Functional Technologies Corp FEBTF

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First Venture Reports Successful Transformation of Additional Yeast Strains 12/1/2006 VANCOUVER, BRITISH COLUMBIA, Dec 1, 2006 (CCNMatthews via COMTEX News Network) -- First Venture Technologies Corp. (TSX VENTURE:FEB) announced today that it has successfully transformed six new yeast strains with its urea-degrading platform technology. The company has previously transformed its two proprietary wine yeasts, a brandy yeast and two sake yeasts. All of the transformed yeasts, in addition to their enhanced ethyl carbamate minimizing function, provide features and elements that have been proven historically to be highly desirable to both commercial and home-based winemakers. The functional improvement of these additional yeast strains to reduce the formation of ethyl carbamate, a carcinogen that is naturally present in wine products, was performed under a two-year service agreement with The University of British Columbia's Wine Research Centre that was announced in December 2005. "We've improved the yeast transformation process over the last few years so that we can now enhance the yeasts much more quickly," said Dr. Hennie van Vuuren, Director of the UBC Wine Research Centre. "We have a total of twenty-two transformants that we will screen and choose the most effective of each strain to commercialize." "We are continuing to evaluate the use of our yeasts in bread making - preliminary lab trials having produced reductions of up to 54% in the formation of ethyl carbamate in this widely consumed food item. As well, we are investigating the use of our ethyl carbamate reducing yeasts in the production of stone-fruit and grain-based spirits, where ethyl carbamate formation is known to be high," added Dr. van Vuuren. Subject to lab-based efficacy analysis, the company plans to have a number of these new yeast strains available for trial in the 2007 wine making season. Wine making trials from the current 2006 fall harvest are well underway with several commercial clients and academic partners. The company expects these fermentation trials to complete sometime in December 2006. Production and sample analysis are being conducted during the trials, and full analysis is expected to be completed by spring 2007. "The primary focus of this analysis is the development of detailed manufacturing protocols for winemakers," explained Andrew Starr, Director, Marketing and Business Development of First Venture Yeast Products, Inc. "These protocols will allow winemakers to have detailed knowledge of how variations in wine making practices and methodology, as well as fluctuations in the grape harvest, affect the primary and enhanced functionality of First Venture yeast in this varied environment. This understanding will enable winemakers to make decisions on how to maximize the reduction of ethyl carbamate in their wines, taking into consideration the variations of their winemaking practices and the variations in seasonal grape harvest results." ON BEHALF OF THE BOARD Geoff Lee, Director Regional Development ABOUT FIRST VENTURE TECHNOLOGIES First Venture is a biotechnology company that develops and commercializes advanced yeast products. The company is currently commercializing a platform yeast technology that substantially reduces the formation of a known carcinogen, ethyl carbamate (or urethane) from food products and alcoholic beverages. The company has licensed the exclusive, worldwide rights to the technology from The University of British Columbia (UBC), and is developing the technology in partnership with UBC's world-renowned Wine Research Centre. WARNING: This news release contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, although considered accurate at the time of preparation, may prove incorrect. The actual results achieved may vary materially from the information provided herein. Consequently, there is no representation by First Venture that actual results achieved will be the same as those forecast. SOURCE: First Venture Technologies Corp. First Venture Technologies Corp. Geoff Lee Director Regional Development [phone] [phone] (FAX) Email: [e-mail] Website: www.firstventuretech.com Copyright (C) 2006 CCNMatthews. All rights reserved.