Functional Technologies Signs Agreement Enabling Collaboration on Acrylamide-Preventing Yeasts in a Second Food Sector
News Jun 16, 2011
Functional Technologies Corp. has announced it has entered into an agreement to research and evaluate its proprietary acrylamide-preventing ("AP") yeasts with an undisclosed global company (the "Collaboration Partner").
The Collaboration Partner is considered one of the leading companies in the development, manufacturing, marketing and distribution of snacks and other food products, sectors in which the application of the Company's AP yeast products could provide considerable value.
This initial agreement enables Functional Technologies and the Collaboration Partner to collaborate on proof of concept, pre-pilot scale trials, as well as preliminary review and development of production protocols.
This stage of development and testing are a condition precedent to full scale pilot trials and commercial negotiations, facilitating meaningful discussions to determine how the Company's technologies and/or services may be employed by the Collaboration Partner.
Other multinational companies are able to begin or continue to evaluate the Company's AP yeasts in this and other applicable food-based sectors. This agreement is a fundamental step towards the strategic cultivation of working and potentially commercial relationships with bellwether companies in the food ingredient as well as snack and processed food sectors.
Such relationships would be expected to accelerate the commercial progression of Functional Technologies' AP yeast products in global food-based markets, and provide rapid access to established, significant production and distribution capacities.
"Both management and our technical team look forward to working with sector-leading partners to establish the efficacy and commercial protocols of our AP yeasts in removing key precursors responsible for the formation of acrylamide. Today's announcement further supports the commercial appeal of our products, and our efforts to attract and engage several of the world's largest food-based companies," said Mr. Howard Louie, Functional Technologies' Chairman and CEO.