Functional Technologies Corp FEBTF

NEWS - Pre-feasability study completed

[skyhi0]

FIRST VENTURE TECH CORP First Venture Announces Pre-feasibility Study Completed for Commercial Manufacturing Facility and Production Development Program in Progress 5/24/2007 VANCOUVER, BRITISH COLUMBIA, May 24, 2007 (CCNMatthews via COMTEX News Network) -- First Venture Technologies Corp. (TSX VENTURE:FEB) reports that Canbiotech Consultants Inc. has completed its pre-feasibility study for the establishment of a commercial yeast manufacturing facility in Canada. The company is continuing to proceed with its plan to secure its own long term commercial supply of multiple strains of its proprietary yeasts, and additional yeast-based technologies. This pre-feasibility study is a comprehensive report and execution plan that includes product market analysis, production programming, technical profile, site selection, facility and process engineering, manufacturing processes including Good Manufacturing Practices ("GMP"), Good Laboratory Practices ("GLP") and quality control, regulatory evaluation, implementation schedule and preliminary cost planning. In addition, the study details plans for the assembly of laboratory and production personnel to operate and grow such a facility. "We are pleased to now have this extensive study as an additional working reference as we proceed into this important stage of corporate development," said Howard Louie, President and CEO. "The ability to secure a long term commercial supply of our proprietary yeast is an integral part of our commercial strategy and is along the critical path to commercialization of our proprietary yeast strains." The company also reports that as part of its initiative to secure commercial supply lines of its proprietary yeasts, work is proceeding with the PEI Food Technology Centre to develop the company's own process expertise for the purpose of determining commercial production protocols for First Venture's yeasts. A major part of the company's initiatives this year is the focus on securing its own production and research facilities, as well as key personnel, to continue on its course to provide for inventory and expansion of yeast strain availability, as well as the development of new technologies to expand its intellectual properties portfolio. ON BEHALF OF THE BOARD Geoff Lee, Chief Financial Officer 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. SOURCE: First Venture Technologies Corp. First Venture Technologies Corp. Geoff Lee Chief Financial Officer [phone] [phone] (FAX) Email: [e-mail] Website: www.firstventuretech.com