TORONTO, Feb. 11 /CNW/ - Bio-Extraction Inc. (BXI:TSX-V) ("BioExx") is
pleased to announce that it has been named recipient of the 2008 Frost &
Sullivan North American Technology Innovation Award in the field of Oilseed
Extraction, for the development of its proprietary extraction technology that
enables the high-yield extraction of oil, meal, and protein from oilseeds.
Frost & Sullivan's Technology Innovation Award is bestowed, on an
unsolicited basis, upon a company (or individual) "that has carried out new
research, which has resulted in innovation(s) that have or are expected to
bring significant contributions to an industry in terms of adoption, change,
and competitive posture. This award recognizes the quality and depth of a
company's research and development program as well as the vision and
risk-taking that enabled it to undertake such an endeavour."
According to Frost & Sullivan, to identify the award recipient, their
Analyst Team tracks innovation in key hi-tech markets. The selection process
includes primary participant interviews and extensive primary and secondary
research via the bottom-up approach. The Analyst Team reviews candidates based
on their own research, and on the basis of a set of qualitative and
quantitative measurements. The Analysts also consider the pace of research and
technology innovation, and the significance or potential relevance of the
innovation to the overall industry. The ultimate award recipient is chosen
after a thorough evaluation of this research.
Frost & Sullivan, the Global Growth Consulting Company, partners with
clients to accelerate their growth. The company's Growth Partnership Services,
Growth Consulting and Career Best Practices empower clients to create a growth
focused culture that generates, evaluates and implements effective growth
strategies. Frost & Sullivan employs over 45 years of experience in partnering
with Global 1000 companies, emerging businesses and the investment community
from more than 30 offices on six continents. For more information about
Frost & Sullivan and their Growth Partnerships, visit www.frost.com or
"We are very pleased to receive this award from such a prestigious and
respected company as Frost & Sullivan. We view this as yet another validation
of the strength and uniqueness of our extraction technology and the business
model we have employed," said Chris Carl, BioExx Chief Executive Officer. "For
a small company that is now moving into full commercial exploitation of its
technology, to be recognized as a technology leader in an industry as large as
Protein Concentrates and Oilseed Extraction is certainly quite an honour. With
ever-growing confidence, we look forward to the very profitable application of
this technology through the construction and operation of our Saskatoon canola
processing facility in the coming year."
The Company would also like to confirm that the recent large volume and
"block" trades of its shares on the TSX Venture Exchange did not involve
Founder and CEO Chris Carl or any other Officer of the Company. Since Mr. Carl
holds more than 10% of the outstanding shares of the Company, any sales by
Mr. Carl would be preceded by a Press Release announcing such. All other
Insiders would be subject to normal reporting of such transactions through the
System for Electronic Disclosure for Insiders (SEDI) system.
BioExx also announces that it has terminated the services of Agoracom
Investor Relations Corp., effective February 28, 2008. BioExx has been pleased
with the quality of service from Agoracom but will now make most Investor
Relations information available on its own website at www.bioexx.com.
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.
BioExx recently completed an $11 million financing to construct its first
commercial processing facility that will process 40,000 metric tonnes annually
to produce both Canola Oil and a range of Protein Concentrate products.
Production is expected to commence within the next year.
To find out more about Bio-Extraction Inc. (TSX-V: BXI), please visit our
website at 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 BioExx'
expectations and projections.
For further information:
For further information: Chris Schnarr, Chief Financial Officer, BioExx,
(416) 588-4442, x.111, email@example.com; Investor Relations: Scott Koyich,
President, Brisco Capital Partners, (403) 262-9888, firstname.lastname@example.org