Functional Technologies Appoints Executive with Experience in the Beverage and Biotech Industries as Chief Operating Officer
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/12 -- Functional Technologies Corp. (TSX VENTURE: FEB) (the "Company") is pleased to announce the appointment of Mr. Kito Tosetti, a seasoned executive in the beverage, food, and biotechnology industries, to the position of Chief Operating Officer (COO). His responsibilities will initially focus primarily on the comprehensive oversight and direction of Functional Technologies' operations, and include an active role in increasing the scope of industry applications and markets for the Company's core products possessing greater value realization opportunities. The appointment of Mr. Tosetti will enable Mr. Garth Greenham, who remains as President of Functional Technologies, to focus on driving the commercial expansion of the Company's wine yeast product portfolios, for which the inherent value is growing but has not yet been fully realized.
Mr. Tosetti possesses more than 28 years of experience in the design and execution of major industrial systems and projects in the beverage and food industries, as well as in the development and executive management of medical and health care technology assets in the life science industries. Mr. Tosetti has held senior executive roles in the life science Industry, including as Chief Executive Officer of iCell Therapeutics Corp. and MIV Therapeutics Inc. More recently, Mr. Tosetti has been involved in advising and securing licensing and/or funding opportunities for various organizations including Axela Inc., Brazil's Ministry of Health/CERTI Foundation, as well as portfolio companies of various venture capital firms. Mr. Tosetti's vast experience in the beverage and food industry include his role as President and founder of MVM Engineering Ltd., an engineering design and manufacturing firm involved in the design and installation of equipment and quality control systems in the beverage industry. There, he was instrumental in cultivating and executing comprehensive projects for significant clients including various international franchise plants of Coca-Cola Company and PepsiCo Inc., Cadbury Schweppes Inc., and Kaiser Brewery S.A.
"I am excited to be joining Functional Technologies. It is an innovative bioindustrial company possessing novel technologies that provide critical solutions to a wide variety of foods and beverages," said Mr. Tosetti. "I look forward to facilitating the Company's efforts to capitalize on the international and multi-industrial opportunities represented by its lead technologies, and leading the operations of the Company to navigate it through the current difficult and volatile global economic environment."
"We are pleased to welcome Mr. Tosetti to Functional Technologies' executive team. His diverse and strong engineering, operational, and leadership experiences in the beverage as well as biotech industries will be valuable to the Company as Functional Technologies drives forward the development and commercialization activities of its lead technology platforms in the food and beverage industries," said Howard Louie, chairman and CEO of Functional Technologies.
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 .
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.
Contacts:
Functional Technologies Corp.
Connie Chen, PhD
VP, Corporate Development and Communications
+1.647.282.5038
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Datum: 11.01.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 103063
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Biotech
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