|July 10, 2009|
Functional Technologies Appoints VP Corporate Development & Communications
|VANCOUVER, BC --- July 10, 2009 --- Functional Technologies Corp. (TSXV: FEB) today announced that Mr. Donald Lay has joined the company as Vice President, Corporate Development and Communications. Reporting to Howard Louie, Chairman & CEO and working closely with senior operational management, Mr. Lay will be responsible for designing and implementing the company's capital markets and the investor relations programs. |
"We are pleased to be able to attract an executive with the experience and expertise that Don has in the capital markets for emerging technology companies," said Mr. Louie. He added, "The importance of managing the capital requirements and maintaining communication with shareholders and the broader financial community is a critical component to the health and value of a publicly traded company. Adding Don to our management team emphasizes our commitment to continuously develop shareholder value as we build out our business."
Don Lay has a diverse professional background with over 25 years experience in technology and finance, principally focussed on public market communications, integrating business strategy with public market values and capital-raising for small-cap technology firms in ag-bio and hi-tech areas.
Mr. Lay commented, "I am attracted to Functional's impressive portfolio of both market-ready technologies and research potential. I see multiple opportunities to leverage the company's intellectual property portfolio through partnerships and other capital-effective means. I am looking forward to working with Functional's experienced management team to maximize shareholder value."
Mr. Lay will provide his services to Functional through an agreement with his family-owned consulting company, Evster Holdings Ltd of Vancouver, BC. Evster will receive a monthly fee of $9,000, subject to termination by either party with 30 days written notice. Functional has also granted Mr. Lay an option to purchase 300,000 common shares exercisable at a price of C$.50 for a period of five years.
Functional Technologies' incumbent IR consultant, Hogan Mullally of SectorSpeak Inc., will continue to support the company on a project basis.
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.
ON BEHALF OF THE BOARD
Howard Louie, Chairman & CEO
For further information, contact:
Howard Louie, Chairman & CEO
Don Lay, VP Corp Dev and Communications
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
You can view the Next News Releases item: Wed Jul 15, 2009, Functional Technologies Reports Grant Of Stock Options
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