Bio-Extraction Inc. Confirms Progress on Early Warrant Exercise Program

TORONTO, ONTARIO--(Marketwire - July 16, 2009) - On June 23, 2009, Bio-Extraction Inc. (TSX VENTURE: BXI) (“BioExx” or “the Company”) announced its plans to accelerate the production and sale of high-value protein isolates from early 2011 to late 2009, subject to the receipt of sufficient funds from the early exercise of outstanding share purchase warrants which expire January 29, 2010.

BioExx is pleased to report that it has made strong initial progress in this regard, including funds already received from warrants exercised, as well as affirmative indications from certain warrant holders of their intention to exercise warrants in the near term. Providing indicated funds are received before the end of July, and that the balance of the warrant funds are received before year end, BioExx expects to maintain its timeline of bringing isolate production on-line before the end of 2009. In the interim, BioExx continues to investigate other non-dilutive sources of capital that may be used in conjunction with the warrants.

BioExx wishes to sincerely thank those warrant holders who have supported the accelerated protein isolate production plan, and looks forward to delivering on what it believes is a very positive and accretive plan for all its shareholders.

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’s products, the availability of funding, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.