BXI Failed & Broke Hearts & DreamsJune 13, 2011
https://www.cantechletter.com/2011/06/bioexx-shares-bottom/
Bioexx, which has developed a patented system for extracting protein from plants, began commercial production of canola protein isolates at its flagship facility in Saskatoon last week
On June 6th, 2011, Bioexx the company announced that the First commercial shipments from the Saskatoon plant are being arranged for delivery to the company’s protein distribution partner, Hamburg based conglomerate Helm AG. The canola protein, which Bioexx will produce to purity levels of 80 per cent or higher, is being marketed under the name Advantexx80.
At the AGM of June 2011 both CC and CS repeated that there was a container of product being shipped and that a container held 20 tons of product.
BioExx procured 20 million from the market as a $ 1.00 PP to fund this ``production``using the low temp solvent HFC-123 which they claimed was successful.
Yet in July 2011 the deal with Hormel and Century stated only ONE ton was produced– after they got the money and sold their shares and CC ran away !!
https://www.marketwire.com/press-release/bioexx-signs-product-development-sales-licence-agreement-with-century-foods-international-tsx-bxi-1535544.htm
The Company is also pleased to announce that it has completed its first commercial sale and shipment to Helm AG. This shipment, while less than 1 metric tonne, has been delivered in accordance with a Target Purchase Agreement for 2,000 metric tonnes of Isolexx/Advantexx per year from Saskatoon, which has been recently executed between the Company and Helm under the terms of its global Distribution Agreement. In fulfilment of that Agreement, the parties will work together on rolling 90 day forecasts to determine shipment volumes based on customer demand and production capacity on a monthly basis. Shipment volumes will rise once early stage extensive required pre-shipment product testing is reduced, resulting in inventory holding periods dropping from three weeks to one week.``
CS took over on Aug 2011 just to prolong the agony of a bankrupt company (never had earnings and it owes more than its hard assets excluding the useless patents) ) that cannot produce product and the proof of the lost market confidence is that NOBODY would put 65 million into a Saskatoon scale up. They would rather let it go for scrap metal and a fire sale.
Where is Viterra or Cargill or ADM or Bunge -- They could care less apparently
April 2013
The truth comes out that after many months of being strung along BXI just could not make a deal of a JV. Financing is a major problem.
In light of the foregoing BioExx history I do not trust what BioExx now says and it is my opinion that the Saskatoon plant sale MAY be in jeopardy to be closed in a timely manner for whatever reason and this would cause a cash crisis leading to court action by creditors and a halt trade. There is a reason for the current 4 cents.
Charts do not lie and somebody knows something……… and it is not good