|May 04, 2005|
First Venture Reports Private Placement
|VANCOUVER, BRITISH COLUMBIA - (CCNMatthews - May 4, 2005) - First Venture Technologies Corp. (TSX VENTURE:FEB) reports that, subject to receipt of TSX Venture Exchange acceptance, it intends to raise up to C$400,000 through a non-brokered private placement of units at a price of C$0.40 per unit. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one common share at a price of C$0.50. The warrant will be exercisable for a period of two years except that if the closing price of the Company's shares is C$1.25 or higher for ten consecutive days on which the shares trade, then at the Company's election any unexercised warrants will automatically expire on the 30th day following notice to the warrant holders.|
ON BEHALF OF THE BOARD
Howard Louie, President & CEO
First Venture is a biotechnology company that develops and commercializes advanced yeast products. The company is currently commercializing a platform yeast technology that substantially reduces the formation of a known carcinogen, ethyl carbamate (or urethane) from alcoholic beverages. The company has licensed the exclusive, worldwide rights to the technology from The University of British Columbia (UBC), and is developing the technology in partnership with UBC's world-renowned Wine Research Centre.
WARNING: The company relies upon litigation protection for "forward-looking statements". Statements which are not purely historical are forward-looking, including those regarding beliefs, plans, expectations or intentions, involve risks and uncertainties that could significantly affect anticipated future results. Although the company believes that the forward-looking statements in this news release are reasonable, there can be no assurance that they will prove to be accurate.
FOR FURTHER INFORMATION PLEASE CONTACT:
First Venture Technologies Corp.
President & CEO
(604) 648-2201 (FAX)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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