BiOasis Announces Closing Of Private Placement

VANCOUVER, British Columbia, Nov. 16, 2010 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce that it has closed the private placement announced October 22, 2010. The Company has issued a total of 2,058,575 units (the "Units") at a price of $0.50 per Unit for gross proceeds of $1,029,287.50. Each Unit consists of one common share and one half of one common share purchase warrant. Each warrant is exercisable into one common share on or before November 16, 2011 at a price of $0.70 per share. The warrants are subject to an early exercise clause whereby, if after four months and one day after closing of the placement (November 16, 2010), the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange, for a period of 20 consecutive trading days exceeds $0.90, the Company may, within five days after such event, provide notice by way of a news release, that the Warrants will expire 30 days after such notice. A cash finders' fee of $64,350.13 was paid on a portion of the financing. All securities issued are subject to a hold period expiring March 17, 2011. The net proceeds from the sale of units have been added to working capital in furtherance of the Company's business.

ABOUT BIOASIS:

biOasis Technologies Inc. is a Canadian Biotechnology company engaged in the development and commercialization of diagnostics and therapeutics related to neurological diseases. It has extensive and comprehensive intellectual property ("IP"), which it obtained, from the University of British Columbia. The Company's initial area of focus will be on the utilization of its IP to pursue a biomarker for the diagnosis of Alzheimer's disease based on a blood serum test for concentration levels of p97 (Melanotransferrin). The IP has been corroborated in double blinded and successive multi-site clinical trials. According to the Centers for Disease Control and Prevention ("CDC"), Alzheimer's disease was listed as the "underlying cause of death" for 65,829 Americans in 2004. It was the seventh leading cause of death for people of all ages and the fifth leading cause of death in people age 65 and older. The Company is also pursuing the use of p97 as a carrier for the drug delivery and other compounds, which are normally significantly blocked by the Blood Brain Barrier, to cross it.