First Venture Technologies Corp.

First Venture Technologies Corp.

March 03, 2008 09:00 ET

Significant Industry Experience Added to First Venture Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - First Venture Technologies Corp. (TSX VENTURE:FEB) is pleased to announce the addition of Mr. Gerri Greenham to its board of directors. Mr. Greenham will be working with senior management and the board to strategize and execute the company's overall business mandate, to advance and to commercialize its proprietary functionally-enhanced yeast products. Prior to this appointment, Mr. Greenham served as an advisor to First Venture on the commercialization of its products.

Mr. Greenham brings his many years of direct experience working with biological health and fermentation projects to the First Venture board. Previously, he was a co-founder and the former president and chief executive officer of Cobequid Life Sciences Inc., a former TSE listed company. Under his direction, Cobequid became a world-leader in the commercial field of animal vaccines, primarily aquaculture. Mr. Greenham led the company from a research and development stage to one with multi-million dollar sales and global scale commercial production. In 2000, Cobequid was acquired by Novartis Inc., a major Swiss pharmaceutical and health products company. For his work at Cobequid, Mr. Greenham was a recipient of a Canada Export Award from International Trade Canada. This recognizes successful Canadian companies that export and market their products and services to markets around the world. Subsequently, he co-founded and is current president of Phycobiologics Inc., which was recently acquired by First Venture.

"Mr. Greenham's well documented track record of success, but more importantly, his business acumen in advising and leading complex teams and initiatives add an important dimension to the board of First Venture," said Howard Louie, Chairman and CEO of First Venture. "He has succeeded in taking research and development from the lab to commercialization, has setup and run production and distribution operations for global markets, and financed his initiatives through private means, public markets and government programs. Mr. Greenham has successfully competed with major multi-national competitors compelling them to deal with or acquire his companies. Mr. Greenham and the team at Phycobiologics are highly respected and continually sought after internationally for their expertise in developing, producing and commercializing highly technical regulated products. The addition of Mr. Greenham will not only complement our current commercial initiatives, but allow will us to more effectively strategize and develop the full potential of our post acquisition product portfolio."

"Having interacted with management and the board of First Venture since the inception of its core business focus, I look forward to providing guidance and focus on the next important evolution of commercialization of our core platform of products and to execute our business objectives with Phycobiologics now within the First Venture umbrella. As a group, we look forward to bringing our management and technical expertise to bear fully on this commercialization phase of First Venture's, and Phycobiologics', products and technologies," said Mr. Greenham.

About First Venture Technologies Corp.

First Venture Technologies Corp. is a functional foods and biological health products company that develops and commercializes advanced yeast products. The company is currently commercializing a platform yeast technology that substantially reduces the formation of ethyl carbamate (also known as urethane, which 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 and 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.

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