Press release from Marketwire
BioExx Closes First Saskatoon Asset Sale for $3.5M
Monday, July 22, 2013
BioExx Closes First Saskatoon Asset Sale for $3.5M07:00 EDT Monday, July 22, 2013
TORONTO, ONTARIO--(Marketwired - July 22, 2013) - BioExx Specialty Proteins Ltd. ("BioExx" or the "Company") (TSX:BXI) today announced that it has closed its previously announced sale of certain equipment assets from its Saskatoon facility, for gross proceeds of $3.5 million.
Proceeds of the sale are being applied to a partial payment of a loan due to the Company's first secured creditor, with the balance allocated to working capital and general corporate purposes.
The previously announced second and final component of the planned Saskatoon asset sales, under which a purchaser will acquire the land, building, and certain canola crushing assets for $7.5 million, is expected to close on or about October 31, 2013. The closing is subject to customary terms, including environmental and structural inspections, completion of closing documentation, delivery of vacant possession after removal of the assets being sold to the first purchaser, and approval of secured creditors. BioExx intends to use the proceeds of that sale to fully repay its first secured creditor, with the balance allocated to working capital and general corporate purposes.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.
To find out more about BioExx Specialty Proteins Ltd. (TSX: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. Furthermore, there can be no guarantees that any agreement will be signed with a strategic partner. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
BioExx Specialty Proteins Ltd.
Chief Executive Officer
(416) 588-4442 x111
(416) 815-0700 x238