BXI Bioexx Specialty Proteins Ltd Com Npv

Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce it has
priced a private placement of 5,800,000 Common Shares at $0.52 per share for
gross proceeds of $3,016,000 (the "Private Placement"). Closing of the Private
Placement is scheduled for May 12, 2008, subject to the approval of the TSX
Venture Exchange and other customary conditions. The Common Shares will be
subject to a four month statutory hold period.


Canaccord Capital Corporation acted as lead agent on the Private Placement, and
Fraser Mackenzie Limited, Loewen Ondaatje McCutcheon Limited, and Wellington
West Capital Markets Inc. (collectively, the "Agents") also participated. The
Agents have the option to increase the number of Common Shares sold on the
Private Placement up to 9,800,000. In consideration for their services, the
Agents will receive a cash commission equal to 7% of the gross proceeds, and
broker warrants in an amount equal to 6% of the number of securities sold under
the Private Placement at an exercise price equal to $0.55 per common share, with
a term of 18 months from the closing of the Private Placement and exercisable
after February 1, 2010.


The net proceeds from the private placement will be used for capital
expenditures at the BioExx Saskatoon facility, particularly related to protein
separation equipment for the production of high-end proteins, for the further
development of the Company's second commercial plant, and for working capital
and general corporate purposes.


"We are pleased to accept additional funding into our treasury on what we
believe are fair terms relative to the current and historical trading range of
our shares, and having regard to the hold period on the private placement
shares. This capital represents a prudent strengthening of our balance sheet for
our shareholders, and it does so at a time of difficult and highly uncertain
capital market conditions. It also augments our ability to continue on our path
of consistent and successful business plan execution, and further drives our
tireless efforts towards exploitation of high-end protein markets", said Chris
Schnarr, Chief Financial Officer of BioExx.


About Bio-Extraction Inc.

Headquartered in Toronto, Canada, BioExx is a leading technology company focused
on the extraction of oil and high-value proteins from oilseeds for the global
food market. BioExx' patented technology allows for the use of significantly
lower temperatures than conventional methods in extracting the active
ingredients and oils from oilseeds, resulting in higher yields and
higher-quality meal, oils and proteins. BioExx' low energy requirements,
environmentally sound process, and high-yield production have the potential to
make a valuable contribution in alleviating food scarcity. BioExx operates a
commercial scale extraction facility in Saskatoon, Saskatchewan, and has a
mission to construct additional and larger processing facilities on a global
basis. To find out more about Bio-Extraction Inc. (TSX VENTURE: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, 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.

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