RE: F - I - N - A - L - L - Y !!! A-G-G-R-E-D
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Functional secures supply of Acryleast yeasts
2012-09-20 09:08 ET - News Release
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Mr. Geoff Lee reports
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FUNCTIONAL TECHNOLOGIES ANNOUNCES LETTER OF COMMITMENT FROM LEADING GLOBAL YEAST PRODUCER FOR INITIAL PRODUCTION AND SUPPLY OF ACRYLAMIDE-PREVENTING YEAST
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A global industry leader in yeast production and yeast technology has signed a letter confirming its commitment to supply Functional Technologies Corp. with preliminary volumes of the company's proprietary Acryleast yeasts, a platform solution that prevents and reduces the formation of acrylamide. This supply arrangement enables major food processing companies and collaborators, including in the baking, snack food, cereals and potato processing sectors, to evaluate and confirm the feasibility and effectiveness of the Acryleast(TM) platform in various commercial processes. Successful confirmation of the performance of Acryleast(TM) yeasts in food applications under industrial processing conditions is an important milestone to drive the adoption of the Company's yeasts by various industries.
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The letter also describes the manner of collaboration enabling the two companies to evaluate the production and optimization of Acryleast(TM) yeasts, how this may be best facilitated by the Yeast Producer, as well as continued assessments of the industrial scale feasibility of Functional Technologies' existing and potential subsequent yeast strains and products for the prevention and reduction of acrylamide in specific food categories. Particulars including which 3rd party production and Yeast Producer-specific manufacturing facilities will be engaged for the production of the Acryleast(TM) yeasts are also provided in the letter. This is expected to provide end-user collaborators with some level of assurance that the quality of the Company's AP yeast, even at pilot scale volumes, is of commercial and high grade.
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Collectively, this confirmed commitment provides for the potential for longer term arrangement and agreements, including the large scale production and supply of Acryleast(TM) yeasts for food processing end-users and customers across a variety of food market segments.
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"We are pleased to continue to expand our working and strategic relationship with a respected, global leader in innovation and quality, as well as size, to further the commercial potential and distribution of our AP yeast platform," said Mr. Howard Louie, Chief Business Development Officer of Functional Technologies. "With this initial letter of commitment, we look forward to continuing to grow our relationship and working together to enhance the opportunities associated with our proprietary yeast technologies to the benefit of both parties."