CEAPRO INC.
TSX VENTURE : CZO

CEAPRO INC.

November 16, 2006 18:15 ET

Ceapro Inc. announces issuance of options

EDMONTON, Nov. 16 - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or the "Corporation")
today announced that it will, subject to the approval of
the TSX Venture Exchange, issue 150,000 to Branko Jankovic, the Corporation's
Controller. Each of the options, which vest as to one third (1/3) on the date
of issue, one third (1/3) on the first anniversary of the date of issue and
one third (1/3) on the second anniversary of the date of issue, entitle the
holder thereof to acquire one (1) common share upon payment of the exercise
price of $0.27 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., an innovation-driven biotechnology company, develops and
commercializes organic products for medical, cosmetic, and animal health
industries using proprietary technology and natural, renewable resources.
Based in Edmonton, Alberta, Ceapro's shares trade on the TSX Venture Exchange
under the symbol CZO. Shares Issued: 37,461,670, recent close: $0.27
(November 16, 2006). To learn more about Ceapro, log on to our new website at
www.ceapro.com.

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
statement.

Contact Information

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