Biotech company Ceapro getting into ethanol

Canadian biotech company Ceapro Inc. (TSX-V: CZO) today announced the establishment of Ceapro BioEnergy Inc. (CBE), a wholly-owned subsidiary, to apply Ceapro's proprietary technology to the production of ethanol and related products.

"Our core processing and extraction technology is directly applicable to the production of green renewable fuels such as ethanol," said Dr. Mark Redmond, President and CEO of Ceapro.

"The combined factors of our technology, an immediate
market, and government support provide Ceapro with a significant business opportunity." Redmond also praised the Canadian Federal and Alberta governments for providing the an economic environment to allow biotechnology companies such as Ceapro to thrive.

To begin operations, CBE has received a conditional award for $300,000 from the Federal Government Biofuels Opportunities for Producers Initiative (BOPI) program. The non-repayable grant will support a feasibility study for the construction and operation of a biorefinery and processing plant. Should the feasibility study prove favourable, Ceapro will work with fuel distributors and commence plant construction with a projected opening in 2008.

Since 1992, Ceapro has worked in the grain processing and related industries, and as a result has acquired scientific expertise and technology directly applicable to the development of a new and integrated approach to bioenergy production.

Ceapro has historically manufactured medical and therapeutic products for human and animal health.

Other diversified biotech companies, such as high profile Amyris Technologies, based in the San Francisco bay area, have recently started applying their technologies to the production of biofuels.

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