Probex Receives Air Permit for Planned Wellsville Reprocessing Facility

    DALLAS--March 20, 2001--Probex Corp. (AMEX: PRB), an energy technology company specializing in environmental services, today said that the Ohio Environmental Protection Agency (OEPA) has issued the Final Air Permit for its planned Wellsville, Ohio, used oil reprocessing facility.
    Charles M. Rampacek, Probex chairman, president and CEO, noted, "This `Permit To Install' represents a key milestone toward construction of our Wellsville facility. We expect construction to commence in the second quarter, and are continuing to advance work on financing for the project, as well as making progress on both supply and off-take contracts."

    About Probex

    Probex is a Dallas-based energy technology company, which has developed and patented its environmentally beneficial ProTerra(TM) lubricating oil technology for reprocessing, purifying and upgrading used motor oils. ProTerra has demonstrated unparalleled advantages in the highly economic creation of premium quality base oils capable of meeting new motor oil standards without creation of waste by-products. The goal of Probex is to become a world leader in reprocessing used lubricating oils into premium quality base lube oils through timely commercialization of its ProTerra technology. For more information about Probex, visit the company's web site at www.probex.com.

    Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as expect, planned, anticipated, target, and goal. Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include financial performance, conditions in the lubricating oil industry, the Company's ability to obtain financing for its anticipated acquisitions and plant development, market acceptance of the Company's products and technologies, changes in local, national or global economic conditions, and similar variables. Also refer to the cautionary statements contained in the most recent Forms 10-KSB and 10-QSB.