|November 13, 2008|
Functional Technologies Closes Non-Brokered Private Placement
|VANCOUVER, BRITISH COLUMBIA - November 13, 2008 - Functional Technologies Corp. (TSXV: FEB) is pleased to report that it has closed a non-brokered private placement to raise approximately $2 million by the issuance of units, as described in the company's news releases of October 20 and November 3, 2008. |
The securities issued in connection with this private placement have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws. This news release does not constitute an offer of securities.
In connection with this financing, the company has paid cash finders fees totaling approximately $56,400 and has issued finder's warrants for the purchase of 78,800 common shares at a price $0.60 per share for a period of two years. The securities issued in this financing are subject to a hold period in Canada expiring on March 12, 2009.
"We are pleased with the confidence shown by the investors and brokers who supported our financing in this difficult economic environment. This is of particular importance to us given the successful investment track records of the participants in this financing which reflects the increasing value they see in our company," said Howard Louie, Functional Technologies' Chairman and CEO.
About Functional Technologies Corp.
Functional Technologies is a functional foods and biological health products company that develops and commercializes advanced yeast products, and other novel biological products, for the food and the health care industries. The company is currently commercializing a platform yeast technology that substantially reduces the formation of ethyl carbamate (also known as urethane, which has been recently reclassified by the World Health Organization up to a Group 2A carcinogen - the same carcinogen class as lead, mercury, acrylamide and diesel exhaust), from wines and other fermented beverages and foods. Functional Technologies has licensed the exclusive worldwide rights to this technology from The University of British Columbia (UBC). The company is expanding the development of next generation products in this area, as well as evaluating new yeast based technologies with broad commercial market applications. In addition Functional Technologies, through its wholly-owned subsidiary Phyterra Bio Inc., is developing a platform of proprietary biological products, for animal health, utilizing proprietary science in the field of micro-algae.
For further company information, please access our website at www.functionaltechcorp.com.
For further information, contact:
Howard Louie, Chairman & CEO
Hogan Mullally Investor Relations
Toll Free: 888.442.4106
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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