Science & Technology
Science and Technology
Science and Technology
Fri, April 26, 2013
Thu, April 25, 2013 Functional Technologies Files a Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act
April 25, 2013 09:30 ET
Functional Technologies Files a Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 25, 2013) - Functional Technologies Corp. (TSX VENTURE:FEB)(OTCQX:FEBTF) (the "Company") announced today that it has filed a notice of intention to make a proposal to its creditors (the "Notice") under the Canada Bankruptcy and Insolvency Act ("BIA"). This process has been initiated because the Company is currently unable to meet its obligations to its secured and unsecured creditors. The Company's intent in filing the Notice, and later the proposal, is to seek to restructure its affairs and make an arrangement with its creditors in order to carry on its business. As a consequence of the filing of the Notice, all of the Company's creditors are automatically stayed from taking any proceedings against the Company or its assets for an initial period of thirty days.
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 sulfide (H2S) and the carcinogen Acrylamide, both naturally occurring by-products of food and beverage processing. The head office and R&D operations for Functional Technologies are based in Vancouver, BC, Canada.
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.
