TORONTO, ONTARIO--(Marketwire - Feb. 16, 2010) - BioExx Specialty Proteins Ltd. (TSX:BXI) ("BioExx" or "the Company") is pleased to confirm that it continues to make strong progress toward the completion of construction of the protein isolate addition to its 40,000 MT per year canola processing facility operating in Saskatoon, Saskatchewan. All critical equipment will have been substantially installed by early March, leaving electrical and piping hook-ups and the remaining commissioning to be completed through mid-April. Equipment items will begin to be made operational in mid-March. At the peak, there will be nearly 100 installation contractors working on site and at the nearby piping fabrication shop.
BioExx is also pleased to announce that it has made further progress in optimizing the extraction and purity of its canola protein products as a result of its ongoing pilot programs. The most recent results show marked increases above previously announced specifications in both the nutritional quality and purity of the high-solubility high-functionality canola protein isolate ISOLEXX(TM), and the hydrolyzed canola protein extract, VITALEXX(TM). These results now show ISOLEXX(TM) to have a protein nutritional quality superior to soy, and most notably also to high-end whey and casein equivalents, based on amino acid scores calculated in accordance with the United Nations Food and Agriculture Organization (FAO) standard, with improved lysine levels and continuing superior levels of sulphur amino acids. VITALEXX(TM) has now been demonstrated to have both higher protein purity levels and higher amino acid scores that are nutritionally superior to competing soy, whey, and casein hydrolysates.
The Company also continues to work closely with its major protein partner, Helm AG, and in turn, with potential end-user customers who span a range from smaller niche producers to major multinational food and beverage companies. Feedback and interest to date continues to be very strong, and re-confirms the Company's expectations with respect to strong market demand and premium product positioning.
"We remain very excited about the results being achieved by all of the development and operating teams at BioExx, including the contractors involved in the final stages of this project," says BioExx CEO, Chris Carl. "There are some difficult days to be sure, when the multitude of interconnecting activities do not mesh exactly as planned, but any resulting delays are now generally expected to be measured in hours and days, rather than weeks and months. Overall, we are very proud of the strong progress being made. Coupled with the tremendous pilot results and the incremental operating knowledge that we are gaining through our pilot programs, and while we understand the only guarantee will be evidenced from actual commercial production, our confidence is very high."
About BioExx Specialty Proteins Ltd.
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, beverage, and nutrition markets.
BioExx uses patented technology that utilizes significantly lower temperatures than conventional methods for extracting the final quantities of oil necessary to enable its simplified and patent-pending methods for separating proteins from oilseeds. Without the extraction of virtually all of the oil at low temperatures, and in the manner developed by BioExx, the protein separation methods would not work. It is the combination of these proprietary processes that has enabled BioExx to develop product profiles that do not infringe either on methods or product profiles developed by others. Through its extensive research and development work, together with an exhaustive review of published and prior art, BioExx is confident that all of its processes and resulting products are unique in the marketplace.
Relative to other commercial processes, the low temperature BioExx process results in comparatively low energy requirements, environmentally sound extraction and protein separation processes, and very high human food yield that cumulatively have the potential to make a highly valuable contribution to global food and protein supply while maintaining an excellent environmentally sustainable footprint.
BioExx operates a commercial scale extraction facility in Saskatoon, Saskatchewan, is in development stages on it second plant in Minot, North Dakota and has a mission to construct additional and larger processing facilities on a global basis. To find out more about BioExx Specialty Proteins Ltd. (TSX: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.
SOURCE: BioExx Specialty Proteins Ltd.
FOR FURTHER INFORMATION PLEASE CONTACT:
BioExx Specialty Proteins Ltd.Chris SchnarrChief Financial Officer(416) 588-4442 x111cschnarr@bioexx.comwww.bioexx.com
or
Investor Relations:Brisco Capital PartnersScott Koyich, President(403) 262-9888scott@briscocapital.com