BXI Bioexx Specialty Proteins Ltd Com Npv

Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx" or "the Company") announced
today its financial results for the year ending December 31, 2008. Complete
financial statements and Management's Discussion and Analysis are available for
public review at www.sedar.com.


"This was a year of tremendous progress for BioExx on many fronts. We continued
on an aggressive pace to meet the milestones we had set, transforming ourselves
from a small development company as we entered the year, through first breaking
ground last May, to ending 2008 as a much stronger organization on the verge of
commercial operations", said Chris Carl, BioExx CEO. "Our efforts and success
are continuing unabated through 2009, with an operating plant in the midst of a
successful ramp-up, a visible path to continued revenue growth, and a very clear
focus on our development initiatives both toward high-end protein markets and
toward our second plant. We have a tremendous team of tireless individuals
within BioExx and we are extremely proud of the accomplishments that our team
has achieved."


Operating and General Expenses

The Corporation incurred operating and general expenses during the year of
$3,751,064, compared to $1,747,835 in the prior year. The primary components of
this overall increase on a year-over-year basis were:




                                2008        2007
                                   $           $

Office and general         1,283,123     863,700
Research and development   1,092,696     325,471
Stock-based compensation   1,002,311     402,926
Sales and marketing          320,839     220,116



The increases in expenditures reflect the ramp up of efforts in all areas of
operations. The Corporation intensified its activities throughout 2008 and
achieved measurable success in product development, market engagement, plant
construction, and public company administration. These efforts were targeted
towards and in preparation for full commercial operations in 2009, with
production at the Saskatoon plant coming on-line.


Interest Revenue

During the year, the Corporation earned $291,444 of interest revenue, from
interest-bearing marketable securities, versus $35,801 in the prior year. The
increase results from the much larger cash balances held by the Corporation,
relating to two private placements completed during 2008.


Net Loss

The Net Loss for the year was $3,466,439, compared to $1,710,028 for the prior
year. This increase in net loss is a result of the increase in expenditures
discussed above, as the Corporation increased its activity levels on a number of
fronts. On a per share basis then, the Net Loss is $0.04 for the year, versus
$0.03 in 2007.


Working Capital and Liquidity

As at December 31, 2008, current assets were $5,277,238, including cash of
$4,202,299. Against current liabilities of $1,595,309, this results in net
working capital of $3,681,929. This compares to current assets of $901,447 and
net working capital of $716,161 at December 31, 2007.


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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