The Company's Q1/13 consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), reporting standards to which the Company transitioned from Canadian Generally Accepted Accounting Principles during the fiscal year ended August 31, 2012.
This news release should be read in conjunction with the Company's consolidated financial statements for the quarter ended November 30, 2012 and the notes thereto, together with the MD&A for the corresponding period, which are available on the Company's website www.functionaltechcorp.com and on SEDAR at www.sedar.com.
This news release contains forward-looking information (within the meaning of Canadian securities legislation) about the Company and its future plans. Forward-looking information relate to future events or future performance and reflect management's expectations or beliefs regarding future events rather than historical facts, and in this news release include the statement (the "forward-looking statement") that the Company expects future operating expenses, excluding payments made to settle Federal Government obligations, to be in the range of $0.3 million to $0.4 million per quarter, going forward into the foreseeable future. This forward-looking statement is subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by the forward-looking statement including, without limitation, uncertainty as to the Company's ability to achieve the goals and satisfy the assumptions of management, and general economic factors and other factors that may be beyond the control of the Company. Forward-looking statements are based on the opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those opinions or expectations, or other circumstances, should change. Reference should be made to the section entitled "Risks and Uncertainties" commencing on page 13 of the Company's management's discussion and analysis relating to the fiscal quarter ended November 30, 2012, which is available on the Company's website www.functionaltechcorp.com and on SEDAR at www.sedar.com.
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.
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.
Functional Technologies Corp.
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