BXI Bioexx Specialty Proteins Ltd Com Npv

Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx" or "the Corporation") announced
today its financial results for the quarter ended March 31, 2009. Complete
financial statements and Management's Discussion and Analysis have been filed
for public review at www.sedar.com.


"The first quarter of 2009 was marked by a final push to get our Saskatoon plant
into operation, which occurred on February 29. The Saskatoon team did an
excellent job overcoming several engineering issues to achieve initial
production and they then spent much of March making final equipment adjustments
and fixes to allow for steady-state operations to being in earnest in early
April," said Chris Carl, BioExx CEO. "Since then, we have moved to full 7/24
operations and made strong progress in a number of areas, and continue to trend
very positively on all metrics in our drive towards profitability."


From the commencement of commercial sales on April 1, efforts have been focussed
in three successive areas, namely product quality, oil yield, and seed
throughput.


- Product quality of meal has increased dramatically since initial production
with selling prices having more than doubled in the past two months, to a point
where meal is now selling at a premium to standard commodity meal prices. Oil
quality has also improved markedly, with pricing now near or at standard
commodity rates, with an expectation that pricing could surpass commodity levels
in the near term.


- Oil yields from seed have increased from 50% initially to an average of near
80%, thus meeting all expectations for Phase 1 operations.


- Finally, throughput volumes of seed are currently at about 50% of final
capacity, with a clear plan to reach full capacity over the coming weeks as some
Phase 2 equipment is installed.


The net result of these improvements is an 80% month-over-month revenue growth
from April to May, and an anticipation of similar revenue growth over the next
two months.


"In addition to concentrating on maximizing revenue and margin from our Phase 1
operations, we are also making excellent progress toward implementation of the
Extraction and Protein phases of production (Phases 2 and 3) and we remain very
optimistic about the added revenue and margin that will be achieved in these key
areas," said Chris Carl.


Expenses

The Corporation incurred expenses of $1,064,090 during the first quarter of
2009, versus $1,059,427 in the prior quarter and $808,002 in the comparable
prior year period. The small increase results from increases in Office and
general expenses as a result of the continued intensification of the
Corporation's activities, together with the inclusion of Plant Commissioning and
Start-up expenses for operations at the Saskatoon plant prior to commencement of
product sales. These two increases are netted against a reduction in Stock-based
compensation versus the comparable prior year period, as a result of fewer stock
option issuances this quarter.


Interest Revenue

During the quarter, the Corporation earned $10,996 of interest revenue, from
interest-bearing marketable securities. This is down from the prior quarter and
comparable prior year period, as a result of the reducing cash balances held by
the Corporation which accrue to continued capital spending towards completion of
the Saskatoon facility.


Net Loss

The Net Loss for the quarter was $1,054,823, compared to $1,008,178 in the prior
quarter and $750,827 in the first quarter of 2008, with changes flowing
primarily from the same factors driving changes in Expenses as discussed above.
On a per share basis, the Net Loss is $0.01 for each period.


Working Capital and Liquidity

As at March 31, 2009, current assets were $3,895,293, including cash of
$1,762,582. Against current liabilities of $2,300,593, this results in net
working capital of $1,594,700 (exclusive of availability of additional funds
under the Corporation's various credit facilities). This compares to current
assets of $5,277,238 and net working capital of $3,681,929 at December 31, 2008.
The relatively large Accounts Payable balances, at December 31, 2008 and March
31, 2009 relate primarily to planned capital expenditures on the Saskatoon
plant. Subsequent to quarter end, on May 14, the Corporation closed a private
placement for gross proceeds of $5,304,000.


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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