BIOX announces second quarter results

 - Production of methyl esters was 15.6 million litres in Q2 2010 compared to 13.2 million litres in the second quarter of 2009 (Q2 2009) - Sales were $14,844,000 in Q2 2010 compared to $9,363,000 in Q2 2009 - Operating loss was $822,000 in Q2 2010 compared to $1,250,000 in Q2 2009 - Operating income prior to non-cash items(1) was $229,000 in Q2 2010 compared to a loss of $92,000 in Q2 2009 - Net loss in Q2 2010 was $5,950,000, including $3,861,000 of non- recurring non-cash warrant valuation charges and non-recurring costs of $627,000 related to the amalgamation, compared with a net loss of $1,547,000 in Q2 2009 - Loss per share was $0.20 in Q2 2010 compared to $0.07 in Q2 2009 - BIOX submitted two applications to Natural Resources Canada for the inclusion of additional 67 million litre nameplate capacity production facilities in the ecoENERGY for Biofuels program. Natural Resources Canada has provided notice that both applications have been deemed complete and that both applications will undergo a comprehensive review - BIOX completed the amalgamation of BIOX Corporation with JJR IV Acquisition Inc. (JJR) on March 1, 2010, which resulted in the reverse take-over of JJR, a private placement raising gross proceeds of $46.7 million and the listing of BIOX's common shares on the TSX under the symbol BX. - The U.S. Environmental Protection Agency issued the final rule to implement the expanded Renewable Fuels Standards (RFS2) commencing July 1, 2010. - Subsequent to the end of the quarter, the April 10, 2010 edition of the Canada Gazette Part I published by the Government of Canada outlined the procedure for implementation of the renewable fuel content into gasoline, diesel fuel and heating oil. The final regulations are expected to be published prior to September 2010, in Canada Gazette Part II, with the commencement of the 2% renewable diesel requirement implemented by 2011 or earlier, subject to a technical feasibility review.

 (in thousands) Three months ended Six months ended March 31 March 31 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Operating income (loss) before non-cash items 229 (92) 508 (1,406) Deduct: Production facility depreciation and amortization (987) (1,033) (1,949) (1,900) Amortization of furniture, equipment and intangibles (64) (125) (145) (326) ------------------------------------------------------------------------- Operating income (loss) (822) (1,250) (1,586) (3,632) ------------------------------------------------------------------------- -------------------------------------------------------------------------

 BIOX Corporation Consolidated statements of operations and comprehensive loss (All dollar amounts are expressed in thousands, except share and per share amounts) (unaudited) Three months ended Six months ended March 31 March 31 -------------------- -------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Sales 14,844 9,363 26,409 21,913 ------------------------------------------------------------------------- Cost of sales Direct expenses 13,094 8,121 23,164 20,744 Production facility depreciation and amortization 987 1,033 1,949 1,900 ------------------------------------------------------------------------- 14,081 9,154 25,113 22,644 ------------------------------------------------------------------------- Gross margin 763 209 1,296 (731) ------------------------------------------------------------------------- Operating expenses General and administrative 1,521 1,334 2,737 2,575 Amortization of furniture, equipment and intangibles 64 125 145 326 ------------------------------------------------------------------------- 1,585 1,459 2,882 2,901 ------------------------------------------------------------------------- Operating loss 822 1,250 1,586 3,632 ------------------------------------------------------------------------- Other expenses Stock-based compensation 20 128 20 575 Interest and fees on loans 169 222 350 616 Financing and accretion 25 10 36 141 Expansion planning and development 366 - 366 - Disposal of property, plant and equipment - - 42 - Loss (gain) on foreign exchange 70 (62) 149 (254) Valuation of warrants 3,861 - 3,861 - Costs related to the qualifying transaction 627 - 627 - ------------------------------------------------------------------------- 5,138 298 5,451 1,078 ------------------------------------------------------------------------- Net loss before interest income 5,960 1,548 7,037 4,710 Interest income (10) (1) (16) (7) ------------------------------------------------------------------------- Net loss and comprehensive loss for the period 5,950 1,547 7,021 4,703 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted loss per common share 0.20 0.07 0.27 0.22 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares 30,238,357 21,747,066 25,946,056 21,747,066 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated statements of deficit (All dollar amounts are expressed in thousands) (unaudited) Three months ended Six months ended March 31 March 31 -------------------- -------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Deficit, beginning of period 76,408 72,848 75,337 69,692 Net loss for the period 5,950 1,547 7,021 4,703 ------------------------------------------------------------------------- Deficit, end of period 82,358 74,395 82,358 74,395 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated balance sheets (All dollar amounts are expressed in thousands) (unaudited) At At March 31 September 30 2010 2009 ------------------------------------------------------------------------- $ $ Assets Current Cash and cash equivalents 42,496 202 Accounts receivable 3,866 9,094 Prepaid expenses and sundry assets 203 556 Inventory 2,286 3,729 ------------------------------------------------------------------------- 48,851 13,581 Restricted cash 1,173 1,173 Property, plant and equipment, net 57,699 58,728 Intangible assets, net 1,374 1,440 ------------------------------------------------------------------------- 109,097 74,922 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities Current Accounts payable and accrued liabilities 4,736 10,452 Demand loan 970 1,545 Current portion of long-term debt 1,380 1,380 ------------------------------------------------------------------------- 7,086 13,377 Long-term debt 10,389 11,059 Asset retirement obligation 1,965 1,872 ------------------------------------------------------------------------- 19,440 26,308 ------------------------------------------------------------------------- Shareholders' equity Capital stock 167,787 122,668 Warrants 3,152 - Contributed surplus 1,076 1,283 Deficit (82,358) (75,337) ------------------------------------------------------------------------- 89,657 48,614 ------------------------------------------------------------------------- 109,097 74,922 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated statements of cash flows (All dollar amounts are expressed in thousands) (unaudited) Three months ended Six months ended March 31 March 31 -------------------- -------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Cash provided by (used in): Operating activities Net loss for the period (5,950) (1,547) (7,021) (4,703) Add items not involving cash Amortization of property, plant and equipment and intangible assets 1,051 1,158 2,094 2,226 Amortization of deferred financing charges 10 10 21 63 Debenture accretion - - - 78 Stock-based compensation 20 128 20 575 Accretion of asset retirement obligation 47 43 93 85 Interest on debt financing 53 63 53 63 Valuation of warrants 3,861 - 3,861 - Non-cash disposal of property, plant and equipment - - 42 - ------------------------------------------------------------------------- (908) (145) (837) (1,613) Net change in non-cash working capital balances related to operations 83 (724) 1,604 268 ------------------------------------------------------------------------- (825) (869) 767 (1,345) ------------------------------------------------------------------------- Investing activities Purchase of property, plant and equipment, net (671) (345) (1,390) (1,046) ------------------------------------------------------------------------- (671) (345) (1,390) (1,046) ------------------------------------------------------------------------- Financing activities Proceeds from debt financing 1,380 - 1,380 13,800 Repayment of secured debentures - - - (13,600) Repayment of debt financing (1,725) (345) (2,070) (345) Repayment on demand loan (600) - (575) - Financing charges - (39) - (412) Proceeds from issuance of common shares 46,700 2 46,700 6 Share issuance costs (2,518) - (2,518) - ------------------------------------------------------------------------- 43,237 (382) 42,917 (551) ------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents during the period 41,741 (1,596) 42,294 (2,942) Cash and cash equivalents, beginning of period 755 2,071 202 3,417 ------------------------------------------------------------------------- Cash and cash equivalents, end of period 42,496 475 42,496 475 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information Interest paid 195 183 375 529 ------------------------------------------------------------------------- -------------------------------------------------------------------------

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BIOX announces second quarter results