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functional technologies corp (FEB) Details

Functional Technologies Corp. develops and commercializes proprietary yeast-based solutions for the food, beverage, and healthcare industries. The company's platform enhances the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that affect final product quality and are classified as probable human carcinogens. Its technologies include yeasts that prevent and reduce the formation of foul-smelling hydrogen sulphide and acrylamide that are found in consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. The company is also developing various early-stage research programs, such as biologically active molecules derived from its proprietary algae-based technology, with encompasses vaccines, anti-microbial peptides, and other algae-based health products, as well as a yeast-based approach for the treatment of malaria. Functional Technologies Corp. offers its products primarily in North America, South America, and Europe. The company was formerly known as First Venture Technologies Corp. and changed its name to Functional Technologies Corp. in 2008. Functional Technologies Corp. is headquartered in Vancouver, Canada. As of April 25, 2013, Functional Technologies Corp. is in liquidation.

functional technologies corp (FEB) Top Compensated Officers

Interim Chief Executive Officer
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Director Corporate Finance
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Chief Technology & Innovations Officer
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Director of Investor Relations
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Vice President of Corporate Development and C...
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Compensation as of Fiscal Year 2014.

functional technologies corp (FEB) Key Developments

Functional Technologies To Transfer From Tier 2 To NEX

Further to the TSX Venture Exchange bulletin dated June 13, 2013, and the Functional Technologies Corp's press release dated June 12, 2013, effective at the opening on June 14, 2013, trading in the shares of the company will be suspended for having failed to maintain exchange requirements. In accordance with TSX Venture Exchange Policy 2.5, the company has not maintained the requirements for a TSX Venture Exchange Tier 2 company. Therefore, effective on June 14, 2013, the company's listing will transfer to NEX, the company's tier classification will change from Tier 2 to NEX, and the filing and service office will change from Vancouver to NEX. As of June 14, 2013, the company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies.

Functional Technologies Corp. Reports Consolidated Earnings Results for the Second Quarter Ended February 28, 2013

Functional Technologies Corp. reported consolidated earnings results for the second quarter ended February 28, 2013. The company achieved a net gain of CAD 0.0177 million during the three month period ending February 28, 2013 as compared to a net loss of CAD 4.6 million in the same period in 2012, representing an improvement of CAD 4.630 million. This positive change is primarily a result of an asset impairment charge of CAD 3.393 million in the prior period but also reflects a decrease in operating expense of CAD 0.446 million in the second quarter of fiscal 2013 relative to the second quarter of fiscal 2012, as well as a CAD 0.198 million gain from asset sales and CAD 0.689 million gain from forgiveness of debt during the second quarter of fiscal 2013.


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