Functional Technologies Corp.
TSX VENTURE : FEB

Functional Technologies Corp.

May 12, 2011 07:00 ET

Functional Technologies Continues to Bolster Boards of Directors and Advisors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) - Functional Technologies Corp. (TSX VENTURE:FEB) (the "Company") announced today that it has appointed Mr. Richard Sherman, currently an Advisor to the Company, to its Board of Directors, and Mr. Michael Liggett to its Advisory Board.

Mr. Sherman has amassed a wealth of experience in numerous life science sectors both as legal counsel and as a principal structuring joint ventures, licensing agreements, and mergers and acquisitions. His past roles included Deputy General Counsel of SmithKline Beckman Corporation (now GlaxoSmithKline) as well as founder and managing officer of QED Technologies Inc., a life science business consulting firm later acquired by the Omnicom Group in New York. Mr. Sherman has served on the Board of Directors of several biotechnology firms including CytoMed, Inc., Hawaii Biotech, Inc., and Sparta Pharmaceuticals, Inc. Currently he is General Counsel of Hawaii Biotech, a principal in a private SBIC Investment fund, CIP Capital L.P., as well as a Venture Partner of SCP Private Equity Partners and Vitalife II, L.P. Mr. Sherman graduated magna cum laude from the University of Nebraska, and received his Juris Doctor from the New York University School of Law.

"I am excited about the Company's technology platform, including the opportunities for multiple commercial applications and look forward to supporting its continued growth and progress as a member of the Board of Directors," said Mr. Sherman.

Mr. Liggett is a chartered accountant and seasoned biotechnology executive with considerable experience in executing strategic collaborations, mergers and acquisitions (M&A), and financings. Recently, Mr. Liggett was the CFO of EACOM Timber Corporation, which acquired the Domtar Forest Product division for approximately $130 million and raised $145 million in equity financing to fund the acquisition. As the CFO of Inflazyme Pharmaceuticals Ltd., Mr. Liggett was instrumental in completing over $175 million in financings, acquisitions and strategic partnerships. Preceding his tenure at Inflazyme, Mr. Liggett held various senior positions at Price Waterhouse (now PriceWaterhouseCoopers) as an auditor and advisor. Prior to that, he practiced as a hospital pharmacist at Surrey Memorial Hospital.

"Functional Technologies' expertise in yeast biology has led to unique and elegant solutions that may solve challenges faced by the food, beverage and healthcare sectors. I look forward to working with the Functional Technologies team as it executes on its commercialization strategies," said Mr. Liggett.

"We are pleased to be able to continue to attract well-respected and high caliber individuals to the Boards of Directors and Advisors of Functional Technologies," said Howard Louie, chairman and CEO. "The Company is embarking on an exciting period of growth and inflection points. As Functional Technologies advances its pursuit of partnerships with multinational companies in several food and beverage sectors, and moves forward on the commercialization of its technologies, Mr. Sherman and Mr. Liggett's experience will greatly benefit the execution of strategic partnerships and enhance the Company's market activities."

About Functional Technologies Corp.

Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California. For more information, please visit our website at www.functionaltechcorp.com.

Neither the TSX Venture exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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