UPDATE -- Oncolix, Inc. is the New Name of Advance

HOUSTON, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Advanced Environmental Petroleum Producers Inc. (OTC PINK:AEPP) announced that it has changed its name to Oncolix, Inc., to reflect its focus on developing new cancer therapeutics.  The Company will now promptly file a request with the Financial Industry Regulatory Authority (FINRA) to change its stock symbol to be consistent with the new name. 

The name change was approved by written consent of the holders of the majority of the voting securities of the Company on August 21, 2017. Furthermore, an information statement pursuant to Regulation 14C of the Securities Exchange Act of 1934, was mailed on September 6, 2017, to holders of record of the Company’s common and preferred stock as of August 21, 2017.  The shareholder action became effective on September 27, 2017. The Company then filed an Amendment to its Articles of Incorporation with the Secretary of State of Florida on September 28, 2017.

“This name change reflects our current operating business, which is a drug development company,” stated Michael T. Redman, CEO of Oncolix. “This, along with our forthcoming request for a stock symbol change and other activities that we are engaged in, is part of our ultimate objective of becoming a Nasdaq-listed emerging biopharmaceutical company.”

The Amendment to the Articles of Incorporation also increased the number of authorized shares as previously disclosed in August 2017.

About Oncolix

Oncolix is a clinical-stage biotechnology company developing Prolanta™ for the treatment of ovarian, uterine, breast and other cancers. The Company has a US FDA-cleared IND to commence human testing of Prolanta™ in its first indication, the treatment of ovarian cancer.  This Phase 1 clinical trial began in 2016. Prolanta™ is a prolactin receptor antagonist (or blocker) that has demonstrated efficacy in xenograft models through a unique mechanism of action, autophagy. In addition to ovarian cancer, there is strong preclinical evidence Prolanta™ may be effective in breast, prostate and other cancers. In the current Phase 1 dose-escalation safety trial for the treatment of ovarian cancer, to date there have been no observed serious adverse events and no dose-limiting toxicities. The FDA has approved the designation of Prolanta™ as an Orphan Drug for the treatment of ovarian cancer, which may result in reduced filing fees (currently $2 million), federal tax credits and marketing exclusivity.

Forward-Looking Statements

This press release above may contain forward‐looking statements about the business, financial condition and prospects of the Company. Forward looking statements can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “goal,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, by discussions of strategy or objectives.  Forward-looking statements relate to anticipated or expected events, activities, trends or results.  Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

Although the Company believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that such expectations will prove to be accurate.  Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in the press release speak only as of the date of the press release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in the press release. Investors are urged to consider closely the disclosures in our Forms 10-K, 10-Q, 8-K and other filings with the SEC, which can be electronically accessed from the SEC's website at http://www.sec.gov/.

Corporate contact:

Michael Redman P: 281-402-3167 E: mredman@oncolixbio.com

Investor contact: Robert Flamm, Ph.D. The Ruth Group E: rflamm@theruthgroup.com