First Venture Technologies Corp.
TSX VENTURE : FEB

First Venture Technologies Corp.

May 15, 2008 10:00 ET

First Venture Announces Company Name Change to Functional Technologies Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - First Venture Technologies Corp. (TSX VENTURE:FEB) is pleased to announce that it will be changing its name to Functional Technologies Corp. The corporate name change reflects the company's strategic focus on developing proprietary functional foods and health care products.

"Functional foods is an important and emerging growth sector within the global food and beverage industry. Both consumer and health science community awareness of the health benefits and the risk reduction of chronic disease through functional foods consumption is increasing," said Geoff Lee, President of First Venture Technologies. "The company, with its proprietary urea-degrading yeast platform, follow-on products and expertise in fermentation, is well positioned to capitalize on this growing public awareness around functional foods and to translate it into commercial success and shareholder value. As a result, we feel our new name better reflects our commitment to becoming a leader in the growing functional foods and health products sector."

The company's common shares will continue to be listed on the TSX Venture Exchange, under the new name of Functional Technologies Corp., with the trading symbol FEB.

About First Venture Technologies Corp.

First Venture Technologies is a functional foods and biological health products company that develops and commercializes advanced yeast products, and other novel biological products, for the food and the health care industries. The company is currently commercializing a platform yeast technology that substantially reduces the formation of ethyl carbamate (also known as urethane, it is classified by the World Health Organization as a Group 2A carcinogen - probably carcinogenic to humans), from wines and other fermented beverages and foods. First Venture has licensed the exclusive worldwide rights to this technology from The University of British Columbia (UBC). The company is expanding the development of next generation products in this area, as well as evaluating new yeast based technologies with broad commercial market applications. In addition First Venture, through its wholly-owned subsidiary Phycobiologics Inc., is developing a platform of proprietary biological products for the animal and aquaculture health care markets utilizing proprietary science in the field of micro-algae.

ON BEHALF OF THE BOARD

Ron Paton, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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