Functional Technologies Signs LOI to Divest Non-Core Assets

Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) has entered into a Letter of Intent (“LOI”) to divest its subsidiaries, Phyterra Bio Inc. and Maritime Pulse Drying Inc., as well as the early stage technology and property assets of these subsidiaries, in a management purchase by the President of the Company, Garth Greenham, and its Chief Scientific Officer, Michael Horne. 

Included in the LOI is the transfer of certain federal and provincial government loans and funding associated with these technologies and properties, plant and/or equipment, as well as certain other non-core assets of Functional Technologies and/or its subsidiary, Phyterra Yeast Inc. This is expected to allow for promising early stage applications to be further developed by other parties while reducing the capital and resource burdens to Functional Technologies associated with these non-core obligations.

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