First Venture Technologies Corp.
TSX VENTURE : FEB

First Venture Technologies Corp.

July 07, 2005 11:50 ET

First Venture Reports GRAS Notification to the US FDA

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - First Venture Technologies Corp. (TSX VENTURE:FEB) reports that it has submitted a GRAS Notice to the US Food and Drug Administration (FDA) for its red wine yeast strain. The GRAS notice claims that use of its red wine yeast strain is exempt from the US statutory premarket approval requirements, and is based on First Venture's determination that its use is generally recognized as safe (GRAS) compliant.

"This is a very important milestone for our company," said Howard Louie, President. "We've collected enough data on our yeast that we're now confident in its safety, and efficacy in reducing ethyl carbamate formation in alcoholic beverages. GRAS status is not required to sell our yeast in the US, however, with GRAS status we feel that we can more effectively market our yeast in the US and in other countries."

The FDA normally responds within 6 months of receipt of the GRAS Notice. The company expects to receive a response from the FDA before 2006.

ON BEHALF OF THE BOARD

Howard Louie, President

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.

For further company information please access our website: www.firstventuretech.com.

WARNING: The company relies upon litigation protection for "forward-looking statements". Statements which are not purely historical are forward-looking, including those regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties that could significantly affect anticipated future results and accordingly, such results may differ materially from those expressed in any forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Ethyl Carbamate reduction will vary as a result of many factors including fermentation conditions, type of grape juice and control yeast strain.

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

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