Columbiana County to Receive Grant to Assist Probex With Its Planned Wellsville, Ohio Facility

    DALLAS--Sept. 12, 2002--Probex Corp. (AMEX:PRB), a technology based renewable resource company, today said that Ohio Governor Bob Taft has announced that Columbiana County will receive a $300,000 grant to assist Probex with work at its planned Wellsville reprocessing facility.
    The grant will be awarded through the Ohio Small Cities Community Development Block Grant (CDBG) Economic Development Program administered by the Ohio Department of Development.
    Probex Chairman, President and CEO, Charles M. Rampacek, noted that: "The CDBG funds will be used to assist in the realignment of a railroad track in the area that will be used to transport material to and from the site." He added that: "We are delighted to be a part of this program which will benefit the economic development of the community and look forward to beginning construction of our reprocessing facility at Wellsville as soon as we complete our ongoing project financing process."
    The CDBG Economic Development Program provides grants for economic development projects that create and/or retain permanent, private-sector job opportunities. The grants provide financial assistance through local governments to private entities for economic development projects, and for public improvements directly related to business development. Jobs created through the program must benefit primarily low and moderate income Ohioans.

    About Probex

    Probex is a technology based renewable resource company that specializes in the production of high quality lubricating base oils and associated products from collected used lubricating oils. The Company's patented, environmentally beneficial ProTerra(R) technology has demonstrated unparalleled advantages in the highly economic creation of high quality lubricating base oils capable of meeting new and evolving lubricating oil standards without creation of waste by-products, other than easily treatable waste water. The goal of Probex is to become a world leader in the production of high quality lubricating base oils and associated products from collected used lubricating oils 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, construction of its planned Wellsville, Ohio facility, and anticipated acquisitions; failure to successfully or timely execute or conclude contracts and agreements; 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 15510 Wright Brothers Dr., Addison, TX 75001. 972/788-4772.