VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2011) - Functional Technologies Corp. (TSX VENTURE:FEB) (the "Company") today announced it has entered into an agreement to research and evaluate its proprietary acrylamide-preventing ("AP") yeasts with an undisclosed global company (the "Collaboration Partner"). The Collaboration Partner is considered one of the leading companies in the development, manufacturing, marketing and distribution of snacks and other food products, sectors in which the application of the Company's AP yeast products could provide considerable value.
This initial agreement enables Functional Technologies and the Collaboration Partner to collaborate on proof of concept, pre-pilot scale trials, as well as preliminary review and development of production protocols. This stage of development and testing are a condition precedent to full scale pilot trials and commercial negotiations, facilitating meaningful discussions to determine how the Company's technologies and/or services may be employed by the Collaboration Partner. Other multinational companies are able to begin or continue to evaluate the Company's AP yeasts in this and other applicable food-based sectors. This agreement is a fundamental step towards the strategic cultivation of working and potentially commercial relationships with bellwether companies in the food ingredient as well as snack and processed food sectors. Such relationships would be expected to accelerate the commercial progression of Functional Technologies' AP yeast products in global food-based markets, and provide rapid access to established, significant production and distribution capacities.
"Both management and our technical team look forward to working with sector-leading partners to establish the efficacy and commercial protocols of our AP yeasts in removing key precursors responsible for the formation of acrylamide. Today's announcement further supports the commercial appeal of our products, and our efforts to attract and engage several of the world's largest food-based companies," said Mr. Howard Louie, Functional Technologies' Chairman and CEO.
This news release contains forward-looking information (within the meaning of Canadian securities legislation) about Functional Technologies Inc. and its future plans. Forward-looking information relate to future events or future performance and reflect management's expectations or beliefs regarding future events rather than historical facts, and in this news release include the statements (the "forward-looking statements") regarding: (1) the potential for commercial relationships to be formed with global firms in the food ingredient as well as snack and processed food sectors; and (2) the expectation that such relationships will enable the Company to accelerate the commercial progression of the Company's yeast products in global markets. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to the Company's ability to achieve the goals and satisfy the assumptions of management; uncertainty as to the demand for the Company's products and the Company's ability to meet such demand; and general economic factors and other factors that may be beyond the control of the Company. Forward-looking statements are based on the opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation, beyond what is required under applicable Canadian securities legislation, to update its forward-looking statements if those opinions or expectations, or other circumstances, should change. Reference to the section entitled "Risks and Uncertainties" commencing on page 18 of the Company's management's discussion and analysis relating to the fiscal quarter ended February 28, 2011, which is available on SEDAR at www.sedar.com.
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization (WHO) as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California. For more information, please visit our website at www.functionaltechcorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsbility for the adequacy or accuracy of this release.