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Probex Announces Annual Meeting Date

    DALLAS--Sept. 13, 2002--Probex Corp. (AMEX:PRB), a technology based renewable resource company, today said that it will hold its annual meeting for the fiscal year ended September 30, 2001, on December 10, 2002 in Dallas.
    Probex Chairman, President and CEO, Charles M. Rampacek, noted that: "The meeting date is later than normal because we are currently involved in a project financing for construction of our first processing plant in Wellsville, Ohio. Our goal is to complete the financing, which may include the private placement of our securities, by calendar year end 2002. However, due to the early stage of our project financing process, the number of shares of our common stock (or securities convertible into common stock), if any, to be privately placed and the purchase or conversion price of those shares is currently not known. In addition, if placement of our shares occurs, we may be required to seek shareholders approval to offer and sell shares of our common stock (or securities convertible into common stock) and to amend our Certificate of Incorporation to increase the total number of authorized shares of common stock," he explained.
    "As a result, we believe it is in the best interest of our shareholders to delay our 2002 annual meeting in order to allow sufficient time to finalize the terms of the financing and thereby furnish the information necessary for a meaningful shareholder meeting and vote," Rampacek said.
    A record date, time and location for the meeting are expected to be announced in October.

    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.