| TORONTO, ONTARIO--(Marketwire - May 15, 2008) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce that it has now commenced site preparation and physical construction of its 40,000 MT per year Canola processing facility in Saskatoon. The facility is expected to be completed and in production in January 2009, followed by a six month ramp-up period to full capacity.
The Groundbreaking follows the recent Closing of the purchase of approximately 4.5 acres of greenfield land in the North Corman Industrial Park on the northern boundary of Saskatoon, as well as approval of a Development Permit application from the Regional Municipality of North Corman.
BioExx is also pleased to announce that, after an extensive tender process, with bids from three highly respected contractors, it has executed a Letter of Intent to award a Fixed Price Building Construction Contract to Miners Construction Company Ltd. ("Miners"), based in Saskatoon. The award is based on Miners' excellent reputation for quality construction, the ability to meet tight schedules, experience with this type of construction, a strong safety record, and overall price. To ensure an on-time construction schedule, BioExx and Miners have already arranged for the pre-purchase of all steel required to erect the building and have arranged for the delivery of other long lead time building items.
Miners Construction Company Ltd. was incorporated in 1911 and enjoys the distinction of being one of the oldest established commercial contracting firms in Saskatchewan. With more than 50 full time employees, the Company has extensive experience constructing light to medium commercial and industrial facilities and in the past five years has constructed several facilities equal or larger in size to the BioExx project under fixed price contracts. Miners is well recognized in the community, having been honoured as recipient of the 2002 SABEX (Saskatchewan Achievement in Business Excellence) Award, Hall of Fame Category, for outstanding commitment to business integrity and excellence, and also having received an award from the Saskatchewan Workers' Compensation Board for maintaining a safe work environment over the preceding three years.
The Engineering, Procurement and Construction for the process equipment portion of the project continues to be managed by Mentra Life Sciences Inc. based in Montreal. This portion of the project has continued unabated on a basis consistent with the schedule described above.
"While our ground breaking has been a low-key affair, we are tremendously excited about crossing the threshold from planning to construction of our facility in Saskatoon," says BioExx CEO Chris Carl. "We remain confident that we are on schedule in all respects, and are now looking forward to a more significant ribbon-cutting ceremony when we enter the start-up phase of the project. With the continuing increases in commodity prices in the oilseeds sector, as well as further demand-driven increases in protein prices globally, we are also pleased that the economics of our business continue to improve in tandem."
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 VENTURE:BXI), please visit our website at http://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, 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.
The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release. |
