BioExx Specialty Proteins Ltd. announced that it has signed a Letter of Intent with its proposed rapeseed (canola) processing partner with regards to the formation of a joint venture for the commercial scale deployment of the company's canola protein production technology. Both companies remain committed to the completion of the transaction. Following further discussions surrounding the terms of the proposed joint venture, the previous Financial Partner candidate was unable to commit to mutually acceptable terms and discussions have been terminated for the time being.

BioExx and the Business Partner will continue to work together to identify and secure an appropriate financial partner for the proposed project. Within the current joint venture discussions, BioExx would provide its proprietary protein technology and expertise and the Business Partner would contribute its proprietary oil processing technology and expertise. The Letter of Intent commits the two companies to find an alternate financial partner to supply equity capital for the construction and commissioning of the new facility.

The company will provide further updates on the progress of the proposed joint venture as additional details become available.