BioExx Adds Protein Specialist to Advisory Board
August 10 2009 - 8:02AM
Marketwired
Bio-Extraction Inc. (TSX VENTURE: BXI), known as BioExx or the
Company, is pleased to announce the appointment of Dr. Edward Wein
to its Scientific Advisory Board. Dr. Wein will play an active role
in the final stages of the GRAS and related product certifications
for Protein Isolate products to be produced by BioExx at its
Saskatoon facility and future facilities, as well as advising the
Company regarding the development of specific food product
applications. This will include specialized and on-going testing to
determine and verify the applicability and/or superiority of BioExx
proteins to specific food product opportunities.
With a PhD in Biochemical Engineering from University of
Toronto, Dr. Wein has a distinguished career of more than 30 years
in the food, functional food, and food ingredients markets with a
special emphasis on proteins. Dr. Wein has served as an adjunct
professor at the University of Guelph, Faculty of Engineering;
advisory board of Ryerson University department of Chemical
Engineering; and is a past member of the Canada Expert Committee on
Food Biotechnology. He has also held senior R&D and
commercialization positions at Canada Packers Ltd. (now Maple Leaf
Foods), Ault Foods (now Parmalat), Nexia Biotechnologies Inc. and
Bariatrix Products International. Dr. Wein is currently a
consultant for a variety of companies conducting research in food
products, nutraceuticals, and nutritional and food supplements, in
North America, Europe and the Middle East.
"We welcome Dr. Wein as an important member of our Science team
who brings to BioExx a wealth of critical experience in the protein
world," says VP of Business Development, Samah Garringer. "His
practical experience in the development, production and sale of
similar products will help ensure BioExx completes a smooth
transition into the sale of its Vitalexx(TM) and Isolexx(TM)
products and then continues to optimize its protein product
portfolio over the longer term."
Operations and Market Update
BioExx has continued to install equipment designed for the
second phase of its operations and as a result, the key operating
metrics of quality, yield, and throughput have continued to
improve. The plant is now able to produce food-grade degummed
expeller oil, with an expectation of producing super-degummed
expeller oil before the end of the current quarter. BioExx has
continued to produce a premium value meal since May of this
year.
Although the Company is pleased with the operating performance
of the plant, canola industry crush margins have recently declined
toward the low end of the five year trading range. While the
Company does not expect this market condition to persist in the
long term, it does create challenges with respect to breakeven
operations at the plant based on interim crushing operations. The
plant continues to forecast break-even or better operations if and
when crush margins return to previous levels. Regardless, the
Company does not consider the current crush margin weakness to be
economically meaningful in the context of its longer term business
plan as its crush-only operation is temporary in nature, pending
the start-up of protein production operations.
BioExx is also pleased to confirm that long lead time equipment
items for its Extraction and Protein phases have been ordered for
2009 delivery. Unless there are unforeseen delays in equipment
delivery, BioExx continues to work from a schedule that allows for
installation and start-up before the end of this calendar year.
In response to an article published by Reuters on August 6
regarding salmonella contamination problems in the meal produced at
several Canadian canola processing plants, BioExx is pleased to
report that as a result of its rigorous HACCP quality assurance
program, regular testing of the BioExx meal has shown no such
problems at the BioExx plant to date.
Other News
BioExx has agreed to extend its contract with Brisco Capital
Partners to provide Investor Relations services for another year
commencing August 10, 2009. As part of the extension, BioExx is
granting Brisco an Option to purchase 100,000 common shares at a
strike price of $1.44, having a two year term and vesting over 12
months. This replaces a previous option which is expiring.
In keeping with the spirit of warrant holders who have exercised
warrants prior to their maturity, at the request of the Company,
BioExx CEO Chris Carl has sold shares to generate after-tax
proceeds sufficient to repay a loan to the Company (as disclosed in
the BioExx financial statements), in the amount of $250,000 plus
accrued interest, that was not due until March 2010. Mr. Carl also
anticipates selling a small percentage of his holdings over the
balance of the year to raise necessary funds to repay some third
party debts incurred in the past six years during the building
phase of the Company.
About Bio-Extraction Inc.
Headquartered in Toronto, Canada, BioExx is a leading technology
and industrial processing company focused on the extraction of oil
and high-value proteins from oilseeds for the global food market.
BioExx's patented technology allows for the use of significantly
lower temperatures than conventional methods in extracting the
active ingredients and oils from oilseeds, resulting in higher
yields and higher-quality meal, oils and proteins. BioExx's low
energy requirements, environmentally sound process, and high-yield
production have the potential to make a valuable contribution in
alleviating food scarcity. BioExx operates a commercial scale
extraction facility in Saskatoon, Saskatchewan, and has a mission
to construct additional and larger processing facilities on a
global basis. To find out more about Bio-Extraction Inc. (TSX
VENTURE: 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."
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Bio-Extraction Inc. Chris Schnarr Chief Financial
Officer (416) 588-4442 x111 cschnarr@bioexx.com Investor Relations:
Brisco Capital Partners Scott Koyich President (403) 262-9888
scott@briscocapital.com
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