First Venture Technologies Corp.
TSX VENTURE : FEB

First Venture Technologies Corp.

May 14, 2008 09:00 ET

First Venture Appoints Director of Investor Relations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - First Venture Technologies Corp. (TSX VENTURE:FEB) is pleased to announce the appointment of Mr. Hogan Mullally as its Director of Investor Relations. Mr. Mullally will work with First Venture's senior management on the continued development and implementation of a thorough investor relations program to increase the company's capital market visibility.

Mr. Mullally brings nine years of pharmaceutical and life science industry experience to First Venture. Most recently he spent three years in a senior investor relations capacity for a TSX and Amex listed Canadian life science company. Prior to his investor relations experience, Mr. Mullally spent approximately six years in sales and training with Fournier Pharma and 3M Canada. Mr. Mullally completed his Masters in Business Administration, specializing in finance, at the Asper School of Business at the University of Manitoba.

"Hogan's knowledge of the North American and European institutional investment community will be a valuable asset as First Venture continues to grow," commented Howard Louie, CEO of First Venture Technologies. "We are committed to increasing our capital market visibility, and are confident that Hogan's experience and success in communicating scientific opportunities will help us achieve this endeavour."

Mr. Mullally will provide his services to First Venture through an agreement with his consulting company, SectorSpeak Inc. SectorSpeak will receive a monthly retainer of $10,200, subject to termination by either party with 45 days written notice. This fee will be paid from general working capital. First Venture will also issue, as compensation to SectorSpeak, an option to purchase 240,000 common shares pursuant to the company's stock option plan. The options are exercisable at a price of C$1.20 per share. The options will vest in accordance with TSX Venture Exchange guidelines and are subject to a four-month hold period from the date they are granted.

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

Geoff Lee, President

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

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