination, is exercisable for a period of five (5) years.

About Ceapro Inc.

Ceapro Inc. is a Canadian growth stage biotechnology company. Ceapro's
core technology is the extraction of functional, active ingredients from
plants and other renewable resources. We add further value to our extracts by
manufacturing medical and therapeutic products, and by supporting the use of
our extracts in products for human and animal health. We have also introduced
health and wellness services employing our CeaProve® diagnostic technology.
Ceapro shares trade on the Canadian TSX Venture Exchange under the symbol CZO.
To learn more about Ceapro, visit our website at www.ceapro.com. Shares
Outstanding: 37,098,670, Recent Close: $0.27 (June 28, 2006).

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this news release.

This release may contain forward-looking statements. Various factors
could cause actual results to differ materially from those projected in
forward-looking statements. Although the Company believes that the
forward-looking statements contained herein are reasonable, it can give no
assurance that the Company's expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this cautionary

Contact Information

  • Dr. Mark Redmond, President and CEO, Ceapro
    Inc., Telephone (Edmonton): (780) 421-4555