First Venture Technologies Corp.

First Venture Technologies Corp.

June 13, 2005 09:01 ET

First Venture Reports Closing of Financing and Appointment of Director

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 13, 2005) - First Venture Technologies Corp. (TSX VENTURE:FEB) reports that it has completed the non-brokered private placement reported in its news release of May 4, 2005, raising gross proceeds of C$400,000. The securities issued in this financing are subject to a hold period expiring on October 10, 2005.

The company also reports that Ron Paton, a business lawyer based in Vancouver, BC and formerly the company's corporate secretary, has been appointed as a director. Geoff Lee has assumed the office of corporate secretary.


Howard Louie, President & CEO

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 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.

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