April 4, 2012
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.
February 28, 2012
Functional Technologies Corp. (TSX-V: FEB; OTC Other: FEBTF) today reported operational and financial results for the first quarter ended November 30, 2011 (Q1 of 2012).
Mr. Christopher Morris, Functional Technologies’ acting CEO stated in the release: “Functional Technologies continues to accomplish substantial achievements in building technical and commercial value for our proprietary acrylamide-preventing as well as hydrogen sulphide-preventing yeast platforms, in alignment with our corporate goal to drive technologies from bench to commercialization. These lead programs continue to achieve significant third party validation for our core technologies, which has also translated into increasing requirements for management time and resources.”
February 27, 2012
Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) reports that efficacy studies conducted on end-user materials, investigating the Company’s proprietary acrylamide-preventing (AP) yeast technology in a novel food application that traditionally does not incorporate yeast ingredients as processing aids, have demonstrated significant reduction of asparagine, the main known precursor in the formation of acrylamide. Moreover, the reduction was achieved with short contact times and decreasing yeast dose concentrations. Acrylamide is a chemical shown to be a mutagen (i.e. carcinogenic), as well as neurologically and reproductively toxic. Functional Technologies previously demonstrated that the ability of its technology to reduce asparagine has been significantly effective in preventing the formation of, and thereby reducing, acrylamide.
February 8, 2012
Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) has submitted to the U.S. Food and Drug Administration (FDA) a Generally Recognized as Safe (GRAS) notification for the Company’s acrylamide-preventing (AP) yeast. Functional Technologies’ subsidiary, Phyterra Yeast Inc., submitted the application to the FDA on the view that this yeast is considered GRAS for use in reducing asparagine levels and thereby preventing the formation of acrylamide during heat-related processing of a variety of foods including grain- and vegetable-based food products (e.g. breads, biscuits, processed potato products, crackers, cereals, etc.).
According to Howard Louie, the Company’s Executive Chairman, “The submission of our GRAS notification to the FDA for our proprietary acrylamide-preventing yeast, as well as any other regulatory applications we may make in the future, are fundamental to Functional Technologies’ demonstration of its commitment towards ensuring safety and quality of the products we have or intend to release to the market.”
January 31, 2012
Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) has appointed Christopher Morris as acting Chief Executive Officer. This enables Mr. Howard Louie, who remains as Executive Chairman and assumes the responsibilities of Chief Business Development Officer, to focus exclusively on the Company’s activities in cultivating and executing on strategic relationships associated with its lead technologies, as well as his ongoing capital market efforts.
January 11, 2012
Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) has appointed Kito Tosetti, a seasoned executive in the beverage, food, and biotechnology industries, to the position of Chief Operating Officer. His responsibilities will initially focus primarily on the comprehensive oversight and direction of Functional Technologies’ operations, and include an active role in increasing the scope of industry applications and markets for the Company’s core products possessing greater value realization opportunities. The appointment of Mr. Tosetti will enable Mr. Garth Greenham, who remains as President of Functional Technologies, to focus on driving the commercial expansion of the Company’s wine yeast product portfolios, for which the inherent value is growing but has not yet been fully realized.
December 29, 2011
Functional Technologies (OTC Other: FEBTF; TSX-V: FEB), according to its CEO, Howard Louie, “has accomplished significant achievements in the past year, particularly in building technical and commercial value for our proprietary acrylamide-preventing (“AP”) yeast platform. This extends from demonstrating compelling efficacy data, to the cultivation of strategic relationships with multiple tier one and tier two yeast producers as well as an increasing range of food processing end users. Our corporate goal to drive technologies from bench to commercialization is being realized with our H2S-preventing wine yeasts, achieving increasing market presence through significant growth in the number of wineries purchasing introductory quantities of our product with results that reflect a strong market interest across several new regional markets. Meanwhile, our technical research and development team continue to improve and increase the quality and breadth of our wine yeast product offering to fulfill our goals to develop and increase market share while establishing the business model of our technology as a platform.”