|June 23, 2011|
Functional Technologies Announces Exercise of Warrants
Vancouver, BC - June 23, 2011 - Functional Technologies Corp. (TSX-V: FEB) (the "Company") is pleased to announce it has received gross proceeds of $3.3 million from the exercise of 4.1 million common share purchase warrants ("Warrants") which were exercisable at a price of $0.80 per Warrant until June 18, 2011. All associated Warrants not exercised have expired.
"We are appreciative of the confidence shown by shareholders who exercised these Warrants," said Howard Louie, Chairman and CEO of Functional Technologies. "We anticipate achieving several significant and transformative milestones in addition to those that we have announced in recent months. However, we are also cognizant of the volatile and difficult capital markets environment, and consequently are motivated by the support shareholders have shown our Company in deploying capital to facilitate the execution of milestones."
With the exercise of the Warrants, the Company now has 48,796,895 common shares issued and outstanding.
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization (WHO) as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California. For more information, please visit our website at www.functionaltechcorp.com.
For further information, contact:
Connie Chen, PhD
VP, Corporate Development and Communications
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You can view the Next News Releases item: Tue Jul 5, 2011, Functional Technologies Appoints Experienced Food Industry Executive as Chief Business Officer
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