TORONTO, Feb. 19 /CNW/ - Bio-Extraction Inc. (BXI:TSX-V) ("BioExx") is
pleased to announce that Mr. Gordon Maclennan is joining the BioExx team in
the capacity of Plant Manager for it's recently funded Saskatoon Plant. Mr.
Maclennan will also oversee construction of the 40,000 MT per year canola
processing facility being constructed in Saskatoon prior to taking over as
Mr. Maclennan is a veteran of the Canadian canola processing industry,
having spent the past 15 years with Bunge Canada at their Canola Processing
facility in Nipawin, Saskatchewan. Most recently holding the title of Crush
Production Manager, Mr. Maclennan was also directly involved in the management
of a 50% increase in throughput capacity of that facility where the expansion
project alone was several times the size of the facility being constructed by
BioExx. Mr. Maclennan also has a very strong technology background, including
eight years with POS Pilot Plant Corporation, a world-class canola extraction
R&D facility based in Saskatoon and a close contract partner of BioExx.
"We are absolutely thrilled to have Gordon join the BioExx team," says
Chris Carl, BioExx Chief Executive Officer. "All of our key people have
extensive and complementary experience to the BioExx facility being
constructed in Saskatoon and Gordon adds a significant direct industry
experience to that mix. We have spent the past several years proving that we
have world-class technology and now we are building a team that has the
experience to complete the design, construction and operation of this facility
in a manner that can be competitive in a larger scale commercial environment.
Gordon brings not only excellent credentials from the Canola industry, but his
incredible work ethic and his local background will help BioExx ensure that it
meets its goals of building this plant on-time and on-budget, and then
operating the plant in a manner that will maximize quality and profit. We
welcome Gordon to the BioExx family."
Mr. Maclennan will complete an orderly transition away from his prior
responsibilities during the balance of February and will officially join
BioExx effective March 3, 2008.
BioExx is pleased to make available a copy of the recent interview
conducted with Chris Carl on Business News Network (BNN) regarding the BioExx
business. The six minute interview can be viewed from the Investor
Relations-Presentations section of the BioExx website at www.bioexx.com.
The Board of Directors of BioExx has also approved the issuance of stock
options to the following Officers and Directors: CEO Chris Carl, 500,000; CFO
Chris Schnarr, 900,000; VP Business Development Samah Garringer, 775,000; and
Directors Messrs, Carl, Schnarr, Lorenzo and McClory, 100,000 each. The
options have an exercise price of $0.30 per common share, and vest equally
1/24 per month for each of the 24 months after the date of the grant.
Finally, BioExx has agreed to accept the resignation of Dr. Lisette
Mascarenhas, one of its Advisory Board members, due to potential future
conflicts of interest related to certain funding and research programs in
which BioExx expects to become involved. Dr. Mascarenhas provided excellent
technical and business related assistance ideas to BioExx and will be missed.
About Bio-Extraction Inc.
The global demand for ever higher food value from agriculture is growing
at an unprecedented pace, driven by population growth and economic growth. At
the same time, food supply constraints are increasing, due to urban
development of arable land, alternate uses of crops for bio-fuel and other
industrial purposes, and many crops having already maximized yields. The
result is an alarming imbalance between over-demand and under-supply.
BioExx owns patented technology which allows for much lower temperatures
to be used for the extraction of active ingredients and oils from biomass.
This makes BioExx particularly well suited to process oilseed crops in a
manner that allows for the production of much higher value additives to the
food chain, in the form of higher yields of high value proteins which tend to
be temperature sensitive. While forming just a small, but very valuable part
of the solution to prominent global agricultural problems, BioExx has a
mandate to rapidly grow the company through the construction and operation of
extraction facilities around the world - and because of its much lower energy
requirements, to do so in a very environmentally responsible manner.
To find out more about Bio-Extraction Inc. (TSX-V: BXI), please visit our
website at http://www.bioexx.com
The TSX Venture Exchange has not reviewed this press release and neither
approved nor disapproved the information contained in this press release. 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,
the demand for BioExx' products, the availability of funding, and the
anticipated costs of BioExx' 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 the
BioExx' expectations and projections.
For further information:
For further information: Chris Schnarr, Chief Financial Officer, BioExx,
(416) 588-4442, x.111, firstname.lastname@example.org; Investor Relations: Scott Koyich,
President, Brisco Capital Partners, (403) 262-9888, email@example.com