|September 15, 2005|
First Venture Announces Initiation of Wine Production Trial and Advisory Board Appointment
|VANCOUVER, BRITISH COLUMBIA - September 15, 2005 - First Venture Technologies Corp. (TSX-V:FEB) announced today that commercial scale wine production trials using its proprietary red wine yeast have commenced in the US. |
A major US viticulture and wine research institution is conducting wine production trials in six 2,000 litre fermenters using First Venture's proprietary yeast and its parent strain. Wines produced in the trials will be analyzed for urea and ethyl carbamate formation. Blinded sensory analyses of the wine will be performed by professional wine tasters in early spring, 2006.
The company also reports that pilot-scale production of its red wine yeast by a major international yeast manufacturer was successful. This active dry yeast is being used in the wine production trials and sensory analyses, and samples are being made available to wineries this harvest season.
"I'm very pleased with our progress to date, and the remarkable ability of our corporate and scientific teams to keep the project on schedule," said Howard Louie, President & CEO of First Venture. "We're exactly where we'd hoped to be when we started planning this project over two and a half years ago, with commercial scale production of wine using our yeast underway, samples of our active dry yeast now available for wineries, and our GRAS Notification having been submitted to the FDA. We're very optimistic about achieving sales commencing in 2006."
The company is also pleased to announce the appointment of Fabio Banducci to its Advisory Board. Mr. Banducci is President of FABAN Ventures Ltd., a private company that provides corporate finance advisory services. Prior to his current activities, Mr. Banducci spent 12 years with Haywood Securities Inc. where he served as a Director and head of its Corporate Finance department. He has been directly involved in numerous financial transactions in the private and public markets, both domestically and internationally, and has advised companies on matters relating to mergers and acquisitions, regulatory compliance and corporate governance. Mr. Banducci obtained a Bachelor of Applied Science degree from UBC, and an MBA from McGill University. He is a CFA charterholder and a member of the Vancouver Society of Financial Analysts. Mr. Banducci's skills in business finance and his working experience in the wine industry will be an asset to the company as it builds its presence in the international wine community.
ON BEHALF OF THE BOARD
President & CEO
For further information contact:
Tel: (604) 648-2200
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.
For further company information please access our website: www.firstventuretech.com
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