Functional Technologies Corp.
TSX VENTURE : FEB

Functional Technologies Corp.

April 08, 2010 09:00 ET

Functional Technologies Announces Warrant Incentive Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2010) - Functional Technologies Corp. (TSX VENTURE:FEB), a world leader in yeast research and development, is pleased to announce a warrant exercise incentive program (the "Program") designed to encourage the early exercise of 3,333,666 outstanding share purchase warrants (the "Original Warrants"), due to expire on November 12, 2010. The Original Warrants, which allow the holder to purchase one common share for the price of $0.60, were issued in a $0.60 unit private placement that was completed in November 2008. The early exercise of the Original Warrants represents potential gross proceeds of up to approximately $2,000,000.

The Program, which will be open until May 7, 2010 (the "Expiry Date"), allows the exercising party of the Original Warrants, to purchase, for the same exercise price, one common share of the company and one transferable share purchase warrant (the "Incentive Warrant"). Each Incentive Warrant is exercisable at $0.70 and entitles the holder to purchase a common share of the company for two years from the date of issuance of the Incentive Warrants. All securities issued pursuant to the Program will have a hold period of four months from the closing dates of the Program. Any Original Warrants not exercised in accordance with the Program will remain subject to their original terms. 

"We believe this Program offers our warrant-holders and shareholders a win-win opportunity," said Howard Louie, Chairman and CEO. "The Program will provide the company with additional low-cost capital at this important time to accelerate our business opportunities in both the wine yeast and acylamide areas."

The summary of the Program contained in this news release is subject to the full terms and conditions of the Program which will be sent to holders of the Original Warrants in the next few days.

About Functional Technologies Corp.

Functional Technologies develops and commercializes proprietary technologies that enhance the natural properties of yeast and algae – nature's microscopic workhorses. Our scientists apply novel techniques to these micro-celled organisms to resolve significant health and quality problems, and generate new opportunities in the global food, beverage and healthcare industries. Our first commercial products are our Phyterra™ line of proprietary yeast strains, designed to reduce the formation of foul-smelling hydrogen sulphide and the carcinogen urethane in wines and other fermented products. Our first target market is the US$1.5 billion wine and distilled spirits yeast markets. With a head office in Vancouver, Functional Technologies has research and development facilities in Prince Edward Island and a U.S. sales office in Napa Valley, California. For more information go to www.functionaltechcorp.com.

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