|October 17, 2007|
First Venture Completes Acquisition of PhycoBiologics Inc.
|VANCOUVER, BRITISH COLUMBIA - October 17, 2007 - First Venture Technologies Corp. (TSX-V: FEB) is pleased to report the completion of its acquisition of PhycoBiologics Inc. With this acquisition, First Venture adds an exceptional business and technical group that has the skills and the experience of fast-tracking technologies to commercial markets and sustainable revenues, complimenting First Venture's existing group of highly qualified professionals. |
Aside from the initial 200,000 common shares delivered by First Venture at the closing, the payment shares for this acquisition will be issued over approximately three years upon the achievement of milestones relating to funding received by PhycoBiologics, rather than based solely upon the passage of time as was originally agreed between the parties. The payment shares are subject to a hold period of four months and a pooling agreement of one year, with both periods commencing from the closing date.
ON BEHALF OF THE BOARD
President & 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).
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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