CEAPRO INC.
TSX VENTURE : CZO

CEAPRO INC.

December 08, 2006 16:47 ET

Ceapro update on legal proceedings against the Government of Saskatchewan, Saskatchewan Government Growth Fund Management Corporation, Gary K. Benson,...

EDMONTON, Dec. 8 - Ceapro Inc. (TSX VENTURE:CZO) today announced on
December 5 and 6, 2006 the Pre-Trial Conference was held in respect to the
action commenced by Ceapro on March 22, 2002 in the Court of Queen's Bench of
Saskatchewan against the Government of Saskatchewan, Saskatchewan Government
Growth Fund Management Corporation, Gary K. Benson, Janice McKinnon, and
Can-Oat Milling Products Inc. The Pre-Trial Conference failed to resolve the
action. The legal process will continue with the Trial in respect to this
action commencing in November, 2007.

About Ceapro Inc.

Ceapro Inc. is a growth stage biotechnology company. Ceapro's core
technology is the extraction of functional, active ingredients. We will
continue to add value to our extracts by manufacturing medical and therapeutic
products, support the use of our extracts in products for human and animal
health, and introduce health and wellness services employing our CeaProve®
diagnostic technology. Ceapro shares trade on the TSX Venture Exchange under
the symbol CZO. To learn more about Ceapro, visit our website at
www.ceapro.com. Shares Outstanding: 37,505,505, Recent Close: $0.33.

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

  • Richard J. Cotter, Q.C., Corporate Counsel for
    Ceapro Inc., Fraser Milner Casgrain LLP, Telephone: (780) 423-7317; Dr. Mark
    Redmond, President & CEO, Ceapro Inc., Telephone: (780) 421-4555