Probex Announces Appointment of New Director

    DALLAS--March 12, 2002--Probex Corp. (AMEX:PRB), an energy technology company, today announced the appointment of Ronald J. Tiso to its board of directors.
    Mr. Tiso is currently the managing director of Cambridge Strategies Group, LLC, (Cambridge) which has directly or in participation with other direct investors provided in excess of $5 million in financing to the Company. At Cambridge, Mr. Tiso has been active in mergers and acquisitions, including the representation of several highway service companies in their sale to United Rentals Inc. for approximately $58 million. Prior to joining Cambridge, Mr. Tiso spent 25 years in both COO and CFO positions, including the chief financial officer of First Dallas Investors, where he arranged in excess of $120 million in financing over a six-year period. His background also includes expertise in financial advisory activities for many small and medium sized companies. Mr. Tiso received his bachelor of arts/bachelor of science degree in Finance from Boston University, School of Management.
    Probex Chairman, President and CEO Charles M. Rampacek noted that he is pleased to have Mr. Tiso's broad range of financial experience on the board as the Company moves toward the critical stages of finalizing its project financing effort for Wellsville.

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