Probex Expects to Meet Revenue Targets for Year

    DALLAS--Oct. 17, 2001--Probex Corp. (AMEX: PRB), an energy technology company, today said that it expects to meet or exceed its revenue estimates of $15 million for fiscal year 2001, which ended September 30. Presently, the Company's only source of revenues is from the operations of its wholly owned collection subsidiary, Probex Fluid Recovery, which is expected to have cash flows of approximately $1.5 million for the fiscal year.
    Charles M. Rampacek, Probex Chairman, President and Chief Executive Officer, noted that strength in the asphalt market during the summer, which consumes large quantities of collected lubricants as burner fuel, more than offset lower winter sales volumes resulting from a longer than normal winter and heavy rains in the Company's Ohio collection region.
    Rampacek added that "The Company is continuing to make progress on a number of fronts, and that agreements are now in place to insure supply of 100% of the 54 million gallons per year of collected lubricant feedstock necessary for the Company's planned Wellsville facility." Approximately 60% of the feedstock is currently collected through Company-owned operations, and the remainder is committed through third party arrangements. Probex continues to grow its internal collections and has recently added a major national account to its lubricant collection business, which is expected to strengthen revenues and cash flow in fiscal 2002. Further national account expansion is being aggressively pursued and potential collection company acquisitions are being evaluated. In that regard, Probex has recently signed a Letter of Intent to acquire a major lubricants collection company, which could serve as a major source of feedstock supply for a future lubricating base oil reprocessing facility.
    In addition, Rampacek said that "While the tragic events of September 11 have created temporary delays and disruptions in the investment market, we are continuing to make progress toward obtaining project financing for our Wellsville facility. We will have a more detailed report on our financing activities in our fiscal year end report, which we expect to issue the week of November 5, 2001."

    About Probex

    Probex is a Dallas-based energy technology company that specializes in the production of high quality lubricating base oils and associated products from collected lubricants. The Company's patented, environmentally beneficial ProTerra(TM) technology 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 the production of premium quality lubricating base oils and associated products from collected lubricants 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, plan, anticipate, 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 which may be obtained under "Investor Relations-SEC Filings" on the Company's web site or by writing or calling the Company at One Galleria Tower, 13355 Noel Rd., Suite 1200, Dallas, TX 75240; (972) 788-4772.