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Share Name | Share Symbol | Market | Type |
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Bioexx Specialty Proteins Ltd Com Npv | TSXV:BXI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Bio-Extraction Inc. (TSX VENTURE:BXI) Highlights - BioExx to construct wholly-owned 80,000 MT per year Canola processing facility - Infrastructure readily available at competitive cost at the Minot Site - Financing to comprise up to 50% local debt and incentives with balance to be leveraged from Saskatoon facility - Minot is a business friendly community for environmentally sustainable processors Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx" or "the Company") is pleased to announce that, after extensive review, it has selected Minot, North Dakota as the location for its second Canola Protein processing facility. BioExx is a Canadian company that extracts oil and high-value proteins from oilseeds for the global food market utilizing patented low-temperature extraction and proprietary protein separation technology. BioExx technology can generate up to five times as much food value from a tonne of canola compared to conventional processes and this can have a potentially large impact on global food production in the long term. Purified protein has become much more important in food and beverage production in order to satisfy growing global demand. The protein additive market is currently a USD $16-billion industry, and is projected to grow to over $25 billion in the next seven years. The most significant trend within this market is the substitution of plant proteins for animal proteins, driven by improved economics and greater environmental sustainability. The location decision was made after reviewing several domestic and international alternatives and comparing each across a variety of metrics including: - Feedstock supply - Infrastructure availability and competitive costs to support plant (land, rail, energy, labour) - Availability of favourable funding programs - Discussions with local utilities, design engineers and construction contractors - Local, regional, and national support As a result of this effort, BioExx is pleased to have signed a Letter of Intent with the City of Minot, through its economic development arm, the Minot Area Development Corporation ("MADC") to locate the facility on a 10 acre lot in their fully developed and fully serviced Value-Added Agricultural Complex. As outlined in the Letter of Intent, BioExx will now proceed with the final development stages of the project (including environmental permitting, site analysis, building design, and supplier and customer contracting). Subject to meeting certain credit requirements, MADC will bring forth a complimentary financing and incentive package. In completing prerequisite development activities by late 2009, BioExx expects to finance the Project following a successful ramp up of Protein Isolate operations in Saskatoon. Construction would then commence as soon as ground and weather conditions permit in Spring 2010. This would lead to a goal of bringing the plant on-line and starting production ramp-up in early 2011. Subject to BioExx meeting certain credit requirements, the MADC, in conjunction with private lenders and the state-owned Bank of North Dakota, has proposed to provide approximately 50% of the required USD $50 million project cost in the form of loans and/or capital leases. Favourable loan terms could be available for qualifying companies through a program under which the US Department of Agriculture guarantees a portion of the total debt package. While maintaining conservative debt service ratios, BioExx intends to finance the balance of the requirement to the greatest extent practicable by leveraging cash flows from its Saskatoon plant once it has ramped up its protein production operations. BioExx intends to finance the facility using traditional forms of debt and intends to avoid any types of financing that would be highly dilutive to shareholders or that would involve future oriented conversions to equity. "Minot is an agriculture and business friendly community that has put tremendous effort into providing infrastructure that meets the requirements of companies looking for a new base of manufacturing operations," says Chris Carl, CEO of BioExx. "This allows us to meet our goal of expanding internationally and into a different growing region, while at the same time enjoying a reasonable proximity to our first plant location." BioExx remains deeply focussed on completion of its Saskatoon protein production operation, and as such is creating an independent development team comprised of a Toronto-based development manager and associations with Minot-based engineering firms. "We are pleased to have BioExx, a Canadian-based company, expand into Minot, North Dakota. Minot has put significant capital investment into the Value-Added Agricultural Complex to build-out strategic assets that companies like BioExx can leverage," said Minot Mayor Curt Zimbelman. "We believe with the investment made in the Ag Complex, Minot can help BioExx become a world leader in the industry of high value proteins." Minot is the fourth largest city in North Dakota, near the Canadian border and is already twinned with the town of Moose Jaw, Saskatchewan. It is well served by both road and rail, as a hub for North Dakota agriculture. North Dakota has a strong economy and is one the largest growers of Canola in the United States. "We've worked hard to diversify our agriculture industry by providing the incentives that will encourage value-added ventures throughout North Dakota," said North Dakota Governor John Hoeven. "North Dakota leads the nation in oilseed production, and BioExx's expansion into the state will create value-added opportunities and provide another market for growers." Business Risks BioExx would like to remind its shareholders, and other interested parties, that it is not yet in full operation at its first specialty protein facility in Saskatoon, and accordingly is subject to the normal business risks of all companies at this stage of development. The Company has completed the building and the 40,000 tonne per year crushing facility with the extraction and protein processing portion of the facility still under construction. BioExx is pleased with its progress at the Saskatoon facility and is proud of all that it has achieved to date to mitigate as much as possible these normal business risks. 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, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated costs of BioExx's 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's expectations and projections."
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