|May 11, 2007|
First Venture Reports Results of AGM and Closing of Financing
|VANCOUVER, BRITISH COLUMBIA - May 11, 2007 - First Venture Technologies Corp. (TSX-V:FEB) reports that at its May 9, 2007 annual general meeting, David Allard, Fabio Banducci, Geoff Lee, Howard Louie and Ron Paton were re-elected as directors of the Company.|
"At this AGM, we were pleased to be able to review with our shareholders the significant business progress achieved during the 2006 fiscal year and to-date," said Howard Louie, President and CEO of First Venture Technologies. "Achievements include the pilot production of active dry strains of our proprietary yeasts with a major global yeast manufacturer for commercial use; the establishment of a wine industry marketing and sales operation based in Napa, California; the acquisition of product trials with and the cooperation of numerous and representative commercial wineries; and quality additions to our management team, and boards of directors and advisors. Building on these milestones, we are expanding the commercial introduction of our yeast products in a number of global wine making jurisdictions."
The company also reports that it has completed the non-brokered private placement reported in its news release of March 27, 2007, raising gross proceeds of C$3,040,000. The securities issued in this private placement are subject to a hold period expiring on September 11, 2007. Finders' fee were payable as follows: 242,000 finder's units and 302,500 finder's warrants payable to Bolder Investment Partners Ltd., and C$13,300 payable to Canaccord Capital Corp.. Each finder's unit consists of one common share and one-half share purchase warrant, with each whole warrant exercisable into one common share of the issuer at a price of C$1.25 for a term of 18 months. Each finder's warrant entitles the holder to purchase one common share of the issuer at a price of C$0.95 per share for a term of 18 months.
ON BEHALF OF THE BOARD
President and CEO
For further information contact: First Venture Technologies Corp. at Tel: (604) 648-2200
ABOUT FIRST VENTURE TECHNOLOGIES
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 food products and 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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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