VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2012) - Functional Technologies Corp. (TSX VENTURE:FEB)(FEBTF) (the "Company") is pleased to report that the U.S. Food and Drug Administration ("FDA") has accepted the Company's Generally Regarded As Safe ("GRAS") Notice that was submitted in February 2012 (GRAS Notice No. GRN 000422) for its acrylamide-preventing yeast strains.
"The food industry, in multiple product categories such as bread / baked goods and numerous snack food and cereal products, now has the means to significantly and efficiently minimize acrylamide in the manufacturing of their products," says Dr. John Husnik, senior scientist at Functional Technologies.
"Acrylamide mitigation is an ongoing challenge for many food and beverage products. The introduction of this proprietary yeast offers a unique approach for reducing acrylamide and will help food and beverage manufacturers with the challenge," adds Carlos Barroso, a senior global food industry veteran and a member of Functional Technologies' Advisory Board.
In its GRAS submission, the Company provided experimental data to support of its claim that the Company's proprietary acrylamide-preventing yeast should be generally regarded as safe. The Company's yeast has now been included on the U.S. FDA's list of substances that are generally regarded as safe joining such products as baker's yeast and other commercial yeasts.
"This acceptance of our proprietary acrylamide-preventing yeast as GRAS by the FDA is a major milestone for our Company," says Howard Louie, Functional Technologies' Chairman and Chief Business Development Officer. "The FDA's validation is recognized worldwide and should greatly assist us in our global development, marketing and sales efforts in the various food sectors that we have been working with as we move toward commercializing our proprietary acrylamide-preventing yeast platform."
The Board of Directors
This news release contains forward-looking information (within the meaning of Canadian securities legislation) about Functional Technologies Inc. and its future plans. Forward-looking information relate to future events or future performance and reflect management's expectations or beliefs regarding future events rather than historical facts, and in this news release include the statement (the "forward-looking statement") that critical research and partner collaboration initiatives will be conducted out of the Vancouver development site. This forward-looking statement is subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by the forward-looking statement including, without limitation, uncertainty as to the Company's ability to achieve the goals and satisfy the assumptions of management; uncertainty as to the Company's ability to raise sufficient funds to commence operations at the Vancouver development site; and general economic factors and other factors that may be beyond the control of the Company. Forward-looking statements are based on the opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those opinions or expectations, or other circumstances, should change. Reference to the section entitled "Risks and Uncertainties" commencing on page 16 of the Company's management's discussion and analysis relating to the fiscal quarter ended February 29, 2012, which is available on SEDAR at www.sedar.com.
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogen acrylamide, by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. For more information, please visit our website at www.functionaltechcorp.com.
VP, Business Development