Functional Technologies Corp. Closes Private Placement Raising Gross Proceeds of $3.2 Million
Functional Technologies Corp. announced the closing of the private placement (via private placement memorandum, PPM), raising gross proceeds of $3.2 million by the issuance of 8 million units. In connection with the private placement offering, the company has paid ta cash commission. The company has also issued broker’s warrants for the purchase of 553,000 units having the same attributes as the units sold to the investors, exercisable for 24 months at a price of $0.40 per unit via private placement. The securities issued in this private placement are subject to a hold period expiring on October 20, 2009.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Functional Technologies Corp.
Functional Technologies is a functional foods and biological health products company that develops and commercializes advanced yeast products, and other novel biological products, for the food and the health care industries. The company is currently commercializing a platform yeast technology that substantially reduces the formation of ethyl carbamate (also known as urethane, which has been recently reclassified by the World Health Organization up to a Group 2A carcinogen – the same carcinogen class as lead, mercury, acrylamide and diesel exhaust), from wines and other widely consumed fermented beverages and foods. As part of its core focus of improving and enhancing the quality of the global food and beverage supply, Functional Technologies has recently expanded its yeast portfolio through the licensing of proprietary hydrogen sulfide (H2S) reducing technology from the University of California at Davis. H2S is one of the most common occurring sensory defects, and a widespread problem, in wine production. In addition Functional Technologies, through its wholly-owned subsidiary Phyterra Bio Inc., is developing a platform of proprietary biological products, for animal health, utilizing proprietary science in the field of micro-algae.
PPM is the leading U.S. entrepreneurial firm that specializes in writing private placement memorandums (PPM) and linking investors with entrepreneurs.
Since 1999, the founders of PPM have provided professional business writing services, such as a PPM or business plan, to more than 2,000 businesses worldwide. Our company is considered to be the most cost effective, efficient consultants for private placement memorandum development in the United States. We are Wall Street’s, and by extension, the New York private placement (PPM) leaders.
PPM.co’s main service is the creation of private placement memorandum regulation d (Reg. d) documents. However, we offer much more. In case the entrepreneur needs additional services, such as a business plan, website, or additional legal work, PPM can create one pricing package for all required documentation or service. Because we simultaneously work with many companies both in and out of the U.S., the ability to adapt to the individual needs – as well as to regional and global demands – helps our clients save needed capital and time.
We are leaders in:
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• Equity Private Placement
• Technology Private Placement Memorandum Writing
• California Private Placement Memorandum Writing
• Biological and Food Private Placement Memorandum Writing
• Debt Private Placement Memorandum Writing
• Equity Private Placement Memorandum Writing