First Venture Technologies Corp.
TSX VENTURE : FEB

First Venture Technologies Corp.

November 29, 2006 09:00 ET

First Venture Receives Health Canada Approval Allowing the Use of Proprietary Yeast by Canadian Wineries

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - First Venture Technologies Corp. (TSX VENTURE:FEB) announced today that it has met the necessary regulatory requirements to sell its proprietary ethyl carbamate-minimizing wine yeast strain in Canada, complementing the U.S. FDA GRAS notification which was granted this past year.

Canadian wineries may now legally use the company's proprietary yeast strain. In a letter to the company dated November 16, 2006, Health Canada stated that it has no objection to the sale of fermented alcoholic beverages produced with this yeast strain for human food use. A Novel Food Pre-Notification (Notification No. NF-148) was submitted to Health Canada by the company in June 2006 as part of a mandatory pre-notification process under the Canadian Food and Drugs Act. With this approval for its proprietary wine yeast strain, First Venture intends to make application to Health Canada for the approval of additional yeast strains for other foods and beverages.

Health Canada has also given notice of this approval to the Canadian Vintner's Association (the "CVA") and the Canadian Food Inspection Agency. The CVA was established to support Canadian wineries and represent their interests to government. It also provides information and advice to its members on government policies and legislation, and industry best practices and product quality.

"This approval from Health Canada is a major milestone for our company, as Canada is known to have some of the most stringent food safety standards in the industrialized world. The recent recall of a number of products by the Liquor Control Board of Ontario due to the discovery of ethyl carbamate levels in excess of allowable limits is representative of this food safety commitment to the public," said Geoff Lee, First Venture's Director Regional Development. "We have now met the necessary regulatory requirements to service the wine industries in Canada and the United States. This regulatory validation will greatly assist our marketing efforts," added Lee.

Health Canada establishes standards and policies relating to the safety and nutritional quality of foods sold in Canada. In 1985, Health Canada became the first regulatory body in the world to set mandatory limits on ethyl carbamate levels in wine and other alcoholic beverages. Ethyl carbamate is currently considered a Class 2B carcinogen by the World Health Organization's International Agency for Research on Cancer, along with substances such as arsenic, lead and car exhaust, and a U.S. Environmental Protection Agency cancer research paper (Vol. 44 1984) study has found ethyl carbamate to be seven times more potent than acrylamide in causing lung adenomas in mice. In a peer-reviewed study published in the American Journal of Enology and Viticulture (Vol. 57 June 2006), it has been confirmed that First Venture's proprietary yeast strain can reduce ethyl carbamate levels in wine by as much as 89%. First Ventures' yeast strains are currently in product trials throughout the U.S. wine industry.

The approval from Health Canada complements the notification received by First Venture from Environment Canada in September 2006 that its proprietary yeast may be imported into and manufactured in Canada.

ON BEHALF OF THE BOARD

Howard Louie, President and CEO

ABOUT FIRST VENTURE TECHNOLOGIES

First Venture is a biotechnology company that develops and commercializes advanced yeast products.

The company is currently commercializing a platform yeast technology that substantially reduces the formation of a known carcinogen, ethyl carbamate (or urethane) from food products and alcoholic beverages. The company has licensed the exclusive, worldwide rights to the technology from The University of British Columbia (UBC), and is developing the technology in partnership with UBC's world-renowned Wine Research Centre.

WARNING: This news release contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, although considered accurate at the time of preparation, may prove incorrect. The actual results achieved may vary materially from the information provided herein. Consequently, there is no representation by First Venture that actual results achieved will be the same as those forecast.


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

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