Probex Receives Additional Interim Financing

    DALLAS--March 7, 2002--Probex Corp. (AMEX:PRB), an energy technology company, today reported that it has obtained a firm commitment for at least $3 million of additional interim financing from an existing investor in the Company. Approximately $500,000 of this amount has been received, with the balance to be funded periodically over a 90-day period beginning with the execution of all loan documents, which is anticipated in the near term. In addition, the Company has secured extensions until February 28, 2003 for its entire group of existing interim financing notes, which to date total approximately $8.3 million principal amount. The new funds will be used for general corporate and working capital purposes.
    Probex Chairman, President and CEO, Charles M. Rampacek, noted that: "We appreciate the continuing support and confidence demonstrated by our existing investor group, and we will continue to seek additional interim funding to sustain our activities until project financing is completed. While we believe that we will be successful in this effort, there is no guarantee that we will obtain the necessary interim funding required or in a timely manner."

    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 spent lubricating oils. The Company's patented, environmentally beneficial ProTerra(R) 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 spent lubricants through timely commercialization of its ProTerra technology. For more information about Probex, visit the company's web site at: www.probex.com.

    THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE OUR SECURITIES. ANY OFFER OF SECURITIES MADE BY US OR ANY OTHER PERSON ON OUR BEHALF MAY BE MADE ONLY PURSUANT TO MATERIALS AND OTHER OFFERING DOCUMENTS PREPARED BY US AND DELIVERED TO QUALIFIED PURCHASERS EXPRESSLY FOR USE IN CONNECTION WITH SUCH PLACEMENTS, AND ANY SUCH OFFER SHALL BE MADE IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM, SECTION 5 OF THE SECURITIES ACT OF 1933. THE SECURITIES OFFERED BY THE COMPANY WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION REQUIREMENTS.

    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 working capital and its anticipated acquisitions and plant development; failure to successfully or timely execute or conclude contracts, agreements and; 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.