Probex Announces Record Date for Annual Meeting

    DALLAS--Oct. 15, 2002--Probex Corp. (AMEX:PRB), a technology based renewable resource company, today announced that it has set the record date for its fiscal 2001 Annual Meeting as October 25, 2002. Stockholders of record of Probex common stock at the close of business on October 25, 2002 will be entitled to vote at the meeting.
    Probex also announced that it expects to hold the meeting at 10:30 a.m. Central Standard Time on Tuesday, December 10, 2002, at its home offices at 15510 Wright Brothers Dr. in Addison, TX 75001. In addition, the Company plans to provide a conference call and web-cast of the meeting for stockholders and other interested parties who are unable to attend in person. Dial-in information and other details of the conference call and web-cast will be provided prior to the meeting date.

    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 obtain timely SEC approvals of its proxy and annual meeting materials; 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.