|June 08, 2009|
Functional Technologies Corp. Provides Private Placement Update
|VANCOUVER, BRITISH COLUMBIA --- June 8, 2009 --- Functional Technologies Corp. (the "Company") (TSXV: FEB) reports that the terms of the brokered private placement announced in its news release of April 14, 2009 have changed. A total of 8,750,000 units (the "Units") will now be offered for sale through Loewen, Ondaatje, McCutcheon Limited at CDN $0.40 per Unit, for aggregate gross proceeds of up to approximately CDN $3.5 million (the "Offering"). The Agent has also been granted an over-allotment option to increase the size of the Offering to a maximum of CDN $5 million and sell, on the Company's behalf, approximately 3,750,000 additional Units. |
Each Unit will be comprised of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.80 per share for a period of 24 months following the closing of the Offering.
This private placement is expected to close June 18, 2009.
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 widely consumed fermented beverages and foods. As part of its core focus of improving and enhancing the quality of the global food and beverage supply, Functional Technologies has recently expanded its yeast portfolio through the licensing of proprietary hydrogen sulfide (H2S) reducing technology from the University of California at Davis. H2S is one of the most common occurring sensory defects, and a widespread problem, in wine production. 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.
This news release contains forward-looking statements as defined under applicable securities legislation. The forward-looking statements are made as of the date hereof, and the company has no intention to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise except as required by law. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such statements. Such factors include, among others, the company's stage of development, lack of product revenues and no assurance of product acceptance in the market, additional capital requirements, the ability to protect its intellectual property and dependence upon key personnel. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Additional risks and uncertainties relating to the company and its business can be found in the "Risks and Uncertainties" section of its most recent Management's Discussion & Analysis filed on SEDAR (www.sedar.com).
For further information, contact:
Howard Louie, Chairman & CEO
Hogan Mullally Investor Relations
Toll Free: 888.442.4106
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