TORONTO, Nov. 29 /CNW/ - Bio-Extraction Inc. (BXI:TSX-V) ("BioExx")
announced today its financial results for the three and nine month periods
ended September 30, 2007. Complete financial statements and Management's
Discussion and Analysis are available for public review at www.sedar.com.
The Corporation incurred administrative and general expenses during the
quarter of $412,355, and $1,278,742 for the year-to-date, compared to $453,765
and $772,605 for the comparable prior year periods. The year-to-date increase
in expenditures reflects the ramp up of activities in all areas of operations,
as the Corporation intensifies efforts in technology development, commercial
market engagement, and public company administration. In the comparable prior
year periods, the Corporation's operations were less developed and were
undertaken on a smaller scale.
The Corporation has allocated management and capital resources during the
year-to-date towards the completion of its Qualifying Transaction with
Bio-Extraction Ltd., which closed May 9, 2007, and since May 9 towards
integration activities and to related public company administration. Key
business resource allocations during the quarter included advanced testing of
the BioExx oil extraction technology for application in the oilseeds market,
testing of the efficacy of this technology in the retention of the protein
value embedded within the initial biomass, and process engineering to
facilitate commercial-scale implementation of the technology. In tandem with
the technology work during the quarter, the Corporation has been advancing
commercial activities relative to securing biomass supply and the
identification and advancement of end markets and customers for extracted
oils, meals, and proteins. These efforts culminated in BioExx announcing on
September 28, 2007 its intention to construct and operate its first commercial
facility, a 40,000 metric tonne canola extraction plant in Saskatoon.
During the quarter, the Corporation earned $8,826 of interest revenue,
and $18,329 for the year-to-date, from interest-bearing marketable securities.
No business operating revenues were earned during the quarter or the
The Net Loss for the quarter was $405,196 and for the year-to-date was
$1,256,729, compared to $450,595 and $768,998 for the 2006 comparable prior
year periods. This increase in net loss is a result of the increase in
Administrative and General Expenses as discussed above. On a per share basis
then, the Net Loss is $0.01 for the quarter and $0.03 for the year-to-date,
versus $0.03 and $0.05 in the comparable prior year periods.
Working Capital and Liquidity
As at September 30, 2007, current assets were $1,251,313, including cash
and short-term investments of $646,399. Against accounts payable and accrued
liabilities of $175,440, this results in net working capital of $1,076,873.
This compares to current assets of $835,396 and net working capital of
$502,171 at December 31, 2006. The increase in working capital is a result of
the completion of the Qualifying Transaction and the cash received thereby.
Complete financial statements and Management's Discussion and Analysis
are available for public review at www.sedar.com.
About Bio-Extraction Inc.
BioExx is involved in the development and commercialization of extraction
technology, which can be used to extract various active ingredients from
organic and inorganic materials, for its own account and as a service to
industrial customers. Global in scope, the BioExx target markets include
extractions in agriculture (primarily oilseeds), alternative energy crops,
pharmaceutical, nutraceutical, and industrial cleansing (eg. specialty
steels). Versus traditional technologies, the patented BioExx technology can
offer lower extraction costs, higher quality extracted materials, and material
incremental revenue opportunities as its extractions can substantially retain
the value of inherent proteins and other sensitive compounds - with all this
being completed in an 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