TORONTO, ONTARIO -- (Marketwire) -- 08/08/11 -- BioExx Specialty Proteins Ltd. (TSX: BXI) ('BioExx' or the 'Company) announced today that Chris Carl has resigned as Chairman and Chief Executive Officer of BioExx. The Company's Chief Financial Officer, Chris Schnarr, has been appointed interim CEO, effective immediately. The Board of Directors will commence a search and hiring process for a permanent CEO, reflective of the needs of the Company as it moves forward with the execution of its business plan and to renew and ensure continued value creation for shareholders.
The Board and Mr Carl have agreed that a change in leadership would be healthy for the Company at this time. Given the current annual plant shutdown in Saskatoon for maintenance and capital projects, as well as the recent commencement of protein production operations and the consequently transitioning needs of the business going forward, it was agreed that now was the appropriate time for such a change. Accordingly, the Board has agreed to accept the resignation of Mr Carl.
William Ollerhead, a member of the Company's Audit Committee and Chair of the Corporate Governance and Compensation Committee, has been elected by the Company's directors as Chairman of the Board.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is a technology and industrial processing company focused on the extraction 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 that utilize significantly lower temperatures than conventional oilseed processing, in order 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. BioExx operates a small commercial scale canola processing facility in Saskatoon, Saskatchewan, and has a mission to construct and facilitate additional and larger processing facilities on a global basis.
BioExx Specialty Proteins Ltd.
Chief Financial Officer
(416) 588-4442 x111
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